6Transfer of assets, rights and liabilities of Ex-Snowy Mountains Hydro-Electric Authority Superannuation Fund

6 Transfer of assets, rights and liabilities of Ex-Snowy Mountains Hydro-Electric Authority Superannuation Fund

6 Transfer of assets, rights and liabilities of Ex-Snowy Mountains Hydro-Electric Authority Superannuation Fund

(1) On and from 1 June 2003—

(a) a transferred pensioner and any spouse or de facto partner of a transferred pensioner cease to have any entitlements, rights or obligations under the former scheme, and

(b) the former governing rules cease to have effect, and

(c) any assets, rights or liabilities of Pacific Power as trustee of the former scheme are transferred to STC.

Note—

“De facto partner” is defined in section 21C of the Interpretation Act 1987.

(2) On the transfer of assets, rights or liabilities referred to in subclause (1) (c), the following provisions have effect—

(a) the assets vest in STC by virtue of this clause and without the need for any further conveyance, transfer, assignment or assurance,

(b) the rights or liabilities become by virtue of this clause the rights or liabilities of STC,

(c) the assets, and assets derived from the investment of those assets, may be applied to meet any of the liabilities,

(d) all proceedings relating to the assets, rights or liabilities commenced by or against Pacific Power before 1 June 2003 and pending immediately before that date are taken to be proceedings pending by or against STC,

(e) any act, matter or thing done or omitted to be done in relation to the assets, rights or liabilities before 1 June 2003 by, to or in respect of Pacific Power is (to the extent to which that act, matter or thing has any force or effect) taken to have been done or omitted by, to or in respect of STC,

(f) a reference in any Act, in any instrument made under any Act or in any document of any kind to Pacific Power or the Electricity Commission of New South Wales, in the capacity of trustee of the former scheme or to the extent to which the reference relates to the assets, rights or liabilities, is taken to be, or include, a reference to STC.

(3) The operation of this clause is not to be regarded—

(a) as a breach of contract or confidence or otherwise as a civil wrong, or

(b) as a breach of any contractual provision prohibiting, restricting or regulating the assignment or transfer of assets, rights or liabilities, or

(c) as giving rise to any remedy by a party to an instrument, or as causing or permitting the termination of any instrument, because of a change in the beneficial or legal ownership of any asset, right or liability, or

(d) as an event of default under any contract or other instrument.

cl 6: Am 2010 No 19, Sch 3.101 [2].