{"id":"qld:act-1993-028","name":"Government Owned Corporations Act 1993","slug":"government-owned-corporations-act-1993","collection":"act","jurisdiction":"qld","status":"in_force","isInForce":true,"actNumber":"28 of 1993","makingDate":null,"administeringDepartment":null,"currentVersion":{"id":104777,"registerId":"qld-act-1993-028-current","compilationNumber":null,"startDate":"2026-04-03","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"ch.1-pt.1","sectionType":"part","heading":"Introduction","content":"# Introduction","sortOrder":0},{"sectionNumber":"sec.1","sectionType":"section","heading":"Short title","content":"### sec.1 Short title\n\nThis Act may be cited as the Government Owned Corporations Act 1993 .","sortOrder":1},{"sectionNumber":"ch.1-pt.2","sectionType":"part","heading":"Interpretation","content":"# Interpretation","sortOrder":2},{"sectionNumber":"sec.2","sectionType":"section","heading":"Definitions","content":"### sec.2 Definitions\n\nIn this Act—\narticles ...\ns 2 def articles om 2007 No. 10 s 4 (1)\nasset ...\ns 2 def asset om 1994 No. 31 s 17 (1)\nassociate of a candidate GOC has the meaning given by section 22 .\ns 2 def associate ins 1994 No. 31 s 17 (2)\nassociate subsidiary means a GOC Act entity declared by regulation to be a subsidiary of a candidate GOC associate.\ns 2 def associate subsidiary ins 1994 No. 31 s 17 (2)\nboard of a GOC means the GOC’s board of directors.\nboard of directors , for chapter 2 , part 6 , see section 68 .\ns 2 def board of directors ins 2007 No. 10 s 4 (2)\nborrow includes—\nraise money or credit; and\nobtain financial accommodation; and\nborrow in a foreign currency.\ncandidate GOC has the meaning given by section 21 .\nCommonwealth tax means tax imposed under a Commonwealth Act.\ncommunity service obligations has the meaning given by section 112 .\ncompany GOC ...\ns 2 def company GOC om 2007 No. 10 s 62 sch\ncorporatisation has the meaning given by section 13 .\ncorporatisation charter of a candidate GOC means—\nthe draft corporatisation charter approved by the candidate GOC’s responsible Ministers as its corporatisation charter; or\nif the responsible Ministers approve an amendment of the corporatisation charter—the corporatisation charter as amended.\ndepartment means department of government.\ndividend , for sections 135 to 137 , see section 134 .\ns 2 def dividend ins 2007 No. 10 s 4 (2)\nfinancial accommodation includes a financial benefit, or assistance to obtain a financial benefit, arising from or because of—\na loan; or\nissuing, endorsing or otherwise dealing in promissory notes; or\ndrawing, accepting, endorsing or otherwise dealing in bills of exchange; or\nissuing, purchasing or otherwise dealing in securities; or\ngranting or taking a lease of any property for financing purposes; or\nanother arrangement prescribed by regulation.\nGOC (or government owned corporation ) has the meaning given by section 5 .\nGOC Act entity means an entity established by a regulation under this Act.\ns 2 def GOC Act entity ins 1994 No. 31 s 17 (2)\nGOC Minister has the meaning given by section 6 .\ngovernment company means a corporation incorporated under the Corporations Act all the stock or shares in the capital of which is or are beneficially owned by the State.\ns 2 def government company amd 2001 No. 45 s 29 sch 3\ngovernment entity has the meaning given by section 4 .\ngovernment entity that is to become a company GOC ...\ns 2 def government entity that is to become a company GOC om 2007 No. 10 s 4 (1)\ngovernment entity that is to become a GOC has the meaning given by section 23 (1) .\ngovernment entity that is to become a statutory GOC ...\ns 2 def government entity that is to become a statutory GOC om 2007 No. 10 s 4 (1)\ngovernment entity that is to become a subsidiary of a GOC has the meaning given by section 23 (2) .\ns 2 def government entity that is to become a subsidiary of a GOC amd 2007 No. 10 s 4 (3)\ninstrument means an instrument of any kind, and includes, for example—\na contract, deed, agreement, arrangement, understanding or undertaking; and\na mandate, instruction, notice, authority or order; and\na lease, licence, transfer, conveyance or other assurance; and\na guarantee, bond, power of attorney, bill of lading, negotiable instrument or order for the payment of money; and\na mortgage, charge, lien or security;\nwhether express or implied and whether made or given orally or in writing.\nkey principles of corporatisation has the meaning given by section 16 .\nlease includes—\na lease, licence, charter or hiring arrangement of property; and\nan arrangement under which a right to use, operate or provide services in relation to property is granted by the owner to another person.\nmemorandum ...\ns 2 def memorandum om 2007 No. 10 s 4 (1)\nportfolio Minister has the meaning given by section 6 .\npredecessor , for sections 135 to 137 , see section 134 .\ns 2 def predecessor ins 2007 No. 10 s 4 (2)\nproposed subsidiary of a GOC or candidate GOC means a government entity that is declared by regulation to be a proposed subsidiary of the GOC or candidate GOC.\nresponsible Ministers —\nof a candidate GOC—see section 29 ; or\nof a candidate GOC associate—see section 30 .\ns 2 def responsible Ministers sub 1994 No. 31 s 17 ; 2007 No. 10 s 62 sch\nsecurity includes inscribed stock, debenture, bond, debenture stock, note and any other document creating, evidencing or acknowledging indebtedness (whether or not constituting a charge on property).\nsenior executive , of a GOC, includes the holder of an office in the GOC that reports directly to the GOC’s chief executive officer and that is commensurate with an office held by a senior executive under the Public Sector Act 2022 .\ns 2 def senior executive ins 1998 No. 21 s 4\namd 2008 No. 38 s 252 sch 3 ; 2022 No. 34 s 365 sch 3\nshare , in relation to a candidate GOC, a GOC or another corporation, means a share in the corporation’s share capital.\nshareholding Ministers , of a GOC, see section 78 .\ns 2 def shareholding Ministers amd 2007 No. 10 s 4 (4)\nsub 2007 No. 10 s 62 sch\nstatement of corporate intent has the meaning given by section 7 .\nState tax means tax imposed under an Act.\nstatutory GOC ...\ns 2 def statutory GOC om 2007 No. 10 s 62 sch\nstatutory GOC closing time means the time at which the Government Owned Corporations Amendment Act 2007 , section 11 commences.\ns 2 def statutory GOC closing time ins 2007 No. 10 s 4 (2)\nsubsidiary has the meaning given by the Corporations Act , and includes—\nfor a GOC or candidate GOC—a government entity declared by regulation to be a subsidiary of the GOC or candidate GOC; and\nfor a candidate GOC associate—a GOC Act entity declared by regulation to be a subsidiary of the associate.\ns 2 def subsidiary sub 1994 No. 31 s 17\namd 2001 No. 45 s 29 sch 3\ntax includes any tax, fee, duty, levy or charge.\nterms of appointment or employment include terms relating to—\nremuneration and allowances; and\nduration of appointment or employment; and\ntermination of appointment or employment.\n- (a) raise money or credit; and\n- (b) obtain financial accommodation; and\n- (c) borrow in a foreign currency.\n- (a) the draft corporatisation charter approved by the candidate GOC’s responsible Ministers as its corporatisation charter; or\n- (b) if the responsible Ministers approve an amendment of the corporatisation charter—the corporatisation charter as amended.\n- (a) a loan; or\n- (b) issuing, endorsing or otherwise dealing in promissory notes; or\n- (c) drawing, accepting, endorsing or otherwise dealing in bills of exchange; or\n- (d) issuing, purchasing or otherwise dealing in securities; or\n- (e) granting or taking a lease of any property for financing purposes; or\n- (f) another arrangement prescribed by regulation.\n- (a) a contract, deed, agreement, arrangement, understanding or undertaking; and\n- (b) a mandate, instruction, notice, authority or order; and\n- (c) a lease, licence, transfer, conveyance or other assurance; and\n- (d) a guarantee, bond, power of attorney, bill of lading, negotiable instrument or order for the payment of money; and\n- (e) a mortgage, charge, lien or security;\n- (a) a lease, licence, charter or hiring arrangement of property; and\n- (b) an arrangement under which a right to use, operate or provide services in relation to property is granted by the owner to another person.\n- (a) of a candidate GOC—see section 29 ; or\n- (b) of a candidate GOC associate—see section 30 .\n- (a) for a GOC or candidate GOC—a government entity declared by regulation to be a subsidiary of the GOC or candidate GOC; and\n- (b) for a candidate GOC associate—a GOC Act entity declared by regulation to be a subsidiary of the associate.\n- (a) remuneration and allowances; and\n- (b) duration of appointment or employment; and\n- (c) termination of appointment or employment.","sortOrder":3},{"sectionNumber":"sec.3","sectionType":"section","heading":"References to doing of act by GOC","content":"### sec.3 References to doing of act by GOC\n\nIn this Act, a reference to the doing of an act by a GOC includes a reference to—\nthe making or giving of an instrument by the GOC; and\nthe transfer of property by or to the GOC; and\nthe incurring of a liability by the GOC.\n- (a) the making or giving of an instrument by the GOC; and\n- (b) the transfer of property by or to the GOC; and\n- (c) the incurring of a liability by the GOC.","sortOrder":4},{"sectionNumber":"ch.1-pt.3","sectionType":"part","heading":"Basic concepts","content":"# Basic concepts","sortOrder":5},{"sectionNumber":"sec.4","sectionType":"section","heading":"Meaning of government entity","content":"### sec.4 Meaning of government entity\n\nA government entity is—\na government company or part of a government company; or\na State instrumentality, agency, authority or entity or a division, branch or other part of a State instrumentality, agency, authority or entity; or\na department or a division, branch or other part of a department; or\na GOC Act entity; or\nan entity prescribed by regulation.\ns 4 amd 1994 No. 31 s 18 ; 1998 No. 21 s 5 ; 2007 No. 10 s 62 sch\n- (a) a government company or part of a government company; or\n- (b) a State instrumentality, agency, authority or entity or a division, branch or other part of a State instrumentality, agency, authority or entity; or\n- (c) a department or a division, branch or other part of a department; or\n- (d) a GOC Act entity; or\n- (e) an entity prescribed by regulation.","sortOrder":6},{"sectionNumber":"sec.5","sectionType":"section","heading":"Meaning of GOC","content":"### sec.5 Meaning of GOC\n\nA GOC (or government owned corporation ) is a government entity that is—\nestablished as a body corporate under an Act or the Corporations Act ; and\ndeclared by regulation to be a GOC.\ns 5 amd 2001 No. 45 s 29 sch 3\n- (a) established as a body corporate under an Act or the Corporations Act ; and\n- (b) declared by regulation to be a GOC.","sortOrder":7},{"sectionNumber":"sec.6","sectionType":"section","heading":"GOC and portfolio Ministers","content":"### sec.6 GOC and portfolio Ministers\n\nThe Minister is the GOC Minister of every GOC.\nThe Minister who has the duty to administer the legislation (if any) that established, or provides for the structure or management of, the entity that became a GOC is the portfolio Minister of the GOC.\nHowever, if—\nthere is not a Minister who is the portfolio Minister under subsection (2) ; or\nthe portfolio Minister under subsection (2) is the GOC Minister; or\nthe Premier is of the opinion that another Minister should be the portfolio Minister;\nthe portfolio Minister of the GOC is the Minister nominated by the Premier by gazette notice.\nThe Premier must make the nomination by nominating the holder of a particular Ministerial office by reference to the title of the office concerned.\nThe Premier may, in an appropriate case, be nominated under subsection (3) to be the portfolio Minister of the GOC.\nIn this section—\nGOC includes a candidate GOC.\n(sec.6-ssec.1) The Minister is the GOC Minister of every GOC.\n(sec.6-ssec.2) The Minister who has the duty to administer the legislation (if any) that established, or provides for the structure or management of, the entity that became a GOC is the portfolio Minister of the GOC.\n(sec.6-ssec.3) However, if— there is not a Minister who is the portfolio Minister under subsection (2) ; or the portfolio Minister under subsection (2) is the GOC Minister; or the Premier is of the opinion that another Minister should be the portfolio Minister; the portfolio Minister of the GOC is the Minister nominated by the Premier by gazette notice.\n(sec.6-ssec.4) The Premier must make the nomination by nominating the holder of a particular Ministerial office by reference to the title of the office concerned.\n(sec.6-ssec.5) The Premier may, in an appropriate case, be nominated under subsection (3) to be the portfolio Minister of the GOC.\n(sec.6-ssec.6) In this section— GOC includes a candidate GOC.\n- (a) there is not a Minister who is the portfolio Minister under subsection (2) ; or\n- (b) the portfolio Minister under subsection (2) is the GOC Minister; or\n- (c) the Premier is of the opinion that another Minister should be the portfolio Minister;","sortOrder":8},{"sectionNumber":"sec.7","sectionType":"section","heading":"Meaning of statement of corporate intent","content":"### sec.7 Meaning of statement of corporate intent\n\nThe statement of corporate intent of a GOC is a document created in relation to the GOC under chapter 3 , part 8 .\nIt is intended that the statement of corporate intent should represent an agreement between the GOC’s board of directors and its shareholding Ministers.\ns 7 prev s 7 amd 1998 No. 21 s 3 sch 1 ; 2001 No. 45 s 29 sch 3 ; 2007 No. 10 s 5\nom 2007 No. 10 s 62 sch\n(sec.7-ssec.1) The statement of corporate intent of a GOC is a document created in relation to the GOC under chapter 3 , part 8 .\n(sec.7-ssec.2) It is intended that the statement of corporate intent should represent an agreement between the GOC’s board of directors and its shareholding Ministers.","sortOrder":9},{"sectionNumber":"ch.1-pt.4","sectionType":"part","heading":"Operation of Act and application of laws","content":"# Operation of Act and application of laws","sortOrder":10},{"sectionNumber":"sec.8","sectionType":"section","heading":"Act binds State","content":"### sec.8 Act binds State\n\nThis Act binds the State.","sortOrder":11},{"sectionNumber":"sec.9","sectionType":"section","heading":"Extraterritorial operation","content":"### sec.9 Extraterritorial operation\n\nIt is the intention of Parliament that this Act should apply, as far as possible, to—\nland and things outside Queensland (whether in or outside Australia); and\nacts, transactions and things done, entered into or happening outside Queensland (whether in or outside Australia); and\nland, things, acts and transactions (wherever situated, done, entered into or happening) that would, apart from this Act, be governed or otherwise affected by the law of another jurisdiction (including a foreign country).\n- (a) land and things outside Queensland (whether in or outside Australia); and\n- (b) acts, transactions and things done, entered into or happening outside Queensland (whether in or outside Australia); and\n- (c) land, things, acts and transactions (wherever situated, done, entered into or happening) that would, apart from this Act, be governed or otherwise affected by the law of another jurisdiction (including a foreign country).","sortOrder":12},{"sectionNumber":"sec.10","sectionType":"section","heading":"Application of other laws to GOCs","content":"### sec.10 Application of other laws to GOCs\n\nThis Act applies to a GOC despite anything in an Act that was enacted before the commencement of this Act.\nIf there is an inconsistency between this Act and an Act enacted before the commencement of this Act, this Act prevails to the extent of the inconsistency.\nThis Act, and any provision of this Act, has effect subject to a provision of an Act enacted after the commencement of this Act that expressly provides that this Act or the provision is subject to it.\ns 10 amd 1998 No. 21 s 3 sch 1\n(sec.10-ssec.1) This Act applies to a GOC despite anything in an Act that was enacted before the commencement of this Act.\n(sec.10-ssec.2) If there is an inconsistency between this Act and an Act enacted before the commencement of this Act, this Act prevails to the extent of the inconsistency.\n(sec.10-ssec.3) This Act, and any provision of this Act, has effect subject to a provision of an Act enacted after the commencement of this Act that expressly provides that this Act or the provision is subject to it.","sortOrder":13},{"sectionNumber":"sec.11","sectionType":"section","heading":"Application of other laws to candidate GOCs","content":"### sec.11 Application of other laws to candidate GOCs\n\nChapter 2 applies to a candidate GOC despite anything in an Act that was enacted before the commencement of this Act.