Government Owned Corporations (Energy Consolidation) Regulation 2016
sec.23Scheduled liabilities
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sec.23 Scheduled liabilities
The State is released from its scheduled liabilities. The scheduled liabilities are assumed by EQL. EQL must do all things necessary to enable the scheduled liabilities to be assumed by EQL. For this section, EQL must treat— the assumption of a scheduled liability by EQL as a distribution to owners that is to be considered as a redemption of contributed equity; and the value of a scheduled liability as being the value of the liability recorded in the accounts of the State immediately before this section commences; and the value of the indebtedness under the QTC debt facilities as being the book value of the indebtedness under the QTC debt facilities recorded in the accounts of the State immediately before this section commences. (sec.23-ssec.1) The State is released from its scheduled liabilities. (sec.23-ssec.2) The scheduled liabilities are assumed by EQL. (sec.23-ssec.3) EQL must do all things necessary to enable the scheduled liabilities to be assumed by EQL. (sec.23-ssec.4) For this section, EQL must treat— the assumption of a scheduled liability by EQL as a distribution to owners that is to be considered as a redemption of contributed equity; and the value of a scheduled liability as being the value of the liability recorded in the accounts of the State immediately before this section commences; and the value of the indebtedness under the QTC debt facilities as being the book value of the indebtedness under the QTC debt facilities recorded in the accounts of the State immediately before this section commences.
- (a) the assumption of a scheduled liability by EQL as a distribution to owners that is to be considered as a redemption of contributed equity; and
- (b) the value of a scheduled liability as being the value of the liability recorded in the accounts of the State immediately before this section commences; and
- (c) the value of the indebtedness under the QTC debt facilities as being the book value of the indebtedness under the QTC debt facilities recorded in the accounts of the State immediately before this section commences.