sec.6Transferring instruments

sec.6 Transferring instruments

This section applies if, immediately before the transfer day for a transfer schedule, the transfer schedule identifies an instrument relating to Powerlink. The instrument applies to the recipient entity for the instrument instead of Powerlink on and from the transfer day for the transfer schedule. Powerlink, the recipient entity and any other party to the instrument must do all things necessary to enable the instrument to be applied to the recipient entity under subsection (2) . Without limiting subsection (2) , on and from the transfer day for the transfer schedule— any right, title or interest arising under or relating to the instrument is taken to be transferred from Powerlink to the recipient entity; and a benefit or right provided by the instrument, given to, by or in favour of Powerlink, is taken to have been given to, by or in favour of the recipient entity; and the recipient entity is taken to be a party to the instrument instead of Powerlink; and a reference in the instrument to Powerlink is taken to be a reference to the recipient entity; and an amount that is, or may become, payable to or by Powerlink under the instrument is taken to be an amount that is, or may become, payable to or by the recipient entity in the way the amount was, or might have become, payable to or by Powerlink. However, nothing in this section imposes a liability on the recipient entity to the extent that— the liability is not transferred to the recipient entity under section 5 ; or Powerlink is liable for the liability under section 8 . (sec.6-ssec.1) This section applies if, immediately before the transfer day for a transfer schedule, the transfer schedule identifies an instrument relating to Powerlink. (sec.6-ssec.2) The instrument applies to the recipient entity for the instrument instead of Powerlink on and from the transfer day for the transfer schedule. (sec.6-ssec.3) Powerlink, the recipient entity and any other party to the instrument must do all things necessary to enable the instrument to be applied to the recipient entity under subsection (2) . (sec.6-ssec.4) Without limiting subsection (2) , on and from the transfer day for the transfer schedule— any right, title or interest arising under or relating to the instrument is taken to be transferred from Powerlink to the recipient entity; and a benefit or right provided by the instrument, given to, by or in favour of Powerlink, is taken to have been given to, by or in favour of the recipient entity; and the recipient entity is taken to be a party to the instrument instead of Powerlink; and a reference in the instrument to Powerlink is taken to be a reference to the recipient entity; and an amount that is, or may become, payable to or by Powerlink under the instrument is taken to be an amount that is, or may become, payable to or by the recipient entity in the way the amount was, or might have become, payable to or by Powerlink. (sec.6-ssec.5) However, nothing in this section imposes a liability on the recipient entity to the extent that— the liability is not transferred to the recipient entity under section 5 ; or Powerlink is liable for the liability under section 8 .