\nIf there is an inconsistency between chapter 2 and an Act enacted before the commencement of this Act, chapter 2 prevails to the extent of the inconsistency.\nChapter 2 , and any provision of chapter 2 , has effect subject to a provision of an Act enacted after the commencement of this Act that expressly provides that the chapter or provision is subject to it.\ns 11 amd 1998 No. 21 s 3 sch 1\n(sec.11-ssec.1) Chapter 2 applies to a candidate GOC despite anything in an Act that was enacted before the commencement of this Act.\n(sec.11-ssec.2) If there is an inconsistency between chapter 2 and an Act enacted before the commencement of this Act, chapter 2 prevails to the extent of the inconsistency.\n(sec.11-ssec.3) Chapter 2 , and any provision of chapter 2 , has effect subject to a provision of an Act enacted after the commencement of this Act that expressly provides that the chapter or provision is subject to it.","sortOrder":14},{"sectionNumber":"ch.1-pt.5","sectionType":"part","heading":"Outline of Act and its background and objectives","content":"# Outline of Act and its background and objectives","sortOrder":15},{"sectionNumber":"sec.12","sectionType":"section","heading":"What Act provides","content":"### sec.12 What Act provides\n\nThis Act makes provision for a structural reform process ( corporatisation ) for nominated government entities.","sortOrder":16},{"sectionNumber":"sec.13","sectionType":"section","heading":"Meaning of corporatisation","content":"### sec.13 Meaning of corporatisation\n\nCorporatisation is a structural reform process for nominated government entities that—\nchanges the conditions and (where required) the structure under which the entities operate so that they operate, as far as practicable, on a commercial basis and in a competitive environment; and\nprovides for the continued public ownership of the entities as part of the process; and\nallows the State, as owner on behalf of the people of Queensland, to provide strategic direction to the entities by setting financial and non-financial performance targets and community service obligations.\n- (a) changes the conditions and (where required) the structure under which the entities operate so that they operate, as far as practicable, on a commercial basis and in a competitive environment; and\n- (b) provides for the continued public ownership of the entities as part of the process; and\n- (c) allows the State, as owner on behalf of the people of Queensland, to provide strategic direction to the entities by setting financial and non-financial performance targets and community service obligations.","sortOrder":17},{"sectionNumber":"sec.14","sectionType":"section","heading":"Objectives of corporatisation","content":"### sec.14 Objectives of corporatisation\n\nThe objectives of corporatisation are to improve Queensland’s overall economic performance, and the ability of the Government to achieve social objectives, by—\nimproving the efficiency and effectiveness of GOCs; and\nimproving the accountability of GOCs.\ns 14 prev s 14 amd 1994 No. 31 s 16 sch 3\nom 1998 No. 21 s 3 sch 1\n- (a) improving the efficiency and effectiveness of GOCs; and\n- (b) improving the accountability of GOCs.","sortOrder":18},{"sectionNumber":"sec.15","sectionType":"section","heading":"How objectives of corporatisation are to be achieved—key principles and their elements","content":"### sec.15 How objectives of corporatisation are to be achieved—key principles and their elements\n\nThe objectives of corporatisation are to be achieved through application of the key principles of corporatisation and their elements.","sortOrder":19},{"sectionNumber":"sec.16","sectionType":"section","heading":"Meaning of key principles of corporatisation","content":"### sec.16 Meaning of key principles of corporatisation\n\nThe 4 key principles of corporatisation , and their elements, are as follows—\nPrinciple 1—Clarity of objectives\nThe elements of this principle are that—\neach GOC will have clear, non-conflicting objectives;\neach GOC will be set specific financial and non-financial performance targets for its commercial activities;\nany activities of a governmental policy formulation or regulatory nature will be transferred from the GOC to a department, separate regulatory authority or other agency;\nany community service obligations of the GOC will be—\nclearly identified in the GOC’s statement of corporate intent; and\nseparately costed;\nthe GOC will be appropriately compensated for its community service obligations and any funding will be made apparent;\nthe GOC will be set performance targets for its community service obligations;\nPrinciple 2—Management autonomy and authority\nThe elements of this principle are that—\neach GOC will have a board of directors;\nthe board will be required to use its best endeavours to ensure that the GOC meets its performance targets;\nthe board will be given the autonomy and authority to make commercial decisions within areas of responsibility defined by the corporatisation framework;\nexisting detailed controls over management decision making will be replaced with strategic monitoring procedures;\nthe role of Ministers in relation to the GOC will be clearly defined;\nMinisterial reserve powers will be required to be exercised in an open way;\nPrinciple 3—Strict accountability for performance\nThe elements of this principle are that—\nthe GOC’s board will be accountable to the shareholding Ministers for the GOC’s performance;\nthe GOC’s statement of corporate intent will form the basis for accountability;\nperformance will be monitored by the Government against performance targets specified in the statement of corporate intent;\nGovernment monitoring of the GOC is intended to compensate for the absence of the wide range of monitoring to which listed corporations are subject by, for example, the sharemarket and Commonwealth regulatory agencies;\nPrinciple 4—Competitive neutrality\nThe elements of this principle are that—\nthe efficiency of overall resource use in the State is promoted by ensuring that markets are not unnecessarily distorted;\nin order to ensure, wherever possible, that each GOC competes on equal terms with other entities carrying on business, any special advantages or disadvantages of the GOC because of its public ownership or its market power will be removed, minimised or made apparent;\nin circumstances where a GOC has excessive market power—\nstructural reform may be necessary to increase competition; and\nspecial monitoring may be necessary to prevent market abuse.\ns 16 amd 1994 No. 31 s 16 sch 3 ; 1998 No. 21 s 6 ; 2007 No. 10 s 62 sch\n- (a) Principle 1—Clarity of objectives The elements of this principle are that— • each GOC will have clear, non-conflicting objectives; • each GOC will be set specific financial and non-financial performance targets for its commercial activities; • any activities of a governmental policy formulation or regulatory nature will be transferred from the GOC to a department, separate regulatory authority or other agency; • any community service obligations of the GOC will be— • clearly identified in the GOC’s statement of corporate intent; and • separately costed; • the GOC will be appropriately compensated for its community service obligations and any funding will be made apparent; • the GOC will be set performance targets for its community service obligations;\n- • each GOC will have clear, non-conflicting objectives;\n- • each GOC will be set specific financial and non-financial performance targets for its commercial activities;\n- • any activities of a governmental policy formulation or regulatory nature will be transferred from the GOC to a department, separate regulatory authority or other agency;\n- • any community service obligations of the GOC will be— • clearly identified in the GOC’s statement of corporate intent; and • separately costed;\n- • clearly identified in the GOC’s statement of corporate intent; and\n- • separately costed;\n- • the GOC will be appropriately compensated for its community service obligations and any funding will be made apparent;\n- • the GOC will be set performance targets for its community service obligations;\n- (b) Principle 2—Management autonomy and authority The elements of this principle are that— • each GOC will have a board of directors; • the board will be required to use its best endeavours to ensure that the GOC meets its performance targets; • the board will be given the autonomy and authority to make commercial decisions within areas of responsibility defined by the corporatisation framework; • existing detailed controls over management decision making will be replaced with strategic monitoring procedures; • the role of Ministers in relation to the GOC will be clearly defined; • Ministerial reserve powers will be required to be exercised in an open way;\n- • each GOC will have a board of directors;\n- • the board will be required to use its best endeavours to ensure that the GOC meets its performance targets;\n- • the board will be given the autonomy and authority to make commercial decisions within areas of responsibility defined by the corporatisation framework;\n- • existing detailed controls over management decision making will be replaced with strategic monitoring procedures;\n- • the role of Ministers in relation to the GOC will be clearly defined;\n- • Ministerial reserve powers will be required to be exercised in an open way;\n- (c) Principle 3—Strict accountability for performance The elements of this principle are that— • the GOC’s board will be accountable to the shareholding Ministers for the GOC’s performance; • the GOC’s statement of corporate intent will form the basis for accountability; • performance will be monitored by the Government against performance targets specified in the statement of corporate intent; • Government monitoring of the GOC is intended to compensate for the absence of the wide range of monitoring to which listed corporations are subject by, for example, the sharemarket and Commonwealth regulatory agencies;\n- • the GOC’s board will be accountable to the shareholding Ministers for the GOC’s performance;\n- • the GOC’s statement of corporate intent will form the basis for accountability;\n- • performance will be monitored by the Government against performance targets specified in the statement of corporate intent;\n- • Government monitoring of the GOC is intended to compensate for the absence of the wide range of monitoring to which listed corporations are subject by, for example, the sharemarket and Commonwealth regulatory agencies;\n- (d) Principle 4—Competitive neutrality The elements of this principle are that— • the efficiency of overall resource use in the State is promoted by ensuring that markets are not unnecessarily distorted; • in order to ensure, wherever possible, that each GOC competes on equal terms with other entities carrying on business, any special advantages or disadvantages of the GOC because of its public ownership or its market power will be removed, minimised or made apparent; • in circumstances where a GOC has excessive market power— • structural reform may be necessary to increase competition; and • special monitoring may be necessary to prevent market abuse.\n- • the efficiency of overall resource use in the State is promoted by ensuring that markets are not unnecessarily distorted;\n- • in order to ensure, wherever possible, that each GOC competes on equal terms with other entities carrying on business, any special advantages or disadvantages of the GOC because of its public ownership or its market power will be removed, minimised or made apparent;\n- • in circumstances where a GOC has excessive market power— • structural reform may be necessary to increase competition; and • special monitoring may be necessary to prevent market abuse.\n- • structural reform may be necessary to increase competition; and\n- • special monitoring may be necessary to prevent market abuse.\n- • each GOC will have clear, non-conflicting objectives;\n- • each GOC will be set specific financial and non-financial performance targets for its commercial activities;\n- • any activities of a governmental policy formulation or regulatory nature will be transferred from the GOC to a department, separate regulatory authority or other agency;\n- • any community service obligations of the GOC will be— • clearly identified in the GOC’s statement of corporate intent; and • separately costed;\n- • clearly identified in the GOC’s statement of corporate intent; and\n- • separately costed;\n- • the GOC will be appropriately compensated for its community service obligations and any funding will be made apparent;\n- • the GOC will be set performance targets for its community service obligations;\n- • clearly identified in the GOC’s statement of corporate intent; and\n- • separately costed;\n- • each GOC will have a board of directors;\n- • the board will be required to use its best endeavours to ensure that the GOC meets its performance targets;\n- • the board will be given the autonomy and authority to make commercial decisions within areas of responsibility defined by the corporatisation framework;\n- • existing detailed controls over management decision making will be replaced with strategic monitoring procedures;\n- • the role of Ministers in relation to the GOC will be clearly defined;\n- • Ministerial reserve powers will be required to be exercised in an open way;\n- • the GOC’s board will be accountable to the shareholding Ministers for the GOC’s performance;\n- • the GOC’s statement of corporate intent will form the basis for accountability;\n- • performance will be monitored by the Government against performance targets specified in the statement of corporate intent;\n- • Government monitoring of the GOC is intended to compensate for the absence of the wide range of monitoring to which listed corporations are subject by, for example, the sharemarket and Commonwealth regulatory agencies;\n- • the efficiency of overall resource use in the State is promoted by ensuring that markets are not unnecessarily distorted;\n- • in order to ensure, wherever possible, that each GOC competes on equal terms with other entities carrying on business, any special advantages or disadvantages of the GOC because of its public ownership or its market power will be removed, minimised or made apparent;\n- • in circumstances where a GOC has excessive market power— • structural reform may be necessary to increase competition; and • special monitoring may be necessary to prevent market abuse.\n- • structural reform may be necessary to increase competition; and\n- • special monitoring may be necessary to prevent market abuse.\n- • structural reform may be necessary to increase competition; and\n- • special monitoring may be necessary to prevent market abuse.","sortOrder":20},{"sectionNumber":"sec.17","sectionType":"section","heading":"Key objectives of GOC under corporatisation","content":"### sec.17 Key objectives of GOC under corporatisation\n\nUnder corporatisation the key objectives of a GOC are to be commercially successful in the conduct of its activities and efficient in the delivery of its community service obligations.\nThe commercial success and efficiency of a GOC are to be measured against its financial and non-financial performance targets.\n(sec.17-ssec.1) Under corporatisation the key objectives of a GOC are to be commercially successful in the conduct of its activities and efficient in the delivery of its community service obligations.\n(sec.17-ssec.2) The commercial success and efficiency of a GOC are to be measured against its financial and non-financial performance targets.","sortOrder":21},{"sectionNumber":"sec.18","sectionType":"section","heading":"How Act will enable management of the corporatisation process","content":"### sec.18 How Act will enable management of the corporatisation process\n\nThis Act is intended to enable the corporatisation process to be applied—\nprogressively as government entities move through various stages of the process; and\nflexibly to achieve consistent outcomes that are appropriate to the broad range of government entities and the stage that they have reached in the corporatisation process.\nThis Act provides, if required, for a transitional stage of corporatisation through preparation and implementation of a corporatisation charter.\nThe Act also imposes accountability and performance monitoring requirements for all GOCs.\ns 18 amd 2007 No. 10 s 6\n(sec.18-ssec.1) This Act is intended to enable the corporatisation process to be applied— progressively as government entities move through various stages of the process; and flexibly to achieve consistent outcomes that are appropriate to the broad range of government entities and the stage that they have reached in the corporatisation process.