4Simplified outline

#### 4 Simplified outline The following is a simplified outline of this Act: • This Act provides for the abolition of the Snowy Mountains Hydro‑electric Authority and makes provision for the Commonwealth, New South Wales and Victoria to agree as to the identification of the Authority’s debts. • The Authority’s assets and liabilities in relation to its Snowy hydro undertaking (other than its electricity transmission undertaking) are to be transferred to Snowy Hydro Company (Snowy Hydro Limited). • The Authority’s assets and liabilities in relation to its electricity transmission undertaking are to be transferred to TransGrid (New South Wales Electricity Transmission Authority). • The Authority’s borrowings (other than any borrowings from the Commonwealth) may be taken over by the Commonwealth before the abolition of the Authority and replaced by a debt owed to the Commonwealth. • The Authority’s employees are to be transferred to Snowy Hydro Limited.