QLDIn ForceAct
South-East Queensland Water (Distribution and Retail Restructuring) Act 2009
sec.10Expiry
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### sec.10 Expiry
A distributor-retailer expires at the end of 99 years after its establishment.
When a distributor-retailer expires—
its assets and liabilities become the assets and liabilities of its participants; and
the participants become the successor in law of the assets and liabilities rateably in accordance with their participation rights under the distributor-retailer’s participation agreement.
A regulation may provide for any matter necessary or convenient to give effect to this section, including, for example, a provision about all or any of the following when a distributor-retailer expires (the former entity )—
the process concerning the distribution of its assets and liabilities;
the transfer of the employment of the former entity’s employees and of their rights;
the application of instruments relating to the former entity;
the former entity’s records;
the performance of the former entity’s functions immediately before the expiry.
(sec.10-ssec.1) A distributor-retailer expires at the end of 99 years after its establishment.
(sec.10-ssec.2) When a distributor-retailer expires— its assets and liabilities become the assets and liabilities of its participants; and the participants become the successor in law of the assets and liabilities rateably in accordance with their participation rights under the distributor-retailer’s participation agreement.
(sec.10-ssec.3) A regulation may provide for any matter necessary or convenient to give effect to this section, including, for example, a provision about all or any of the following when a distributor-retailer expires (the former entity )— the process concerning the distribution of its assets and liabilities; the transfer of the employment of the former entity’s employees and of their rights; the application of instruments relating to the former entity; the former entity’s records; the performance of the former entity’s functions immediately before the expiry.
- (a) its assets and liabilities become the assets and liabilities of its participants; and
- (b) the participants become the successor in law of the assets and liabilities rateably in accordance with their participation rights under the distributor-retailer’s participation agreement.
- (a) the process concerning the distribution of its assets and liabilities;
- (b) the transfer of the employment of the former entity’s employees and of their rights;
- (c) the application of instruments relating to the former entity;
- (d) the former entity’s records;
- (e) the performance of the former entity’s functions immediately before the expiry.