This note is not part of the order, but is intended to indicate its general effect.
This order, which comes into force on the 28th day after the date of its notification in the Gazette, is required for the purpose of facilitating the transfer of certain assets and liabilities from the Crown to Contact Energy Limited (Contact) under the State-Owned Enterprises Act 1986 (the Act). Despite the fact that Contact is now a privately owned company, section 3(4) of the State-Owned Enterprises (Contact Energy Limited) Amendment Act 1998 applies, which means that sections 23 to 30 of the Act, and this order, continue to apply to Contact as if it were still a State enterprise.
The assets and liabilities are those that were the subject of grants made by way of 4 agreements entered into by the Crown and Contact under section 23(1)(c) of the Act. The combined effect of the grants and the vesting of the assets and liabilities under this order is to complete the transfer of the assets and liabilities to Contact, and to enable registration of the agreements to take place.
Clause 4(1) vests the assets and liabilities in Contact. Clause 4(2) provides that, to avoid doubt, the vesting under clause 4(1) does not affect the status or effect of the agreements, either before or after this order comes into force.
Clause 5(1) directs the Registrar-General of Land to register the agreements. This provision is necessary because the agreements provide for registration but, as the assets and liabilities relate to interests in Crown land, they may not otherwise be registrable.