\n(sec.18-ssec.2) This Act provides, if required, for a transitional stage of corporatisation through preparation and implementation of a corporatisation charter.\n(sec.18-ssec.3) The Act also imposes accountability and performance monitoring requirements for all GOCs.\n- (a) progressively as government entities move through various stages of the process; and\n- (b) flexibly to achieve consistent outcomes that are appropriate to the broad range of government entities and the stage that they have reached in the corporatisation process.","sortOrder":22},{"sectionNumber":"ch.2-pt.1","sectionType":"part","heading":"Outline of the processes","content":"# Outline of the processes","sortOrder":23},{"sectionNumber":"sec.19","sectionType":"section","heading":"What this part provides","content":"### sec.19 What this part provides\n\nThis part makes provision for the processes necessary to allow—\ngovernment entities to become GOCs; and\ngovernment entities to become subsidiaries of GOCs.\ns 19 amd 2007 No. 10 ss 7 , 62 sch\n- (a) government entities to become GOCs; and\n- (b) government entities to become subsidiaries of GOCs.","sortOrder":24},{"sectionNumber":"sec.20","sectionType":"section","heading":"Government entity becoming a GOC","content":"### sec.20 Government entity becoming a GOC\n\nBefore becoming a GOC, a government entity must become a candidate GOC or a candidate GOC associate.\ns 20 sub 1994 No. 31 s 19 ; 1998 No. 21 s 7\namd 2007 No. 10 s 8","sortOrder":25},{"sectionNumber":"sec.21","sectionType":"section","heading":"Meaning of candidate GOC","content":"### sec.21 Meaning of candidate GOC\n\nA candidate GOC is a government entity nominated under part 2 to be a candidate GOC.\ns 21 amd 2007 No. 10 s 9\nsub 2007 No. 10 s 62 sch","sortOrder":26},{"sectionNumber":"sec.22","sectionType":"section","heading":"Meaning of associate of candidate GOC","content":"### sec.22 Meaning of associate of candidate GOC\n\nAn associate of a candidate GOC is a GOC Act entity nominated under part 2 to be an associate of the candidate GOC.\ns 22 ins 1994 No. 31 s 20","sortOrder":27},{"sectionNumber":"sec.23","sectionType":"section","heading":"Meaning of certain expressions about government entities","content":"### sec.23 Meaning of certain expressions about government entities\n\nA government entity is taken to be a government entity that is to become a GOC if it is a candidate GOC or a candidate GOC associate.\nA government entity is taken to be a government entity that is to become a GOC subsidiary if it is a subsidiary or proposed subsidiary of a candidate GOC or a subsidiary of a candidate GOC associate.\ns 23 sub 1994 No. 31 s 16 sch 3\namd 2007 No. 10 s 10\n(sec.23-ssec.1) A government entity is taken to be a government entity that is to become a GOC if it is a candidate GOC or a candidate GOC associate.\n(sec.23-ssec.2) A government entity is taken to be a government entity that is to become a GOC subsidiary if it is a subsidiary or proposed subsidiary of a candidate GOC or a subsidiary of a candidate GOC associate.","sortOrder":28},{"sectionNumber":"ch.2-pt.2","sectionType":"part","heading":"Nomination and declaration of entities","content":"# Nomination and declaration of entities","sortOrder":29},{"sectionNumber":"sec.24","sectionType":"section","heading":"Nomination of government entity to become candidate GOC","content":"### sec.24 Nomination of government entity to become candidate GOC\n\nThe Governor in Council may, by regulation, nominate a government entity that is not already a GOC to be a candidate GOC.\nTo remove any doubt, it is declared that the Governor in Council may nominate 2 or more government entities that are not already GOCs to be a single candidate GOC.\nThis Act applies to entities mentioned in subsection (2) with all necessary modifications.\ns 24 amd 1994 No. 31 s 16 sch 3 ; 1998 No. 21 s 3 sch 1\n(sec.24-ssec.1) The Governor in Council may, by regulation, nominate a government entity that is not already a GOC to be a candidate GOC.\n(sec.24-ssec.2) To remove any doubt, it is declared that the Governor in Council may nominate 2 or more government entities that are not already GOCs to be a single candidate GOC.\n(sec.24-ssec.3) This Act applies to entities mentioned in subsection (2) with all necessary modifications.","sortOrder":30},{"sectionNumber":"sec.25","sectionType":"section","heading":"Nomination of GOC Act entity to become candidate GOC associate","content":"### sec.25 Nomination of GOC Act entity to become candidate GOC associate\n\nThe Governor in Council may, by regulation, nominate a GOC Act entity to be an associate of a particular candidate GOC.\ns 25 ins 1994 No. 31 s 21","sortOrder":31},{"sectionNumber":"sec.26","sectionType":"section","heading":"Declaration of GOC Act entity to be subsidiary of candidate GOC associate","content":"### sec.26 Declaration of GOC Act entity to be subsidiary of candidate GOC associate\n\nA regulation may declare a GOC Act entity to be a subsidiary of a particular candidate GOC associate.\ns 26 ins 1994 No. 31 s 21","sortOrder":32},{"sectionNumber":"ch.2-pt.3","sectionType":"part","heading":"Preparation of corporatisation charter","content":"# Preparation of corporatisation charter","sortOrder":33},{"sectionNumber":"ch.2-pt.3-div.1","sectionType":"division","heading":"Preliminary","content":"## Preliminary","sortOrder":34},{"sectionNumber":"sec.27","sectionType":"section","heading":"Meaning of corporatisation charter","content":"### sec.27 Meaning of corporatisation charter\n\nThe corporatisation charter of a candidate GOC sets out the steps by which, and the basis on which—\na candidate GOC is to become a GOC; and\nthe key principles of corporatisation, and their elements, are to be implemented.\ns 27 prev s 27 om 2007 No. 10 s 11\npres s 27 amd 2007 No. 10 s 62 sch\n- (a) a candidate GOC is to become a GOC; and\n- (b) the key principles of corporatisation, and their elements, are to be implemented.","sortOrder":35},{"sectionNumber":"sec.28","sectionType":"section","heading":"Candidate GOC may become GOC following corporatisation charter","content":"### sec.28 Candidate GOC may become GOC following corporatisation charter\n\nA government entity that is a candidate GOC may become a GOC following the preparation and implementation of a corporatisation charter.\nHowever, in appropriate cases a candidate GOC may become a GOC even if—\nit has not fully prepared a corporatisation charter; or\nit has prepared, but has not fully implemented, a corporatisation charter; or\nit has not prepared or implemented a corporatisation charter.\n(sec.28-ssec.1) A government entity that is a candidate GOC may become a GOC following the preparation and implementation of a corporatisation charter.\n(sec.28-ssec.2) However, in appropriate cases a candidate GOC may become a GOC even if— it has not fully prepared a corporatisation charter; or it has prepared, but has not fully implemented, a corporatisation charter; or it has not prepared or implemented a corporatisation charter.\n- (a) it has not fully prepared a corporatisation charter; or\n- (b) it has prepared, but has not fully implemented, a corporatisation charter; or\n- (c) it has not prepared or implemented a corporatisation charter.","sortOrder":36},{"sectionNumber":"ch.2-pt.3-div.2","sectionType":"division","heading":"Responsible Ministers","content":"## Responsible Ministers","sortOrder":37},{"sectionNumber":"sec.29","sectionType":"section","heading":"Responsible Ministers of candidate GOC","content":"### sec.29 Responsible Ministers of candidate GOC\n\nThis section applies to a candidate GOC.\nThe GOC Minister and the portfolio Minister of the candidate GOC are its responsible Ministers.\ns 29 amd 2007 No. 10 s 62 sch\n(sec.29-ssec.1) This section applies to a candidate GOC.\n(sec.29-ssec.2) The GOC Minister and the portfolio Minister of the candidate GOC are its responsible Ministers.","sortOrder":38},{"sectionNumber":"sec.30","sectionType":"section","heading":"Responsible Ministers of candidate GOC associate","content":"### sec.30 Responsible Ministers of candidate GOC associate\n\nThe responsible Ministers of a candidate GOC associate are the Ministers who are the responsible Ministers of the associate’s candidate GOC.\ns 30 prev s 30 om 2007 No. 10 s 62 sch\npres s 30 ins 1994 No. 31 s 22","sortOrder":39},{"sectionNumber":"sec.31","sectionType":"section","heading":"Responsible Ministers not directors etc.","content":"### sec.31 Responsible Ministers not directors etc.\n\nThe responsible Ministers of a candidate GOC are not to be treated as directors of the candidate GOC or any subsidiary or proposed subsidiary of the candidate GOC.\nThe responsible Ministers of a candidate GOC associate are not to be treated as directors of the associate or any subsidiary of the associate.\nA Minister does not incur civil liability for an act or omission done or omitted to be done honestly and without negligence under, or for the purposes of, this Act in relation to a government entity that is to become a GOC or GOC subsidiary.\nA liability that would, apart from subsection (3) , attach to a Minister attaches instead to the State.\nThis section has effect despite the Corporations Act .\ns 31 amd 1994 No. 31 s 16 sch 3 ; 2001 No. 45 s 29 sch 3\n(sec.31-ssec.1) The responsible Ministers of a candidate GOC are not to be treated as directors of the candidate GOC or any subsidiary or proposed subsidiary of the candidate GOC.\n(sec.31-ssec.2) The responsible Ministers of a candidate GOC associate are not to be treated as directors of the associate or any subsidiary of the associate.\n(sec.31-ssec.3) A Minister does not incur civil liability for an act or omission done or omitted to be done honestly and without negligence under, or for the purposes of, this Act in relation to a government entity that is to become a GOC or GOC subsidiary.\n(sec.31-ssec.4) A liability that would, apart from subsection (3) , attach to a Minister attaches instead to the State.\n(sec.31-ssec.5) This section has effect despite the Corporations Act .","sortOrder":40},{"sectionNumber":"ch.2-pt.3-div.3","sectionType":"division","heading":"Draft corporatisation charter","content":"## Draft corporatisation charter","sortOrder":41},{"sectionNumber":"sec.32","sectionType":"section","heading":"Responsible Ministers may determine that draft corporatisation charter be prepared and submitted","content":"### sec.32 Responsible Ministers may determine that draft corporatisation charter be prepared and submitted\n\nIf the responsible Ministers of a candidate GOC consider that the preparation and implementation of a corporatisation charter would facilitate the corporatisation process for the candidate GOC, the Ministers may determine a draft corporatisation charter should be prepared and submitted to the Ministers.\nIf the Ministers determine that a draft corporatisation charter should be prepared and submitted to the Ministers, the following provisions of this division apply.\n(sec.32-ssec.1) If the responsible Ministers of a candidate GOC consider that the preparation and implementation of a corporatisation charter would facilitate the corporatisation process for the candidate GOC, the Ministers may determine a draft corporatisation charter should be prepared and submitted to the Ministers.\n(sec.32-ssec.2) If the Ministers determine that a draft corporatisation charter should be prepared and submitted to the Ministers, the following provisions of this division apply.","sortOrder":42},{"sectionNumber":"sec.33","sectionType":"section","heading":"Matters to be included in draft corporatisation charter","content":"### sec.33 Matters to be included in draft corporatisation charter\n\nThe responsible Ministers may determine that the draft corporatisation charter should contain all or any of the following matters—\nan outline of how the key principles of corporatisation and their elements are to be applied to the candidate GOC and a timetable for their application;\nan outline of any legislation under which the candidate GOC is to operate when it becomes a GOC;\ntarget dates for the enactment and commencement of any legislation;\na timetable for the adoption of appropriate systems of accounting by the candidate GOC;\na timetable for the adoption of commercial management and performance systems by the candidate GOC;\na timetable and method for valuing the assets of the candidate GOC and determining its capital structure;\nrecommendations regarding the activities the candidate GOC should undertake before it becomes a GOC;\nany other matter specified by the responsible Ministers.\nThe responsible Ministers may also determine that the draft corporatisation charter should contain a timetable for—\nidentifying any existing activities of the candidate GOC of a policy formulation or regulatory nature; and\nidentifying options for transferring the activities from the candidate GOC to a department, separate regulatory authority or other agency; and\nidentifying any other community service obligations of the candidate GOC; and\ncosting any community service obligations of the candidate GOC.\ns 33 prev s 33 om 2007 No. 10 s 62 sch\npres s 33 amd 1994 No. 31 s 16 sch 3 ; 2007 No. 10 s 12\n(sec.33-ssec.1) The responsible Ministers may determine that the draft corporatisation charter should contain all or any of the following matters— an outline of how the key principles of corporatisation and their elements are to be applied to the candidate GOC and a timetable for their application; an outline of any legislation under which the candidate GOC is to operate when it becomes a GOC; target dates for the enactment and commencement of any legislation; a timetable for the adoption of appropriate systems of accounting by the candidate GOC; a timetable for the adoption of commercial management and performance systems by the candidate GOC; a timetable and method for valuing the assets of the candidate GOC and determining its capital structure; recommendations regarding the activities the candidate GOC should undertake before it becomes a GOC; any other matter specified by the responsible Ministers.\n(sec.33-ssec.2) The responsible Ministers may also determine that the draft corporatisation charter should contain a timetable for— identifying any existing activities of the candidate GOC of a policy formulation or regulatory nature; and identifying options for transferring the activities from the candidate GOC to a department, separate regulatory authority or other agency; and identifying any other community service obligations of the candidate GOC; and costing any community service obligations of the candidate GOC.\n- (a) an outline of how the key principles of corporatisation and their elements are to be applied to the candidate GOC and a timetable for their application;\n- (b) an outline of any legislation under which the candidate GOC is to operate when it becomes a GOC;\n- (c) target dates for the enactment and commencement of any legislation;\n- (d) a timetable for the adoption of appropriate systems of accounting by the candidate GOC;\n- (e) a timetable for the adoption of commercial management and performance systems by the candidate GOC;\n- (f) a timetable and method for valuing the assets of the candidate GOC and determining its capital structure;\n- (g) recommendations regarding the activities the candidate GOC should undertake before it becomes a GOC;\n- (h) any other matter specified by the responsible Ministers.\n- (a) identifying any existing activities of the candidate GOC of a policy formulation or regulatory nature; and\n- (b) identifying options for transferring the activities from the candidate GOC to a department, separate regulatory authority or other agency; and\n- (c) identifying any other community service obligations of the candidate GOC; and\n- (d) costing any community service obligations of the candidate GOC.","sortOrder":43},{"sectionNumber":"sec.34","sectionType":"section","heading":"Responsible Ministers may determine other matters relevant to draft corporatisation charter preparation","content":"### sec.34 Responsible Ministers may determine other matters relevant to draft corporatisation charter preparation\n\nThe responsible Ministers may determine—\nsteps to be taken in preparing the draft corporatisation charter; and\nany other matter with respect to the preparation of the draft corporatisation charter.\nWithout limiting subsection (1) , the responsible Ministers may determine that specified assumptions are to be made in preparing the draft corporatisation charter.\nWithout limiting subsection (1) , the responsible Ministers may determine a timetable or time limit for the preparation of the draft corporatisation charter.\ns 34 amd 2007 No. 10 s 13\n(sec.34-ssec.1) The responsible Ministers may determine— steps to be taken in preparing the draft corporatisation charter; and any other matter with respect to the preparation of the draft corporatisation charter.