Sch 1AMetropolitan water corporations—Old licensees under the Water Industry Act 1994

Schedule 1A—Metropolitan water corporations—Old licensees under the Water Industry Act 1994

Table

Sch. 2 amended by Nos 121/1994 s. 192(2)(3), 62/1995 s. 43, substituted by No. 85/2006 s. 132.

Schedule 2—Transitional provisions applying on restructuring or abolition of water corporations

1 Definitions

In this Schedule—

old corporation means a water corporation from whom powers, duties or functions are being transferred under a determination of the Minister under section 87 or 88;

new corporation means a water corporation to whom powers, duties or functions are being transferred under a determination of the Minister under section 87 or 88.

2 Membership of board of directors on restructuring or abolition

(1) The Minister may, in the case of an old corporation or a new corporation, specify, in the determination under section 87 or 88 (as the case requires), an alteration to the membership of the board of directors of the corporation either by—

(a) the appointment of additional members to the board of directors; or

(b) the removal of members from the board of directors.

(2) Division 3 of Part 6 applies to an appointment of a member to a board of directors under subclause (1) as if it were an appointment under that Division.

3 Transfer of assets on restructuring or abolition

On the making of a determination under section 87 or 88—

(a) any rights, property and assets of the old corporation that are specified in the determination are deemed to be vested in the new corporation; and

(b) any debts, liabilities and obligations of the old corporation arising out of any vesting under paragraph (a) are deemed to be the debts, liabilities and obligations of the new corporation; and