27Interpretation and application

27 Interpretation and application

In this Part –

asset means, in relation to a transferor, property of any kind, whether tangible or intangible, real or personal, present or future, whether arising from, accruing under, created or evidenced by or the subject of, an instrument or otherwise and whether liquidated or unliquidated, actual, contingent or prospective, to the extent that it relates, directly or indirectly, to the water and sewerage functions of that transferor and includes, without limitation, any –

(a) legal or equitable estate or interest in real or personal property; and

(b) chose in action; and

(c) money, documents or securities; and

(d) infrastructure; and

(e) plant and equipment; and

(f) National Tax Equivalent Regime carry forward losses; and

(g) intellectual property; and

(h) goodwill; and

(i) records; and

(j) any other right;

employee means, in relation to a transferor, an employee of that transferor engaged, directly or indirectly, in whole or in part, in performing the water and sewerage functions of that transferor;

liability means, in relation to a transferor, any liability, duty or obligation, whether actual, contingent or prospective, liquidated or unliquidated, and whether owed alone or jointly or jointly and severally with any other person, to the extent that it relates, directly or indirectly, to the water and sewerage functions of that transferor;

records means, in relation to a transferor, registers, papers, documents, minutes, receipts, books of account and other records, however compiled, recorded or stored, to the extent that they relate, directly or indirectly, to the water and sewerage functions of that transferor;

right means, in relation to a transferor, any right, power, privilege or immunity, whether actual, contingent or prospective, to the extent that it relates, directly or indirectly, to the water and sewerage functions of that transferor;