\n(sec.34-ssec.2) Without limiting subsection (1) , the responsible Ministers may determine that specified assumptions are to be made in preparing the draft corporatisation charter.\n(sec.34-ssec.3) Without limiting subsection (1) , the responsible Ministers may determine a timetable or time limit for the preparation of the draft corporatisation charter.\n- (a) steps to be taken in preparing the draft corporatisation charter; and\n- (b) any other matter with respect to the preparation of the draft corporatisation charter.","sortOrder":44},{"sectionNumber":"sec.35","sectionType":"section","heading":"Responsible Ministers may give directions to candidate GOC about charter preparation","content":"### sec.35 Responsible Ministers may give directions to candidate GOC about charter preparation\n\nThe responsible Ministers of the candidate GOC may give the candidate GOC written directions in relation to the candidate GOC and its subsidiaries that appear to them to be necessary or desirable to enable the draft corporatisation charter to be prepared.\nWithout limiting subsection (1) , if a charter preparation committee has been appointed to prepare the draft corporatisation charter for the candidate GOC, the responsible Ministers may direct the candidate GOC—\nto give to the committee information about the candidate GOC and its subsidiaries that the committee considers necessary or desirable for the preparation of the draft charter; or\nto permit the committee to have access to records and other documents about the candidate GOC and its subsidiaries that the committee considers necessary or desirable for the preparation of the draft charter; or\nto take steps that the committee considers necessary or desirable for the preparation of the draft charter.\nThe candidate GOC must ensure that a direction given to it under this section is complied with in relation to itself and must, as far as practicable, ensure that it is also complied with in relation to its subsidiaries.\nIn this section—\nsubsidiary includes proposed subsidiary.\n(sec.35-ssec.1) The responsible Ministers of the candidate GOC may give the candidate GOC written directions in relation to the candidate GOC and its subsidiaries that appear to them to be necessary or desirable to enable the draft corporatisation charter to be prepared.\n(sec.35-ssec.2) Without limiting subsection (1) , if a charter preparation committee has been appointed to prepare the draft corporatisation charter for the candidate GOC, the responsible Ministers may direct the candidate GOC— to give to the committee information about the candidate GOC and its subsidiaries that the committee considers necessary or desirable for the preparation of the draft charter; or to permit the committee to have access to records and other documents about the candidate GOC and its subsidiaries that the committee considers necessary or desirable for the preparation of the draft charter; or to take steps that the committee considers necessary or desirable for the preparation of the draft charter.\n(sec.35-ssec.3) The candidate GOC must ensure that a direction given to it under this section is complied with in relation to itself and must, as far as practicable, ensure that it is also complied with in relation to its subsidiaries.\n(sec.35-ssec.4) In this section— subsidiary includes proposed subsidiary.\n- (a) to give to the committee information about the candidate GOC and its subsidiaries that the committee considers necessary or desirable for the preparation of the draft charter; or\n- (b) to permit the committee to have access to records and other documents about the candidate GOC and its subsidiaries that the committee considers necessary or desirable for the preparation of the draft charter; or\n- (c) to take steps that the committee considers necessary or desirable for the preparation of the draft charter.","sortOrder":45},{"sectionNumber":"ch.2-pt.3-div.4","sectionType":"division","heading":"Charter preparation committee","content":"## Charter preparation committee","sortOrder":46},{"sectionNumber":"sec.36","sectionType":"section","heading":"Charter preparation committee may be appointed","content":"### sec.36 Charter preparation committee may be appointed\n\nThe responsible Ministers of a candidate GOC may appoint a charter preparation committee to prepare a draft corporatisation charter for the candidate GOC.","sortOrder":47},{"sectionNumber":"sec.37","sectionType":"section","heading":"Conduct of meetings and other business","content":"### sec.37 Conduct of meetings and other business\n\nThe charter preparation committee of a candidate GOC may conduct its business (including its meetings) in the way that it considers appropriate.\nHowever, the committee must comply with any direction given to it, and any determination made, by the responsible Ministers.\n(sec.37-ssec.1) The charter preparation committee of a candidate GOC may conduct its business (including its meetings) in the way that it considers appropriate.\n(sec.37-ssec.2) However, the committee must comply with any direction given to it, and any determination made, by the responsible Ministers.","sortOrder":48},{"sectionNumber":"sec.38","sectionType":"section","heading":"Terms of appointment","content":"### sec.38 Terms of appointment\n\nA member of the charter preparation committee of a candidate GOC holds office on any terms of appointment determined by the responsible Ministers.","sortOrder":49},{"sectionNumber":"sec.39","sectionType":"section","heading":"Resignation and removal from office","content":"### sec.39 Resignation and removal from office\n\nA member of the charter preparation committee of a candidate GOC may resign by signed notice given to the responsible Ministers.\nThe responsible Ministers may terminate the appointment of a member of the charter preparation committee for any reason or none.\n(sec.39-ssec.1) A member of the charter preparation committee of a candidate GOC may resign by signed notice given to the responsible Ministers.\n(sec.39-ssec.2) The responsible Ministers may terminate the appointment of a member of the charter preparation committee for any reason or none.","sortOrder":50},{"sectionNumber":"sec.40","sectionType":"section","heading":"Draft corporatisation charter to be given to responsible Ministers","content":"### sec.40 Draft corporatisation charter to be given to responsible Ministers\n\nWhen the charter preparation committee of a candidate GOC has prepared the candidate GOC’s draft corporatisation charter, the committee must give a copy of the draft charter to the responsible Ministers.\nThe responsible Ministers may return the draft charter to the committee and request it to—\nconsider or further consider any matter and deal with the matter in the draft charter; and\nrevise the draft charter in the light of its consideration or further consideration.\nThe committee must comply with the request.\ns 40 amd 1998 No. 21 s 8\n(sec.40-ssec.1) When the charter preparation committee of a candidate GOC has prepared the candidate GOC’s draft corporatisation charter, the committee must give a copy of the draft charter to the responsible Ministers.\n(sec.40-ssec.2) The responsible Ministers may return the draft charter to the committee and request it to— consider or further consider any matter and deal with the matter in the draft charter; and revise the draft charter in the light of its consideration or further consideration.\n(sec.40-ssec.3) The committee must comply with the request.\n- (a) consider or further consider any matter and deal with the matter in the draft charter; and\n- (b) revise the draft charter in the light of its consideration or further consideration.","sortOrder":51},{"sectionNumber":"ch.2-pt.3-div.5","sectionType":"division","heading":"Corporatisation charter","content":"## Corporatisation charter","sortOrder":52},{"sectionNumber":"sec.41","sectionType":"section","heading":"Approval of draft corporatisation charter","content":"### sec.41 Approval of draft corporatisation charter\n\nThe responsible Ministers of a candidate GOC may approve a draft corporatisation charter as the candidate GOC’s corporatisation charter.\nSubsection (1) applies to a draft corporatisation charter whether or not the draft corporatisation charter was prepared by a charter preparation committee appointed for the candidate GOC.\n(sec.41-ssec.1) The responsible Ministers of a candidate GOC may approve a draft corporatisation charter as the candidate GOC’s corporatisation charter.\n(sec.41-ssec.2) Subsection (1) applies to a draft corporatisation charter whether or not the draft corporatisation charter was prepared by a charter preparation committee appointed for the candidate GOC.","sortOrder":53},{"sectionNumber":"sec.42","sectionType":"section","heading":"Approval of amendments of corporatisation charter","content":"### sec.42 Approval of amendments of corporatisation charter\n\nThe responsible Ministers of a candidate GOC may approve an amendment of the candidate GOC’s corporatisation charter.","sortOrder":54},{"sectionNumber":"ch.2-pt.4","sectionType":"part","heading":"Implementation of corporatisation charter","content":"# Implementation of corporatisation charter","sortOrder":55},{"sectionNumber":"sec.43","sectionType":"section","heading":"Charter administration committee may be appointed","content":"### sec.43 Charter administration committee may be appointed\n\nThe responsible Ministers of a candidate GOC may appoint a charter administration committee to ensure that the candidate GOC’s corporatisation charter is implemented in a timely, efficient and effective way.","sortOrder":56},{"sectionNumber":"sec.44","sectionType":"section","heading":"Conduct of meetings and other business","content":"### sec.44 Conduct of meetings and other business\n\nThe charter administration committee of a candidate GOC may conduct its business (including its meetings) in the way that it considers appropriate.\nHowever, the committee must comply with any direction given to it, and any determination made, by the responsible Ministers.\n(sec.44-ssec.1) The charter administration committee of a candidate GOC may conduct its business (including its meetings) in the way that it considers appropriate.\n(sec.44-ssec.2) However, the committee must comply with any direction given to it, and any determination made, by the responsible Ministers.","sortOrder":57},{"sectionNumber":"sec.45","sectionType":"section","heading":"Terms of appointment","content":"### sec.45 Terms of appointment\n\nA member of the charter administration committee of a candidate GOC holds office on any terms of appointment determined by the responsible Ministers.","sortOrder":58},{"sectionNumber":"sec.46","sectionType":"section","heading":"Resignation and removal from office","content":"### sec.46 Resignation and removal from office\n\nA member of the charter administration committee of a candidate GOC may resign by signed notice given to the responsible Ministers.\nThe responsible Ministers may terminate the appointment of a member of the charter administration committee for any reason or none.\n(sec.46-ssec.1) A member of the charter administration committee of a candidate GOC may resign by signed notice given to the responsible Ministers.\n(sec.46-ssec.2) The responsible Ministers may terminate the appointment of a member of the charter administration committee for any reason or none.","sortOrder":59},{"sectionNumber":"sec.47","sectionType":"section","heading":"Responsible Ministers may give directions to candidate GOC about charter implementation","content":"### sec.47 Responsible Ministers may give directions to candidate GOC about charter implementation\n\nThe responsible Ministers of a candidate GOC may give the candidate GOC written directions in relation to the candidate GOC and its subsidiaries that appear to them to be necessary or desirable to enable the candidate GOC’s corporatisation charter to be implemented.\nWithout limiting subsection (1) , if a charter administration committee has been appointed for the candidate GOC, the responsible Ministers may direct the candidate GOC—\nto give to the committee information about the candidate GOC and its subsidiaries that the committee considers necessary or desirable for the implementation of the candidate GOC’s corporatisation charter; or\nto permit the committee to have access to records and other documents about the candidate GOC and its subsidiaries that the committee considers necessary or desirable for the implementation of the candidate GOC’s corporatisation charter; or\nto take steps that the committee considers necessary or desirable for the implementation of the candidate GOC’s corporatisation charter.\nThe candidate GOC must ensure that a direction given to it under this section is complied with in relation to itself and must, as far as practicable, ensure that it is also complied with in relation to its subsidiaries.\nIn this section—\nsubsidiary includes proposed subsidiary.\n(sec.47-ssec.1) The responsible Ministers of a candidate GOC may give the candidate GOC written directions in relation to the candidate GOC and its subsidiaries that appear to them to be necessary or desirable to enable the candidate GOC’s corporatisation charter to be implemented.\n(sec.47-ssec.2) Without limiting subsection (1) , if a charter administration committee has been appointed for the candidate GOC, the responsible Ministers may direct the candidate GOC— to give to the committee information about the candidate GOC and its subsidiaries that the committee considers necessary or desirable for the implementation of the candidate GOC’s corporatisation charter; or to permit the committee to have access to records and other documents about the candidate GOC and its subsidiaries that the committee considers necessary or desirable for the implementation of the candidate GOC’s corporatisation charter; or to take steps that the committee considers necessary or desirable for the implementation of the candidate GOC’s corporatisation charter.\n(sec.47-ssec.3) The candidate GOC must ensure that a direction given to it under this section is complied with in relation to itself and must, as far as practicable, ensure that it is also complied with in relation to its subsidiaries.\n(sec.47-ssec.4) In this section— subsidiary includes proposed subsidiary.\n- (a) to give to the committee information about the candidate GOC and its subsidiaries that the committee considers necessary or desirable for the implementation of the candidate GOC’s corporatisation charter; or\n- (b) to permit the committee to have access to records and other documents about the candidate GOC and its subsidiaries that the committee considers necessary or desirable for the implementation of the candidate GOC’s corporatisation charter; or\n- (c) to take steps that the committee considers necessary or desirable for the implementation of the candidate GOC’s corporatisation charter.","sortOrder":60},{"sectionNumber":"sec.48","sectionType":"section","heading":"Responsible Ministers may give directions to candidate GOC associate about its functions","content":"### sec.48 Responsible Ministers may give directions to candidate GOC associate about its functions\n\nThe responsible Ministers of a candidate GOC associate may give the associate written directions for the associate and its subsidiaries that appear to them to be necessary or desirable about the performance of the associate’s functions.\nThe associate must ensure that a direction given to it under this section is complied with in relation to itself and must, as far as practicable, ensure that it is also complied with in relation to its subsidiaries.\ns 48 ins 1994 No. 31 s 23\n(sec.48-ssec.1) The responsible Ministers of a candidate GOC associate may give the associate written directions for the associate and its subsidiaries that appear to them to be necessary or desirable about the performance of the associate’s functions.\n(sec.48-ssec.2) The associate must ensure that a direction given to it under this section is complied with in relation to itself and must, as far as practicable, ensure that it is also complied with in relation to its subsidiaries.","sortOrder":61},{"sectionNumber":"sec.49","sectionType":"section","heading":"Corporatisation charter stops having effect when candidate GOC becomes GOC","content":"### sec.49 Corporatisation charter stops having effect when candidate GOC becomes GOC\n\nThe corporatisation charter of a candidate GOC stops having effect when the candidate, or an associate of the candidate, becomes a GOC.