160Repeal of section and substitution of new section

#### 160 Repeal of section and substitution of new section Section 28 of the Principal Act is repealed and the following section is substituted: 28 Financial policy “(1) If: (a) the construction of a pipeline from Moomba in South Australia to Botany in New South Wales is commenced by the Authority; and (b) the Authority continues to operate and maintain any transferred pipelines for another person after the sale day; the Authority must pursue a policy of acting in accordance with sound commercial principles in relation to: (c) the construction of the pipeline; and (d) the operation and maintenance of the transferred pipelines; and (e) finalising its business activities in relation to any assets that cease to be assets of the Authority because of the Sale Act; and (f) the winding down of the Authority’s business activities to facilitate the abolition of the Authority by the Sale Act. (2) If: (a) the construction of a pipeline from Moomba in South Australia to Botany in New South Wales is not commenced by the Authority; and (b) the Authority continues to operate and maintain any transferred pipelines for another person after the sale day; the Authority must pursue a policy of acting in accordance with sound commercial principles in relation to: (c) the operation and maintenance of the transferred pipelines; and (d) finalising its business activities in relation to any assets that cease to be assets of the Authority because of the Sale Act; and (e) the winding down of the Authority’s business activities to facilitate the abolition of the Authority by the Sale Act. (3) If: (a) the construction of a pipeline from Moomba in South Australia to Botany in New South Wales is not commenced by the Authority; and (b) the Authority does not continue to operate any transferred pipelines for another person after the sale day; the Authority must pursue a policy of acting in accordance with sound commercial principles in relation to: (c) finalising its business activities in relation to any assets that cease to be assets of the Authority because of the Sale Act; and (d) the winding down of the Authority’s business activities to facilitate the abolition of the Authority by the Sale Act. (4) In this section: > Sale Act means the Moomba‑Sydney Pipeline System Sale Act 1994. > sale day has the same meaning as in the Sale Act. > transferred pipeline means a pipeline that ceases to be an asset of the Authority because of the Sale Act.”.