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Section 28 of the Principal Act is repealed and the following section is substituted: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.”.