\ns 49 ins 1998 No. 21 s 9","sortOrder":62},{"sectionNumber":"ch.2-pt.5","sectionType":"part","heading":"Corporatisation facilitative mechanisms","content":"# Corporatisation facilitative mechanisms","sortOrder":63},{"sectionNumber":"sec.50","sectionType":"section","heading":"Purpose of part","content":"### sec.50 Purpose of part\n\nThis part provides mechanisms to facilitate the corporatisation process by enabling, among other things—\na government entity that is a candidate GOC, or a candidate GOC associate, to be in a suitable legal form to become a GOC; or\na government entity, other than a government entity that is to become a GOC, to become a GOC subsidiary.\ns 50 amd 1994 No. 31 s 16 sch 3 ; 2007 No. 10 s 62 sch\n- (a) a government entity that is a candidate GOC, or a candidate GOC associate, to be in a suitable legal form to become a GOC; or\n- (b) a government entity, other than a government entity that is to become a GOC, to become a GOC subsidiary.","sortOrder":64},{"sectionNumber":"sec.51","sectionType":"section","heading":"Unincorporated entities","content":"### sec.51 Unincorporated entities\n\nIf a government entity that is not a body corporate is to become a GOC or a GOC subsidiary, a regulation may provide that, on a specified day, the entity—\nbecomes a body corporate; and\nhas the name specified by regulation; and\nmay sue and be sued in its corporate name; and\nhas the functions and powers specified by regulation.\nAn entity provided for under a regulation made under subsection (1) may have a seal.\nA regulation may make provision with respect to any matter for which it is necessary or convenient to make provision to facilitate the change of the entity from a government entity that is not a body corporate to a body corporate that is to become a GOC or a GOC subsidiary.\ns 51 amd 1994 No. 31 s 16 sch 3 ; 2007 No. 10 s 14\n(sec.51-ssec.1) If a government entity that is not a body corporate is to become a GOC or a GOC subsidiary, a regulation may provide that, on a specified day, the entity— becomes a body corporate; and has the name specified by regulation; and may sue and be sued in its corporate name; and has the functions and powers specified by regulation.\n(sec.51-ssec.2) An entity provided for under a regulation made under subsection (1) may have a seal.\n(sec.51-ssec.3) A regulation may make provision with respect to any matter for which it is necessary or convenient to make provision to facilitate the change of the entity from a government entity that is not a body corporate to a body corporate that is to become a GOC or a GOC subsidiary.\n- (a) becomes a body corporate; and\n- (b) has the name specified by regulation; and\n- (c) may sue and be sued in its corporate name; and\n- (d) has the functions and powers specified by regulation.","sortOrder":65},{"sectionNumber":"sec.52","sectionType":"section","heading":"Entities that are parts of bodies corporate","content":"### sec.52 Entities that are parts of bodies corporate\n\nThis section applies to a government entity that is part of a body corporate and is to become a GOC or a GOC subsidiary.\nThe body corporate mentioned in subsection (1) may be a body corporate that is—\nregistered under the Corporations Act ; or\na corporation sole; or\na corporation aggregate; or\nany other form of body corporate.\nIf this section applies to a government entity, a regulation may make provision with respect to any matter for which it is necessary or convenient to make provision—\nto facilitate the change of the entity from a government entity that is part of a body corporate to a body corporate in its own right that is to become a GOC or a GOC subsidiary; and\nto make provision for other parts of the body corporate.\nWithout limiting subsection (3) , a regulation may make provision with respect to any matter for which provision is made by, or about which a regulation may be made under section 51 , even though the government entity concerned is part of a corporation.\ns 52 prev s 52 amd 1994 No. 31 s 16 sch 3\nom 1998 No. 21 s 3 sch 1\npres s 52 amd 1994 No. 31 s 16 sch 3 ; 1998 No. 21 s 3 sch 1 ; 2001 No. 45 s 29 sch 3 ; 2007 No. 10 s 62 sch\n(sec.52-ssec.1) This section applies to a government entity that is part of a body corporate and is to become a GOC or a GOC subsidiary.\n(sec.52-ssec.2) The body corporate mentioned in subsection (1) may be a body corporate that is— registered under the Corporations Act ; or a corporation sole; or a corporation aggregate; or any other form of body corporate.\n(sec.52-ssec.3) If this section applies to a government entity, a regulation may make provision with respect to any matter for which it is necessary or convenient to make provision— to facilitate the change of the entity from a government entity that is part of a body corporate to a body corporate in its own right that is to become a GOC or a GOC subsidiary; and to make provision for other parts of the body corporate.\n(sec.52-ssec.4) Without limiting subsection (3) , a regulation may make provision with respect to any matter for which provision is made by, or about which a regulation may be made under section 51 , even though the government entity concerned is part of a corporation.\n- (a) registered under the Corporations Act ; or\n- (b) a corporation sole; or\n- (c) a corporation aggregate; or\n- (d) any other form of body corporate.\n- (a) to facilitate the change of the entity from a government entity that is part of a body corporate to a body corporate in its own right that is to become a GOC or a GOC subsidiary; and\n- (b) to make provision for other parts of the body corporate.","sortOrder":66},{"sectionNumber":"sec.53","sectionType":"section","heading":"Candidate GOC associates and subsidiaries of candidate GOC associates","content":"### sec.53 Candidate GOC associates and subsidiaries of candidate GOC associates\n\nA regulation may provide that, on a specified day, a candidate GOC associate or an associate subsidiary—\nis a body corporate; and\nhas the name specified by regulation; and\nmay sue and be sued in its corporate name; and\nhas the functions and powers specified by regulation.\nA candidate GOC associate or associate subsidiary provided for under a regulation made under subsection (1) may have a seal.\nA regulation may make provision with respect to any matter for which it is necessary or convenient to make provision to facilitate the change of the associate or subsidiary from a government entity that is not a body corporate to a body corporate that is to become a GOC or GOC subsidiary.\ns 53 sub 1994 No. 31 s 24\namd 2007 No. 10 s 15\n(sec.53-ssec.1) A regulation may provide that, on a specified day, a candidate GOC associate or an associate subsidiary— is a body corporate; and has the name specified by regulation; and may sue and be sued in its corporate name; and has the functions and powers specified by regulation.\n(sec.53-ssec.2) A candidate GOC associate or associate subsidiary provided for under a regulation made under subsection (1) may have a seal.\n(sec.53-ssec.3) A regulation may make provision with respect to any matter for which it is necessary or convenient to make provision to facilitate the change of the associate or subsidiary from a government entity that is not a body corporate to a body corporate that is to become a GOC or GOC subsidiary.\n- (a) is a body corporate; and\n- (b) has the name specified by regulation; and\n- (c) may sue and be sued in its corporate name; and\n- (d) has the functions and powers specified by regulation.","sortOrder":67},{"sectionNumber":"sec.54","sectionType":"section","heading":"Transfer of assets, liabilities etc. to government entity to become GOC or GOC subsidiary","content":"### sec.54 Transfer of assets, liabilities etc. to government entity to become GOC or GOC subsidiary\n\nIf—\na government entity is to become a GOC or GOC subsidiary; and\nany of the following subparagraphs applies to the entity—\nthe entity is not a body corporate;\nthe entity is a part of a body corporate;\nthe entity is a candidate GOC associate or associate subsidiary;\na regulation declares that this section applies to the entity;\nthe regulations may make provision with respect to—\nwhether, and, if so, the extent to which, the entity is the successor in law of a particular person; and\nthe assets and liabilities that are, or are not, assets and liabilities of the entity or of someone else; and\nthe consideration for a transfer of assets to the entity, which may include a debt to be owed by the entity to the shareholding Ministers of the GOC that the entity is to become or of which it is to become a subsidiary; and\nthe instruments that are, or are not, to apply to the entity, including whether or not the instruments are taken to be instruments—\nto which the entity is a party; or\nthat were given to, by or in favour of the entity; or\nin which a reference is made to the entity; or\nunder which money is or may become payable, or other property is to be, or may become liable to be, transferred, conveyed or assigned to or by the entity; and\nthe proceedings to which the entity becomes a party in substitution for someone else; and\nthe existing officers and employees of the entity and their rights; and\nif the entity is a candidate GOC associate or subsidiary of a candidate GOC associate—the existing officers and employees of the candidate GOC and any subsidiary of the candidate GOC and the officers’ and employees’ rights.\nWithout limiting subsection (1) —\na regulation under subsection (1) (e) may make provision about—\nhow the consideration is to be decided; and\nthe changing of the consideration, whether before or after the entity concerned becomes a GOC or subsidiary of a GOC; and\nthe terms of the debt; and\na regulation under subsection (1) (f) may make provision about whether, and, if so, the extent to which, instruments apply to the entity in substitution for someone else; and\na regulation under subsection (1) (h) or (i) may provide for the office (including that of chief executive officer or a senior executive) the officer or employee is to hold in the entity when it becomes a GOC or subsidiary of a GOC.\nA regulation under subsection (1) (h) or (i) has effect despite the following provisions—\nsection 60 (Application of certain provisions about interim board of directors and executives of candidate GOC associates and associate subsidiaries)\nsection 92 (Appointment of chief executive officer)\nsection 146 (Appointment of senior executives)\nschedule 2 (Executives of candidate GOC associates and associate subsidiaries), section 2 (Appointment of chief executive officer).\nA regulation mentioned in subsection (2) (c) has effect despite the Corporations Act .\nA regulation under this section may be stated to commence on the entity’s becoming a GOC or subsidiary of a GOC or at a later time.\ns 54 ins 1994 No. 31 s 24\namd 2001 No. 45 s 29 sch 3 ; 2007 No. 10 s 62 sch\n(sec.54-ssec.1) If— a government entity is to become a GOC or GOC subsidiary; and any of the following subparagraphs applies to the entity— the entity is not a body corporate; the entity is a part of a body corporate; the entity is a candidate GOC associate or associate subsidiary; a regulation declares that this section applies to the entity; the regulations may make provision with respect to— whether, and, if so, the extent to which, the entity is the successor in law of a particular person; and the assets and liabilities that are, or are not, assets and liabilities of the entity or of someone else; and the consideration for a transfer of assets to the entity, which may include a debt to be owed by the entity to the shareholding Ministers of the GOC that the entity is to become or of which it is to become a subsidiary; and the instruments that are, or are not, to apply to the entity, including whether or not the instruments are taken to be instruments— to which the entity is a party; or that were given to, by or in favour of the entity; or in which a reference is made to the entity; or under which money is or may become payable, or other property is to be, or may become liable to be, transferred, conveyed or assigned to or by the entity; and the proceedings to which the entity becomes a party in substitution for someone else; and the existing officers and employees of the entity and their rights; and if the entity is a candidate GOC associate or subsidiary of a candidate GOC associate—the existing officers and employees of the candidate GOC and any subsidiary of the candidate GOC and the officers’ and employees’ rights.\n(sec.54-ssec.2) Without limiting subsection (1) — a regulation under subsection (1) (e) may make provision about— how the consideration is to be decided; and the changing of the consideration, whether before or after the entity concerned becomes a GOC or subsidiary of a GOC; and the terms of the debt; and a regulation under subsection (1) (f) may make provision about whether, and, if so, the extent to which, instruments apply to the entity in substitution for someone else; and a regulation under subsection (1) (h) or (i) may provide for the office (including that of chief executive officer or a senior executive) the officer or employee is to hold in the entity when it becomes a GOC or subsidiary of a GOC.\n(sec.54-ssec.3) A regulation under subsection (1) (h) or (i) has effect despite the following provisions— section 60 (Application of certain provisions about interim board of directors and executives of candidate GOC associates and associate subsidiaries) section 92 (Appointment of chief executive officer) section 146 (Appointment of senior executives) schedule 2 (Executives of candidate GOC associates and associate subsidiaries), section 2 (Appointment of chief executive officer).\n(sec.54-ssec.4) A regulation mentioned in subsection (2) (c) has effect despite the Corporations Act .\n(sec.54-ssec.5) A regulation under this section may be stated to commence on the entity’s becoming a GOC or subsidiary of a GOC or at a later time.\n- (a) a government entity is to become a GOC or GOC subsidiary; and\n- (b) any of the following subparagraphs applies to the entity— (i) the entity is not a body corporate; (ii) the entity is a part of a body corporate; (iii) the entity is a candidate GOC associate or associate subsidiary; (iv) a regulation declares that this section applies to the entity;\n- (i) the entity is not a body corporate;\n- (ii) the entity is a part of a body corporate;\n- (iii) the entity is a candidate GOC associate or associate subsidiary;\n- (iv) a regulation declares that this section applies to the entity;\n- (i) the entity is not a body corporate;\n- (ii) the entity is a part of a body corporate;\n- (iii) the entity is a candidate GOC associate or associate subsidiary;\n- (iv) a regulation declares that this section applies to the entity;\n- (c) whether, and, if so, the extent to which, the entity is the successor in law of a particular person; and\n- (d) the assets and liabilities that are, or are not, assets and liabilities of the entity or of someone else; and\n- (e) the consideration for a transfer of assets to the entity, which may include a debt to be owed by the entity to the shareholding Ministers of the GOC that the entity is to become or of which it is to become a subsidiary; and\n- (f) the instruments that are, or are not, to apply to the entity, including whether or not the instruments are taken to be instruments— (i) to which the entity is a party; or (ii) that were given to, by or in favour of the entity; or (iii) in which a reference is made to the entity; or (iv) under which money is or may become payable, or other property is to be, or may become liable to be, transferred, conveyed or assigned to or by the entity; and\n- (i) to which the entity is a party; or\n- (ii) that were given to, by or in favour of the entity; or\n- (iii) in which a reference is made to the entity; or\n- (iv) under which money is or may become payable, or other property is to be, or may become liable to be, transferred, conveyed or assigned to or by the entity; and\n- (g) the proceedings to which the entity becomes a party in substitution for someone else; and\n- (h) the existing officers and employees of the entity and their rights; and\n- (i) if the entity is a candidate GOC associate or subsidiary of a candidate GOC associate—the existing officers and employees of the candidate GOC and any subsidiary of the candidate GOC and the officers’ and employees’ rights.\n- (i) to which the entity is a party; or\n- (ii) that were given to, by or in favour of the entity; or\n- (iii) in which a reference is made to the entity; or\n- (iv) under which money is or may become payable, or other property is to be, or may become liable to be, transferred, conveyed or assigned to or by the entity; and\n- (a) a regulation under subsection (1) (e) may make provision about— (i) how the consideration is to be decided; and (ii) the changing of the consideration, whether before or after the entity concerned becomes a GOC or subsidiary of a GOC; and (iii) the terms of the debt; and\n- (i) how the consideration is to be decided; and\n- (ii) the changing of the consideration, whether before or after the entity concerned becomes a GOC or subsidiary of a GOC; and\n- (iii) the terms of the debt; and\n- (b) a regulation under subsection (1) (f) may make provision about whether, and, if so, the extent to which, instruments apply to the entity in substitution for someone else; and\n- (c) a regulation under subsection (1) (h) or (i) may provide for the office (including that of chief executive officer or a senior executive) the officer or employee is to hold in the entity when it becomes a GOC or subsidiary of a GOC.