•     This Act provides for the abolition of the Snowy Mountains Hydro-electric Authority and makes provision for the Commonwealth, New South Wales and Victoria to agree as to the identification of the Authority's debts.

•      The Authority's assets and liabilities in relation to its Snowy hydro undertaking (other than its electricity transmission undertaking) are to be transferred to Snowy Hydro Company (Snowy Hydro Limited).

•      The Authority's assets and liabilities in relation to its electricity transmission undertaking are to be transferred to TransGrid (New South Wales Electricity Transmission Authority).

•     The Authority's borrowings (other than any borrowings from the Commonwealth) may be taken over by the Commonwealth before the abolition of the Authority and replaced by a debt owed to the Commonwealth.

•      The Authority's employees are to be transferred to Snowy Hydro Limited.