Snowy Hydro Corporatisation (Parliamentary Approval) Act 2006

i Snowy Hydro Corporatisation (Parliamentary Approval) Act 2006 Act No. 64/2006 TABLE OF PROVISIONS Section Page 1. Purpose 1 2. Commencement 1 3. Disposal of shares of State in Company 2 4. New section 6A inserted 2 6A. Documents to be laid before each House of Parliament 2 5. New section 21A inserted 4 21A. Corporations legislation displacement provision 4 ═══════════════ ENDNOTES 5 -- 1 of 6 -- 1 Snowy Hydro Corporatisation (Parliamentary Approval) Act 2006 † [Assented to 29 August 2006] The Parliament of Victoria enacts as follows: 1. Purpose The purpose of this Act is to amend the Snowy Hydro Corporatisation Act 1997 to prevent the sale of shares in Snowy Hydro Limited held by the State of Victoria without the approval of both Houses of Parliament. 2. Commencement This Act comes into operation on the day after the day on which it receives the Royal Assent. Victoria No. 64 of 2006 -- 2 of 6 -- Act No. 64/2006 Snowy Hydro Corporatisation (Parliamentary Approval) Act 2006 2 3. Disposal of shares of State in Company (1) In section 6(1) of the Snowy Hydro Corporatisation Act 1997, for "The" substitute "Subject to sub-section (2A), the". (2) After section 6(2) of the Snowy Hydro Corporatisation Act 1997 insert— "(2A) The State of Victoria must not dispose of or transfer shares held by it in the Snowy Hydro Company without the approval of each House of Parliament given by a resolution passed by that House.". 4. New section 6A inserted After section 6 of the Snowy Hydro Corporatisation Act 1997 insert— "6A. Documents to be laid before each House of Parliament (1) The member of Parliament who gives notice in a House of Parliament of a resolution to approve the disposal or transfer of shares held by the State of Victoria in the Snowy Hydro Company must cause a copy of any relevant document to be laid before that House on the day on which that notice is given. Note: Section 6(2A) prevents the State from disposing of or transferring its shares in the Snowy Hydro Company without the approval of each House of Parliament by resolution. (2) For the purposes of sub-section (1) a relevant document is any agreement (including an agreement effected by exchange of letters) entered into by the State of Victoria with the State of New South Wales or any other party, in connection with, or that is otherwise relevant to, the proposed disposal or transfer s. 3 See: Act No. 105/1997 and amending Act Nos 10/1998, 85/1998, 69/2000 and 44/2001. LawToday: www.dms. dpc.vic. gov.au -- 3 of 6 -- Act No. 64/2006 Snowy Hydro Corporatisation (Parliamentary Approval) Act 2006 3 of shares, being an agreement that deals with— (a) water flows (including environmental flows and flows to farmers or irrigators or any other person); or (b) the issue, review, variation, revocation, renewal or transfer of a licence under Part 5 of the Snowy Hydro Corporatisation Act 1997 of New South Wales; or (c) the constitution (for the time being) of the Snowy Hydro Company or the modification or repeal of that constitution or the adoption by that Company of a new constitution; or (d) the Snowy Water Inquiry Outcomes Implementation Deed entered into on behalf of the Commonwealth, New South Wales and Victoria on 3 June 2002 or the amendment or revocation of that Deed; or (e) the supply of information between the Snowy Hydro Company and the Murray-Darling Basin Commission; or (f) the Agreement within the meaning of the Murray-Darling Basin Act 1993 or any proposed amendment of that Agreement. (3) Nothing in this section prevents the member of Parliament from causing a copy of any other document to be laid before the House together with any document required by this section to be so laid and the member may do so if he or she thinks fit.". s. 4 -- 4 of 6 -- Act No. 64/2006 Snowy Hydro Corporatisation (Parliamentary Approval) Act 2006 4 5. New section 21A inserted After section 21 of the Snowy Hydro Corporatisation Act 1997 insert— "21A. Corporations legislation displacement provision Section 6(2A) is declared to be a Corporations legislation displacement provision for the purposes of section 5G of the Corporations Act in relation to the Corporations legislation. Note: Section 5G of the Corporations Act provides that if a State law declares a provision of State law to be a Corporations legislation displacement provision for the purposes of that section, any provision of the Corporations legislation with which the State provision would otherwise be inconsistent does not operate to the extent necessary to avoid the inconsistency.". ═══════════════ s. 5 -- 5 of 6 -- Act No. 64/2006 Snowy Hydro Corporatisation (Parliamentary Approval) Act 2006 5 ENDNOTES † Minister's second reading speech— Legislative Assembly: 15 June 2006 Legislative Council: 9 August 2006 The long title for the Bill for this Act was "to amend the Snowy Hydro Corporatisation Act 1997 to prevent the sale of shares in Snowy Hydro Limited held by the State of Victoria without the approval of both Houses of Parliament and for other purposes." Endnotes -- 6 of 6 --