\n- (i) how the consideration is to be decided; and\n- (ii) the changing of the consideration, whether before or after the entity concerned becomes a GOC or subsidiary of a GOC; and\n- (iii) the terms of the debt; and\n- • section 60 (Application of certain provisions about interim board of directors and executives of candidate GOC associates and associate subsidiaries)\n- • section 92 (Appointment of chief executive officer)\n- • section 146 (Appointment of senior executives)\n- • schedule 2 (Executives of candidate GOC associates and associate subsidiaries), section 2 (Appointment of chief executive officer).","sortOrder":68},{"sectionNumber":"sec.55","sectionType":"section","heading":"Debt owned by State","content":"### sec.55 Debt owned by State\n\nA debt mentioned in section 54 (1) (e) is owned by the State and held by the shareholding Ministers for the State.\ns 55 ins 1994 No. 31 s 24","sortOrder":69},{"sectionNumber":"sec.56","sectionType":"section","heading":"Constitution of candidate GOC","content":"### sec.56 Constitution of candidate GOC\n\nThe responsible Ministers of a government entity that is to become a GOC may—\nadopt a constitution for the entity; and\namend the constitution previously adopted.\nThe constitution must not be inconsistent with this Act or the Corporations Act .\nHowever, if there is any inconsistency between this Act and the Corporations Act regarding the constitution, this Act prevails to the extent of the inconsistency.\nIf there is any inconsistency between this Act and the constitution, this Act prevails to the extent of the inconsistency.\nIf there is any inconsistency between the Corporations Act and the constitution, then, subject to subsection (3) , the Corporations Act prevails to the extent of the inconsistency.\nThis section applies to a government entity that is to become a GOC subsidiary as if—\nthe entity were a government entity that is to become a GOC; and\nthe responsible Ministers of the government entity of which it is to become a subsidiary were also its responsible Ministers.\ns 56 amd 1994 No. 31 s 16 sch 3 ; 2007 No. 10 s 16\n(sec.56-ssec.1) The responsible Ministers of a government entity that is to become a GOC may— adopt a constitution for the entity; and amend the constitution previously adopted.\n(sec.56-ssec.2) The constitution must not be inconsistent with this Act or the Corporations Act .\n(sec.56-ssec.3) However, if there is any inconsistency between this Act and the Corporations Act regarding the constitution, this Act prevails to the extent of the inconsistency.\n(sec.56-ssec.4) If there is any inconsistency between this Act and the constitution, this Act prevails to the extent of the inconsistency.\n(sec.56-ssec.5) If there is any inconsistency between the Corporations Act and the constitution, then, subject to subsection (3) , the Corporations Act prevails to the extent of the inconsistency.\n(sec.56-ssec.6) This section applies to a government entity that is to become a GOC subsidiary as if— the entity were a government entity that is to become a GOC; and the responsible Ministers of the government entity of which it is to become a subsidiary were also its responsible Ministers.\n- (a) adopt a constitution for the entity; and\n- (b) amend the constitution previously adopted.\n- (a) the entity were a government entity that is to become a GOC; and\n- (b) the responsible Ministers of the government entity of which it is to become a subsidiary were also its responsible Ministers.","sortOrder":70},{"sectionNumber":"sec.57","sectionType":"section","heading":"Existing board of directors","content":"### sec.57 Existing board of directors\n\nIf a candidate GOC has a board of directors or an equivalent body, it is the role of the board or body—\nto take the steps that the responsible Ministers direct regarding the implementation of the candidate GOC’s corporatisation charter; and\nto ensure that the candidate GOC otherwise performs its functions in a proper, efficient and effective way.\n- (a) to take the steps that the responsible Ministers direct regarding the implementation of the candidate GOC’s corporatisation charter; and\n- (b) to ensure that the candidate GOC otherwise performs its functions in a proper, efficient and effective way.","sortOrder":71},{"sectionNumber":"sec.58","sectionType":"section","heading":"Interim board of directors for entity to become GOC or GOC subsidiary","content":"### sec.58 Interim board of directors for entity to become GOC or GOC subsidiary\n\nIf a government entity that is to become a GOC or a GOC subsidiary does not have a board of directors or an equivalent body, a regulation may provide that, on a specified day, the entity is to have an interim board of directors.\nIt is the role of the interim board—\nto take the steps that the responsible Ministers direct regarding the implementation of the entity’s corporatisation charter; and\nto ensure that the entity otherwise performs its functions in a proper, efficient and effective way.\nSchedule 1 applies to the interim board.\nThe directors on the interim board go out of office—\nif the entity is a government entity that is to become a GOC—when the entity becomes a GOC; or\nif the entity is a government entity that is to become a GOC subsidiary—when the entity of which it is a subsidiary or proposed subsidiary becomes a GOC.\nSubsection (4) does not limit subsection (3) .\ns 58 amd 1994 No. 31 s 16 sch 3 ; 1998 No. 21 ss 10 , s 3 sch 1 ; 2007 No. 10 s 62 sch\n(sec.58-ssec.1) If a government entity that is to become a GOC or a GOC subsidiary does not have a board of directors or an equivalent body, a regulation may provide that, on a specified day, the entity is to have an interim board of directors.\n(sec.58-ssec.2) It is the role of the interim board— to take the steps that the responsible Ministers direct regarding the implementation of the entity’s corporatisation charter; and to ensure that the entity otherwise performs its functions in a proper, efficient and effective way.\n(sec.58-ssec.3) Schedule 1 applies to the interim board.\n(sec.58-ssec.4) The directors on the interim board go out of office— if the entity is a government entity that is to become a GOC—when the entity becomes a GOC; or if the entity is a government entity that is to become a GOC subsidiary—when the entity of which it is a subsidiary or proposed subsidiary becomes a GOC.\n(sec.58-ssec.5) Subsection (4) does not limit subsection (3) .\n- (a) to take the steps that the responsible Ministers direct regarding the implementation of the entity’s corporatisation charter; and\n- (b) to ensure that the entity otherwise performs its functions in a proper, efficient and effective way.\n- (a) if the entity is a government entity that is to become a GOC—when the entity becomes a GOC; or\n- (b) if the entity is a government entity that is to become a GOC subsidiary—when the entity of which it is a subsidiary or proposed subsidiary becomes a GOC.","sortOrder":72},{"sectionNumber":"sec.59","sectionType":"section","heading":"Interim board of directors and chief executive officer for candidate GOC associate or associate subsidiary","content":"### sec.59 Interim board of directors and chief executive officer for candidate GOC associate or associate subsidiary\n\nA regulation may provide—\nthat a candidate GOC associate or associate subsidiary is to have an interim board of directors and chief executive officer; and\nfor the role of the interim board of directors.\nThe directors on the interim board go out of office—\nfor a candidate GOC associate—when the associate becomes a GOC; or\nfor an associate subsidiary—when the candidate GOC associate of which it is a subsidiary becomes a GOC.\ns 59 ins 1994 No. 31 s 25\namd 1998 No. 21 s 11\n(sec.59-ssec.1) A regulation may provide— that a candidate GOC associate or associate subsidiary is to have an interim board of directors and chief executive officer; and for the role of the interim board of directors.\n(sec.59-ssec.2) The directors on the interim board go out of office— for a candidate GOC associate—when the associate becomes a GOC; or for an associate subsidiary—when the candidate GOC associate of which it is a subsidiary becomes a GOC.\n- (a) that a candidate GOC associate or associate subsidiary is to have an interim board of directors and chief executive officer; and\n- (b) for the role of the interim board of directors.\n- (a) for a candidate GOC associate—when the associate becomes a GOC; or\n- (b) for an associate subsidiary—when the candidate GOC associate of which it is a subsidiary becomes a GOC.","sortOrder":73},{"sectionNumber":"sec.60","sectionType":"section","heading":"Application of certain provisions about interim board of directors and executives of candidate GOC associates and associate subsidiaries","content":"### sec.60 Application of certain provisions about interim board of directors and executives of candidate GOC associates and associate subsidiaries\n\nSchedule 1 applies to the interim board of a candidate GOC associate or associate subsidiary.\nSchedule 2 applies to a candidate GOC associate or associate subsidiary.\ns 60 ins 1994 No. 31 s 25\namd 1998 No. 21 s 3 sch 1\nsub 2007 No. 10 s 62 sch\n(sec.60-ssec.1) Schedule 1 applies to the interim board of a candidate GOC associate or associate subsidiary.\n(sec.60-ssec.2) Schedule 2 applies to a candidate GOC associate or associate subsidiary.","sortOrder":74},{"sectionNumber":"sec.61","sectionType":"section","heading":"Assistance to candidate GOC associates and associate subsidiaries","content":"### sec.61 Assistance to candidate GOC associates and associate subsidiaries\n\nThe responsible Ministers of a candidate GOC may direct the entities mentioned in subsection (2) to assist an associate, or a subsidiary of an associate, of the candidate GOC.\nThe entities are—\nthe chief executive of a government entity of which the candidate GOC, or a subsidiary of the candidate GOC, is part; and\nthe candidate GOC or a subsidiary of the candidate GOC.\nWithout limiting by implication the matters about which directions may be given under subsection (1) , a candidate GOC associate or its subsidiary may arrange with the chief executive of a department, or with the candidate GOC or its subsidiaries, for the services of officers and employees of the department, candidate GOC or subsidiaries to be made available to it.\ns 61 ins 1994 No. 31 s 25\n(sec.61-ssec.1) The responsible Ministers of a candidate GOC may direct the entities mentioned in subsection (2) to assist an associate, or a subsidiary of an associate, of the candidate GOC.\n(sec.61-ssec.2) The entities are— the chief executive of a government entity of which the candidate GOC, or a subsidiary of the candidate GOC, is part; and the candidate GOC or a subsidiary of the candidate GOC.\n(sec.61-ssec.3) Without limiting by implication the matters about which directions may be given under subsection (1) , a candidate GOC associate or its subsidiary may arrange with the chief executive of a department, or with the candidate GOC or its subsidiaries, for the services of officers and employees of the department, candidate GOC or subsidiaries to be made available to it.\n- (a) the chief executive of a government entity of which the candidate GOC, or a subsidiary of the candidate GOC, is part; and\n- (b) the candidate GOC or a subsidiary of the candidate GOC.","sortOrder":75},{"sectionNumber":"sec.62","sectionType":"section","heading":"Entity must comply with directions","content":"### sec.62 Entity must comply with directions\n\nAn entity must comply with a direction given to it under section 61 .\ns 62 ins 1994 No. 31 s 25","sortOrder":76},{"sectionNumber":"sec.62C","sectionType":"section","heading":null,"content":"### Section sec.62C\n\ns 62C ins 1998 No. 21 s 13\nom 2007 No. 10 s 22","sortOrder":77},{"sectionNumber":"sec.62D","sectionType":"section","heading":null,"content":"### Section sec.62D\n\ns 62D ins 1998 No. 21 s 13\nom 2007 No. 10 s 22","sortOrder":78},{"sectionNumber":"sec.63","sectionType":"section","heading":"Share capital and issue of shares","content":"### sec.63 Share capital and issue of shares\n\nIf a candidate GOC does not have a share capital, a regulation may provide that, on a specified day, the candidate GOC is taken to have a share capital of a specified amount.\nBefore becoming a GOC, the candidate GOC must apply the part of its capital that the responsible Ministers direct in paying up, in full, shares in itself.\nAs soon as practicable after complying with subsection (2) , the candidate GOC must issue the shares paid up under the subsection.\nIf a candidate GOC does not have a board of directors (including an interim board of directors), the responsible Ministers may apply the part of the capital and issue the shares on the candidate GOC’s behalf.\nChapter 3 , part 3 applies to the candidate GOC as if it were a GOC.\nSubsections (1) to (4) apply to a government entity (the intended subsidiary ) that is to become a GOC subsidiary as if—\nthe intended subsidiary were a candidate GOC; and\nthe responsible Ministers of the government entity of which it is to become a subsidiary were also its responsible Ministers.\nThe responsible Ministers may, by written notice to the intended subsidiary, give directions about the issue, holding and transfer of shares paid up under subsection (2) .\nThe intended subsidiary must ensure that the directions are complied with.\nIn subsections (1) to (4) —\ncandidate GOC includes a candidate GOC associate.\ns 63 sub 1994 No. 31 s 26\namd 1998 No. 21 s 12 ; 2007 No. 10 ss 17 , 62 sch\n(sec.63-ssec.1) If a candidate GOC does not have a share capital, a regulation may provide that, on a specified day, the candidate GOC is taken to have a share capital of a specified amount.\n(sec.63-ssec.2) Before becoming a GOC, the candidate GOC must apply the part of its capital that the responsible Ministers direct in paying up, in full, shares in itself.\n(sec.63-ssec.3) As soon as practicable after complying with subsection (2) , the candidate GOC must issue the shares paid up under the subsection.\n(sec.63-ssec.4) If a candidate GOC does not have a board of directors (including an interim board of directors), the responsible Ministers may apply the part of the capital and issue the shares on the candidate GOC’s behalf.\n(sec.63-ssec.5) Chapter 3 , part 3 applies to the candidate GOC as if it were a GOC.\n(sec.63-ssec.6) Subsections (1) to (4) apply to a government entity (the intended subsidiary ) that is to become a GOC subsidiary as if— the intended subsidiary were a candidate GOC; and the responsible Ministers of the government entity of which it is to become a subsidiary were also its responsible Ministers.\n(sec.63-ssec.7) The responsible Ministers may, by written notice to the intended subsidiary, give directions about the issue, holding and transfer of shares paid up under subsection (2) .\n(sec.63-ssec.8) The intended subsidiary must ensure that the directions are complied with.\n(sec.63-ssec.9) In subsections (1) to (4) — candidate GOC includes a candidate GOC associate.\n- (a) the intended subsidiary were a candidate GOC; and\n- (b) the responsible Ministers of the government entity of which it is to become a subsidiary were also its responsible Ministers.","sortOrder":79},{"sectionNumber":"sec.64","sectionType":"section","heading":"Variation of share capital","content":"### sec.64 Variation of share capital\n\nA regulation may vary the share capital of a candidate GOC.\nWithout limiting subsection (1) , a regulation may provide for—\nthe issue of further shares in a candidate GOC; or\nthe cancellation of issued shares in a candidate GOC; or\nthe consolidation or division of issued shares in a candidate GOC.\nIn this section—\ncandidate GOC includes—\na candidate GOC associate; and\na government entity that is to become a GOC subsidiary.\ns 64 amd 1994 No. 31 s 16 sch 3\n(sec.64-ssec.1) A regulation may vary the share capital of a candidate GOC.\n(sec.64-ssec.2) Without limiting subsection (1) , a regulation may provide for— the issue of further shares in a candidate GOC; or the cancellation of issued shares in a candidate GOC; or the consolidation or division of issued shares in a candidate GOC.\n(sec.64-ssec.3) In this section— candidate GOC includes— a candidate GOC associate; and a government entity that is to become a GOC subsidiary.