Commonwealth Consolidated Acts Commonwealth Consolidated ActsSection 28 of the Principal Act is repealed and the following section is substituted:
28 Financial policy
"(1) If:
(a) the construction of a pipeline from Moomba in South Australia to Botany in New South Wales is commenced by the Authority; and
(b) the Authority continues to operate and maintain any transferred pipelines for another person after the sale day;
the Authority must pursue a policy of acting in accordance with sound commercial principles in relation to:
(c) the construction of the pipeline; and
(d) the operation and maintenance of the transferred pipelines; and
(e) finalising its business activities in relation to any assets that cease to be assets of the Authority because of the Sale Act; and
(f) the winding down of the Authority's business activities to facilitate the abolition of the Authority by the Sale Act.
(2) If:
(a) the construction of a pipeline from Moomba in South Australia to Botany in New South Wales is not commenced by the Authority; and
(b) the Authority continues to operate and maintain any transferred pipelines for another person after the sale day;
the Authority must pursue a policy of acting in accordance with sound commercial principles in relation to:
(c) the operation and maintenance of the transferred pipelines; and
(d) finalising its business activities in relation to any assets that cease to be assets of the Authority because of the Sale Act; and
(e) the winding down of the Authority's business activities to facilitate the abolition of the Authority by the Sale Act.
(3) If:
(a) the construction of a pipeline from Moomba in South Australia to Botany in New South Wales is not commenced by the Authority; and
(b) the Authority does not continue to operate any transferred pipelines for another person after the sale day;
the Authority must pursue a policy of acting in accordance with sound commercial principles in relation to:
(c) finalising its business activities in relation to any assets that cease to be assets of the Authority because of the Sale Act; and
(d) the winding down of the Authority's business activities to facilitate the abolition of the Authority by the Sale Act.
(4) In this section:
"Sale Act" means the Moomba - Sydney Pipeline System Sale Act 1994 .
"sale day" has the same meaning as in the Sale Act.
"transferred pipeline" means a pipeline that ceases to be an asset of the Authority because of the Sale Act.".