\n- (a) the issue of further shares in a candidate GOC; or\n- (b) the cancellation of issued shares in a candidate GOC; or\n- (c) the consolidation or division of issued shares in a candidate GOC.\n- (a) a candidate GOC associate; and\n- (b) a government entity that is to become a GOC subsidiary.","sortOrder":80},{"sectionNumber":"sec.65","sectionType":"section","heading":"Registration under Corporations Act","content":"### sec.65 Registration under Corporations Act\n\nA government entity that is to become a GOC is authorised by this section to transfer its incorporation to the Corporations Act and become registered under chapter 5B of that Act.\nThe responsible Ministers of the entity are authorised to take, and authorise other persons to take, any action necessary or desirable to enable the entity to become registered under the Corporations Act , chapter 5B .\nThis section applies to a government entity that is to become a GOC subsidiary as if—\nthe entity were a government entity that is to become a GOC; and\nthe responsible Ministers of the government entity of which it is to become a subsidiary were also its responsible Ministers.\ns 65 prev s 65 amd 2001 No. 45 s 29 sch 3 ; 2007 No. 10 s 27\nom 2007 No. 10 s 62 sch\npres s 65 amd 1994 No. 31 s 16 sch 3 ; 2001 No. 45 s 29 sch 3 ; 2007 No. 10 s 18\n(sec.65-ssec.1) A government entity that is to become a GOC is authorised by this section to transfer its incorporation to the Corporations Act and become registered under chapter 5B of that Act.\n(sec.65-ssec.2) The responsible Ministers of the entity are authorised to take, and authorise other persons to take, any action necessary or desirable to enable the entity to become registered under the Corporations Act , chapter 5B .\n(sec.65-ssec.3) This section applies to a government entity that is to become a GOC subsidiary as if— the entity were a government entity that is to become a GOC; and the responsible Ministers of the government entity of which it is to become a subsidiary were also its responsible Ministers.\n- (a) the entity were a government entity that is to become a GOC; and\n- (b) the responsible Ministers of the government entity of which it is to become a subsidiary were also its responsible Ministers.","sortOrder":81},{"sectionNumber":"sec.66","sectionType":"section","heading":"Part does not affect existing legal relationships","content":"### sec.66 Part does not affect existing legal relationships\n\nNothing done under this part—\nmakes a relevant entity liable for a civil wrong or a contravention of a law or for a breach of a contract or confidence; or\nmakes a relevant entity in breach of any instrument, including an instrument prohibiting, restricting or regulating the assignment, novation or transfer of a right or liability or the disclosure of information; or\nis taken to fulfil a condition that—\nallows a person to terminate an instrument or obligation or modify the operation or effect of an instrument or obligation; or\nallows a person to enforce an obligation contained in an instrument or requires a person to perform an obligation contained in an instrument; or\nrequires any money to be paid before its stated maturity; or\nreleases a surety or other obligee, wholly or partly, from an obligation.\nIf, apart from this subsection, the advice, consent or approval of a person would be necessary to do something under this part, the advice is taken to have been obtained or the consent or approval is taken to have been given unconditionally.\nIf, apart from this subsection, giving notice to a person would be necessary to do something under this part, the notice is taken to have been given.\nThis section applies despite anything in an instrument.\nIn this section—\nrelevant entity means any of the following—\nthe State;\na government entity;\nan officer, employee or agent of an entity mentioned in paragraph (a) or (b) ;\nthe responsible Ministers of a government entity.\ns 66 sub 2007 No. 10 s 19\n(sec.66-ssec.1) Nothing done under this part— makes a relevant entity liable for a civil wrong or a contravention of a law or for a breach of a contract or confidence; or makes a relevant entity in breach of any instrument, including an instrument prohibiting, restricting or regulating the assignment, novation or transfer of a right or liability or the disclosure of information; or is taken to fulfil a condition that— allows a person to terminate an instrument or obligation or modify the operation or effect of an instrument or obligation; or allows a person to enforce an obligation contained in an instrument or requires a person to perform an obligation contained in an instrument; or requires any money to be paid before its stated maturity; or releases a surety or other obligee, wholly or partly, from an obligation.\n(sec.66-ssec.2) If, apart from this subsection, the advice, consent or approval of a person would be necessary to do something under this part, the advice is taken to have been obtained or the consent or approval is taken to have been given unconditionally.\n(sec.66-ssec.3) If, apart from this subsection, giving notice to a person would be necessary to do something under this part, the notice is taken to have been given.\n(sec.66-ssec.4) This section applies despite anything in an instrument.\n(sec.66-ssec.5) In this section— relevant entity means any of the following— the State; a government entity; an officer, employee or agent of an entity mentioned in paragraph (a) or (b) ; the responsible Ministers of a government entity.\n- (a) makes a relevant entity liable for a civil wrong or a contravention of a law or for a breach of a contract or confidence; or\n- (b) makes a relevant entity in breach of any instrument, including an instrument prohibiting, restricting or regulating the assignment, novation or transfer of a right or liability or the disclosure of information; or\n- (c) is taken to fulfil a condition that— (i) allows a person to terminate an instrument or obligation or modify the operation or effect of an instrument or obligation; or (ii) allows a person to enforce an obligation contained in an instrument or requires a person to perform an obligation contained in an instrument; or (iii) requires any money to be paid before its stated maturity; or\n- (i) allows a person to terminate an instrument or obligation or modify the operation or effect of an instrument or obligation; or\n- (ii) allows a person to enforce an obligation contained in an instrument or requires a person to perform an obligation contained in an instrument; or\n- (iii) requires any money to be paid before its stated maturity; or\n- (d) releases a surety or other obligee, wholly or partly, from an obligation.\n- (i) allows a person to terminate an instrument or obligation or modify the operation or effect of an instrument or obligation; or\n- (ii) allows a person to enforce an obligation contained in an instrument or requires a person to perform an obligation contained in an instrument; or\n- (iii) requires any money to be paid before its stated maturity; or\n- (a) the State;\n- (b) a government entity;\n- (c) an officer, employee or agent of an entity mentioned in paragraph (a) or (b) ;\n- (d) the responsible Ministers of a government entity.","sortOrder":82},{"sectionNumber":"sec.67","sectionType":"section","heading":"Regulations may deal with other matters","content":"### sec.67 Regulations may deal with other matters\n\nA regulation may make provision with respect to any matter for which it is necessary or convenient to make provision to facilitate the transition of a government entity to a GOC or a subsidiary of a GOC.\nWithout limiting subsection (1) , a regulation may provide that a provision of this chapter or chapter 1 applies to a subsidiary of a candidate GOC, a proposed subsidiary of a GOC or candidate GOC, or a candidate GOC associate, or an associate subsidiary, with all necessary modifications and any modifications prescribed by regulation, as if it were—\na candidate GOC; or\na subsidiary of a candidate GOC; or\na candidate GOC associate; or\nan associate subsidiary.\nAlso, a regulation may change the name of—\na candidate GOC, or a subsidiary or proposed subsidiary of a candidate GOC, if the entity or proposed entity is not registered as a corporation under the Corporations Act ; or\na candidate GOC associate; or\nan associate subsidiary.\nA regulation under subsection (3) —\ndoes not affect the legal personality of the entity whose name is changed; and\nis effective even if the name being changed was given to the entity under another Act.\nUnless a contrary intention appears, a reference in an Act or document to the entity by its former name is taken to be a reference to the entity by its new name.\ns 67 prev s 67 sub 1998 No. 21 s 3 sch 1\namd 2001 No. 45 s 29 sch 3\nom 2007 No. 10 s 62 sch\npres s 67 amd 1994 No. 31 ss 27 , 16 sch 3 ; 2001 No. 45 s 29 sch 3 ; 2007 No. 10 ss 20 , 62 sch\n(sec.67-ssec.1) A regulation may make provision with respect to any matter for which it is necessary or convenient to make provision to facilitate the transition of a government entity to a GOC or a subsidiary of a GOC.\n(sec.67-ssec.2) Without limiting subsection (1) , a regulation may provide that a provision of this chapter or chapter 1 applies to a subsidiary of a candidate GOC, a proposed subsidiary of a GOC or candidate GOC, or a candidate GOC associate, or an associate subsidiary, with all necessary modifications and any modifications prescribed by regulation, as if it were— a candidate GOC; or a subsidiary of a candidate GOC; or a candidate GOC associate; or an associate subsidiary.\n(sec.67-ssec.3) Also, a regulation may change the name of— a candidate GOC, or a subsidiary or proposed subsidiary of a candidate GOC, if the entity or proposed entity is not registered as a corporation under the Corporations Act ; or a candidate GOC associate; or an associate subsidiary.\n(sec.67-ssec.4) A regulation under subsection (3) — does not affect the legal personality of the entity whose name is changed; and is effective even if the name being changed was given to the entity under another Act.\n(sec.67-ssec.5) Unless a contrary intention appears, a reference in an Act or document to the entity by its former name is taken to be a reference to the entity by its new name.\n- (a) a candidate GOC; or\n- (b) a subsidiary of a candidate GOC; or\n- (c) a candidate GOC associate; or\n- (d) an associate subsidiary.\n- (a) a candidate GOC, or a subsidiary or proposed subsidiary of a candidate GOC, if the entity or proposed entity is not registered as a corporation under the Corporations Act ; or\n- (b) a candidate GOC associate; or\n- (c) an associate subsidiary.\n- (a) does not affect the legal personality of the entity whose name is changed; and\n- (b) is effective even if the name being changed was given to the entity under another Act.","sortOrder":83},{"sectionNumber":"ch.2-pt.6","sectionType":"part","heading":"First chief executive officers and senior executives of GOCs","content":"# First chief executive officers and senior executives of GOCs","sortOrder":84},{"sectionNumber":"sec.68","sectionType":"section","heading":"Definition for pt 6","content":"### sec.68 Definition for pt 6\n\nIn this part—\nboard of directors , of a candidate GOC, includes an interim board of directors of the candidate GOC.\ns 68 prev s 68 om 2001 No. 45 s 29 sch 3\npres s 68 ins 1994 No. 31 s 28\nsub 1998 No. 21 s 13","sortOrder":85},{"sectionNumber":"sec.69","sectionType":"section","heading":"Application of pt 6","content":"### sec.69 Application of pt 6\n\nThis part applies if the responsible Ministers of a candidate GOC authorise the candidate GOC’s board of directors to act for the part.\ns 69 ins 1994 No. 31 s 28\nsub 1998 No. 21 s 13 ; 2007 No. 10 s 21","sortOrder":86},{"sectionNumber":"sec.70","sectionType":"section","heading":"Appointment of GOC’s first chief executive officer","content":"### sec.70 Appointment of GOC’s first chief executive officer\n\nThe first chief executive officer of a GOC may be appointed under section 92 before the commencement of a regulation declaring the candidate GOC to be a GOC.\nFor acting under the section—\na reference in the section to the GOC’s board is taken to be a reference to the candidate GOC’s board of directors; and\na reference in the section to the shareholding Ministers is taken to be a reference to the responsible Ministers of the candidate GOC.\ns 70 ins 1998 No. 21 s 13\namd 2001 No. 45 s 29 sch 3\nsub 2007 No. 10 s 23\n(sec.70-ssec.1) The first chief executive officer of a GOC may be appointed under section 92 before the commencement of a regulation declaring the candidate GOC to be a GOC.\n(sec.70-ssec.2) For acting under the section— a reference in the section to the GOC’s board is taken to be a reference to the candidate GOC’s board of directors; and a reference in the section to the shareholding Ministers is taken to be a reference to the responsible Ministers of the candidate GOC.\n- (a) a reference in the section to the GOC’s board is taken to be a reference to the candidate GOC’s board of directors; and\n- (b) a reference in the section to the shareholding Ministers is taken to be a reference to the responsible Ministers of the candidate GOC.","sortOrder":87},{"sectionNumber":"sec.71","sectionType":"section","heading":"Appointment of GOC’s first senior executives","content":"### sec.71 Appointment of GOC’s first senior executives\n\nThe first senior executives of a GOC may be appointed under section 146 before the commencement of a regulation declaring the candidate GOC to be a GOC.\nFor acting under the section—\na reference in the section to the GOC’s board is taken to be a reference to the candidate GOC’s board of directors; and\na reference in the section to the shareholding Ministers is taken to be a reference to the responsible Ministers of the candidate GOC.\ns 71 prev s 71 om 2007 No. 10 s 62 sch\npres s 71 ins 1998 No. 21 s 13\namd 2001 No. 45 s 29 sch 3\nsub 2007 No. 10 s 24\n(sec.71-ssec.1) The first senior executives of a GOC may be appointed under section 146 before the commencement of a regulation declaring the candidate GOC to be a GOC.\n(sec.71-ssec.2) For acting under the section— a reference in the section to the GOC’s board is taken to be a reference to the candidate GOC’s board of directors; and a reference in the section to the shareholding Ministers is taken to be a reference to the responsible Ministers of the candidate GOC.\n- (a) a reference in the section to the GOC’s board is taken to be a reference to the candidate GOC’s board of directors; and\n- (b) a reference in the section to the shareholding Ministers is taken to be a reference to the responsible Ministers of the candidate GOC.","sortOrder":88},{"sectionNumber":"ch.2-pt.7","sectionType":"part","heading":"Candidate GOCs and candidate GOC associates becoming GOCs","content":"# Candidate GOCs and candidate GOC associates becoming GOCs","sortOrder":89},{"sectionNumber":"sec.72","sectionType":"section","heading":"Declaration of entity as GOC","content":"### sec.72 Declaration of entity as GOC\n\nIf the Governor in Council is satisfied that—\nany corporatisation charter of a candidate GOC has been sufficiently implemented or the candidate GOC is otherwise ready to become a GOC; and\nthe candidate GOC complies with, or on becoming a GOC will comply with, section 75 ;\nthe Governor in Council may, by regulation, declare that the candidate GOC is a GOC.\ns 72 prev s 72 om 2007 No. 10 s 62 sch\npres s 72 amd 2007 No. 10 s 25\n- (a) any corporatisation charter of a candidate GOC has been sufficiently implemented or the candidate GOC is otherwise ready to become a GOC; and\n- (b) the candidate GOC complies with, or on becoming a GOC will comply with, section 75 ;","sortOrder":90},{"sectionNumber":"sec.73","sectionType":"section","heading":"Declaration of candidate GOC associate as GOC","content":"### sec.73 Declaration of candidate GOC associate as GOC\n\nThis section applies if a regulation under section 54 (Transfer of assets, liabilities etc. to government entity to become GOC or GOC subsidiary) makes provision for the transfer of assets and liabilities from a candidate GOC to its associate.\nThe Governor in Council may, by regulation, declare that the associate is a GOC if satisfied that—\nany corporatisation charter of the candidate GOC has been sufficiently implemented or the candidate GOC would, apart from the regulation under section 54 , be otherwise ready to become a GOC; and\nthe associate complies with, or on becoming a GOC will comply with, section 75 .\ns 73 prev s 73 om 2007 No. 10 s 62 sch\npres s 73 ins 1994 No. 31 s 29\namd 1998 No. 21 s 14 ; 2007 No. 10 s 26\n(sec.73-ssec.1) This section applies if a regulation under section 54 (Transfer of assets, liabilities etc. to government entity to become GOC or GOC subsidiary) makes provision for the transfer of assets and liabilities from a candidate GOC to its associate.\n(sec.73-ssec.2) The Governor in Council may, by regulation, declare that the associate is a GOC if satisfied that— any corporatisation charter of the candidate GOC has been sufficiently implemented or the candidate GOC would, apart from the regulation under section 54 , be otherwise ready to become a GOC; and the associate complies with, or on becoming a GOC will comply with, section 75 .\n- (a) any corporatisation charter of the candidate GOC has been sufficiently implemented or the candidate GOC would, apart from the regulation under section 54 , be otherwise ready to become a GOC; and\n- (b) the associate complies with, or on becoming a GOC will comply with, section 75 .","sortOrder":91},{"sectionNumber":"sec.74","sectionType":"section","heading":"Declaration does not affect legal personality etc.","content":"### sec.74 Declaration does not affect legal personality etc.\n\nThe declaration of an entity as a GOC does not, of itself, affect—\nthe legal personality of the entity; or\nits functions and powers.\nAlso, the declaration of an entity as a GOC—\ndoes not place the entity or the State in breach of contract or confidence or otherwise make the entity or the State guilty of a civil wrong; and\ndoes not make the entity or the State in breach of any instrument, including an instrument prohibiting, restricting or regulating the assignment or transfer of any right or liability or the disclosure of any information; and\nis not taken to fulfil a condition—\nthat allows a person to terminate an instrument or obligation or modify the operation or effect of an instrument or obligation; or\nthat requires any money to be paid before its stated maturity; and\ndoes not release a surety or other obligee (in whole or part) from an obligation.\ns 74 prev s 74 om 2007 No. 10 s 62 sch\npres s 74 amd 1998 No. 21 s 15\n(sec.74-ssec.1) The declaration of an entity as a GOC does not, of itself, affect— the legal personality of the entity; or its functions and powers.\n(sec.74-ssec.2) Also, the declaration of an entity as a GOC— does not place the entity or the State in breach of contract or confidence or otherwise make the entity or the State guilty of a civil wrong; and does not make the entity or the State in breach of any instrument, including an instrument prohibiting, restricting or regulating the assignment or transfer of any right or liability or the disclosure of any information; and is not taken to fulfil a condition— that allows a person to terminate an instrument or obligation or modify the operation or effect of an instrument or obligation; or that requires any money to be paid before its stated maturity; and does not release a surety or other obligee (in whole or part) from an obligation.\n- (a) the legal personality of the entity; or\n- (b) its functions and powers.\n- (a) does not place the entity or the State in breach of contract or confidence or otherwise make the entity or the State guilty of a civil wrong; and\n- (b) does not make the entity or the State in breach of any instrument, including an instrument prohibiting, restricting or regulating the assignment or transfer of any right or liability or the disclosure of any information; and\n- (c) is not taken to fulfil a condition— (i) that allows a person to terminate an instrument or obligation or modify the operation or effect of an instrument or obligation; or (ii) that requires any money to be paid before its stated maturity; and\n- (i) that allows a person to terminate an instrument or obligation or modify the operation or effect of an instrument or obligation; or\n- (ii) that requires any money to be paid before its stated maturity; and\n- (d) does not release a surety or other obligee (in whole or part) from an obligation.\n- (i) that allows a person to terminate an instrument or obligation or modify the operation or effect of an instrument or obligation; or\n- (ii) that requires any money to be paid before its stated maturity; and","sortOrder":92},{"sectionNumber":"ch.3-pt.1","sectionType":"part","heading":"Basic requirements","content":"# Basic requirements","sortOrder":93},{"sectionNumber":"sec.75","sectionType":"section","heading":"GOC must be public company limited by shares","content":"### sec.75 GOC must be public company limited by shares\n\nA GOC must be a public company, and a company limited by shares, under the Corporations Act .\ns 75 prev s 75 om 2007 No. 10 s 62 sch\npres s 75 amd 2001 No. 45 s 29 sch 3\nsub 2007 No. 10 s 62 sch","sortOrder":94},{"sectionNumber":"ch.3-pt.2","sectionType":"part","heading":"Application of Corporations Act","content":"# Application of Corporations Act","sortOrder":95},{"sectionNumber":"sec.76","sectionType":"section","heading":"Application of Corporations Act to GOCs","content":"### sec.76 Application of Corporations Act to GOCs\n\nThe Corporations Act applies to a GOC except so far as this Act otherwise provides.\ns 76 amd 2007 No. 10 ss 28 , 62 sch","sortOrder":96},{"sectionNumber":"sec.77","sectionType":"section","heading":"GOC not exempt public authority","content":"### sec.77 GOC not exempt public authority\n\nA GOC is not an exempt public authority for the purposes of the Corporations Act .\ns 77 amd 2007 No. 10 ss 29 , 62 sch","sortOrder":97},{"sectionNumber":"ch.3-pt.3","sectionType":"part","heading":"Shares and shareholding Ministers","content":"# Shares and shareholding Ministers","sortOrder":98},{"sectionNumber":"sec.78","sectionType":"section","heading":"Shareholders of a GOC","content":"### sec.78 Shareholders of a GOC\n\nThe shareholders of a GOC are the GOC Minister and the portfolio Minister of the GOC (the shareholding Ministers ).\ns 78 prev s 78 om 2007 No. 10 s 30\npres s 78 sub 2007 No. 10 s 30\namd 2007 No. 10 s 62 sch","sortOrder":99},{"sectionNumber":"sec.79","sectionType":"section","heading":"Shareholding Ministers must have equal number of voting shares and equal rights","content":"### sec.79 Shareholding Ministers must have equal number of voting shares and equal rights\n\nEach shareholding Minister must at all times have an equal number of voting shares in the GOC.\nEach shareholding Minister must also at all times be entitled to voting rights equal to those to which the other shareholding Minister is entitled.\nHowever, each shareholding Minister may hold non-voting shares and need not hold an equal number of non-voting shares.\ns 79 prev s 79 om 2007 No. 10 s 30\npres s 79 sub 2007 No. 10 s 30\namd 2007 No. 10 s 62 sch\n(sec.79-ssec.1) Each shareholding Minister must at all times have an equal number of voting shares in the GOC.\n(sec.79-ssec.2) Each shareholding Minister must also at all times be entitled to voting rights equal to those to which the other shareholding Minister is entitled.\n(sec.79-ssec.3) However, each shareholding Minister may hold non-voting shares and need not hold an equal number of non-voting shares.","sortOrder":100},{"sectionNumber":"sec.80","sectionType":"section","heading":"Shareholders hold shares for State etc.","content":"### sec.80 Shareholders hold shares for State etc.\n\nThe State is the owner of all shares in a GOC.\nA GOC’s shareholders hold their shares in the GOC on behalf of the State.\ns 80 prev s 80 om 2007 No. 10 s 30\n(sec.80-ssec.1) The State is the owner of all shares in a GOC.\n(sec.80-ssec.2) A GOC’s shareholders hold their shares in the GOC on behalf of the State.","sortOrder":101},{"sectionNumber":"sec.81","sectionType":"section","heading":"Transfer, issue etc. of shares","content":"### sec.81 Transfer, issue etc. of shares\n\nA GOC’s shareholder may transfer shares in the GOC only to another Minister.\nThe Premier may execute a transfer of shares in a GOC or a GOC subsidiary for the purpose of giving effect to this Act.\nIf the Premier executes a transfer of shares in a GOC or a GOC subsidiary, the GOC or subsidiary must register the transfer and take any other action necessary to give effect to the transfer.\nSubject to the other provisions of this part, this Act does not prevent a GOC or a GOC subsidiary from issuing further shares to its shareholders.\ns 81 amd 1994 No. 31 s 16 sch 3\n(sec.81-ssec.1) A GOC’s shareholder may transfer shares in the GOC only to another Minister.\n(sec.81-ssec.2) The Premier may execute a transfer of shares in a GOC or a GOC subsidiary for the purpose of giving effect to this Act.\n(sec.81-ssec.3) If the Premier executes a transfer of shares in a GOC or a GOC subsidiary, the GOC or subsidiary must register the transfer and take any other action necessary to give effect to the transfer.\n(sec.81-ssec.4) Subject to the other provisions of this part, this Act does not prevent a GOC or a GOC subsidiary from issuing further shares to its shareholders.","sortOrder":102},{"sectionNumber":"sec.82","sectionType":"section","heading":"Shareholding Ministers must act jointly","content":"### sec.82 Shareholding Ministers must act jointly\n\nIf this Act authorises a GOC’s shareholding Ministers to do an act, the shareholding Ministers may only do the act jointly.\nIf this Act requires the shareholding Ministers to do an act, the shareholding Ministers must do the act jointly.\n(sec.82-ssec.1) If this Act authorises a GOC’s shareholding Ministers to do an act, the shareholding Ministers may only do the act jointly.\n(sec.82-ssec.2) If this Act requires the shareholding Ministers to do an act, the shareholding Ministers must do the act jointly.","sortOrder":103},{"sectionNumber":"sec.83","sectionType":"section","heading":"Ministers not directors etc.","content":"### sec.83 Ministers not directors etc.\n\nA GOC’s shareholding Ministers are not to be treated as directors of the GOC or any subsidiary or proposed subsidiary of the GOC.\nA Minister does not incur civil liability for an act or omission done or omitted to be done honestly and without negligence under, or for the purposes of, this Act in relation to a GOC or a subsidiary or proposed subsidiary of a GOC.\nA liability that would, apart from subsection (2) , attach to the Minister attaches instead to the State.\nThis section has effect despite the Corporations Act .\ns 83 amd 2001 No. 45 s 29 sch 3 ; 2007 No. 10 s 32\n(sec.83-ssec.1) A GOC’s shareholding Ministers are not to be treated as directors of the GOC or any subsidiary or proposed subsidiary of the GOC.\n(sec.83-ssec.2) A Minister does not incur civil liability for an act or omission done or omitted to be done honestly and without negligence under, or for the purposes of, this Act in relation to a GOC or a subsidiary or proposed subsidiary of a GOC.\n(sec.83-ssec.3) A liability that would, apart from subsection (2) , attach to the Minister attaches instead to the State.\n(sec.83-ssec.4) This section has effect despite the Corporations Act .","sortOrder":104},{"sectionNumber":"sec.84","sectionType":"section","heading":"Resolutions without meetings","content":"### sec.84 Resolutions without meetings\n\nIf the shareholding Ministers of the GOC sign a document containing a statement that they are in favour of a resolution set out in the document—\na resolution in those terms is taken to have been passed at a general meeting of the GOC held at the time at which, and on the day on which, the document is signed by the last shareholding Minister; and\nthe GOC is taken to have held a general meeting at that time on that day; and\nthe document is taken to be a minute of the meeting; and\nany document that is attached to the first document, and is signed by the shareholding Ministers, is taken to have been laid before the GOC at the meeting; and\nif the resolution deals with all matters that are required to be dealt with at an annual general meeting of the GOC—the GOC is taken to have held an annual general meeting.\nSubsection (1) applies to a resolution that is authorised or required by the Corporations Act , or the GOC’s constitution, to be passed at a general meeting, including a resolution—\nappointing an officer or auditor; or\napproving of, or agreeing to, anything.\nFor the purposes of subsection (1) , 2 or more separate documents containing a statement in identical terms, each of which is signed by a shareholding Minister, are taken to constitute a single document.\nThis section has effect for the purposes of the Corporations Act and has that effect despite anything in that Act.\nSubsection (4) does not limit any other effect that this section may have.\nThis section does not affect any rule of law relating to the effectiveness of the assent of members of a company given to a document or anything else otherwise than at a general meeting of the company.\ns 84 (prev s 85A) amd 2001 No. 45 s 29 sch 3 ; 2007 No. 10 ss 31 , 62 sch\nrenum and reloc 2007 No. 10 s 62 sch\n(sec.84-ssec.1) If the shareholding Ministers of the GOC sign a document containing a statement that they are in favour of a resolution set out in the document— a resolution in those terms is taken to have been passed at a general meeting of the GOC held at the time at which, and on the day on which, the document is signed by the last shareholding Minister; and the GOC is taken to have held a general meeting at that time on that day; and the document is taken to be a minute of the meeting; and any document that is attached to the first document, and is signed by the shareholding Ministers, is taken to have been laid before the GOC at the meeting; and if the resolution deals with all matters that are required to be dealt with at an annual general meeting of the GOC—the GOC is taken to have held an annual general meeting.\n(sec.84-ssec.2) Subsection (1) applies to a resolution that is authorised or required by the Corporations Act , or the GOC’s constitution, to be passed at a general meeting, including a resolution— appointing an officer or auditor; or approving of, or agreeing to, anything.\n(sec.84-ssec.3) For the purposes of subsection (1) , 2 or more separate documents containing a statement in identical terms, each of which is signed by a shareholding Minister, are taken to constitute a single document.\n(sec.84-ssec.4) This section has effect for the purposes of the Corporations Act and has that effect despite anything in that Act.\n(sec.84-ssec.5) Subsection (4) does not limit any other effect that this section may have.\n(sec.84-ssec.6) This section does not affect any rule of law relating to the effectiveness of the assent of members of a company given to a document or anything else otherwise than at a general meeting of the company.\n- (a) a resolution in those terms is taken to have been passed at a general meeting of the GOC held at the time at which, and on the day on which, the document is signed by the last shareholding Minister; and\n- (b) the GOC is taken to have held a general meeting at that time on that day; and\n- (c) the document is taken to be a minute of the meeting; and\n- (d) any document that is attached to the first document, and is signed by the shareholding Ministers, is taken to have been laid before the GOC at the meeting; and\n- (e) if the resolution deals with all matters that are required to be dealt with at an annual general meeting of the GOC—the GOC is taken to have held an annual general meeting.\n- (a) appointing an officer or auditor; or\n- (b) approving of, or agreeing to, anything.","sortOrder":105},{"sectionNumber":"ch.3-pt.4","sectionType":"part","heading":"Constitution","content":"# Constitution","sortOrder":106},{"sectionNumber":"sec.85","sectionType":"section","heading":"Constitution of GOC may be amended by shareholding Ministers","content":"### sec.85 Constitution of GOC may be amended by shareholding Ministers\n\nThe shareholding Ministers of a GOC may amend the GOC’s constitution.\nSubsection (1) does not limit any other power to amend the constitution.\ns 85 amd 2007 No. 10 ss 36 , 62 sch\n(sec.85-ssec.1) The shareholding Ministers of a GOC may amend the GOC’s constitution.\n(sec.85-ssec.2) Subsection (1) does not limit any other power to amend the constitution.","sortOrder":107},{"sectionNumber":"sec.86","sectionType":"section","heading":"Shareholding Ministers of GOC may require amendment of subsidiary’s constitution","content":"### sec.86 Shareholding Ministers of GOC may require amendment of subsidiary’s constitution\n\nThe shareholding Ministers of a GOC may, by written notice, direct the board to amend the constitution of a subsidiary of the GOC.\nThe board must, as far as practicable, ensure that the direction is complied with.\ns 86 prev s 86 amd 2007 No. 10 s 34\nom 2007 No. 10 s 62 sch\npres s 86 amd 2007 No. 10 ss 37 , 62 sch\n(sec.86-ssec.1) The shareholding Ministers of a GOC may, by written notice, direct the board to amend the constitution of a subsidiary of the GOC.\n(sec.86-ssec.2) The board must, as far as practicable, ensure that the direction is complied with.","sortOrder":108},{"sectionNumber":"sec.87","sectionType":"section","heading":"Constitutions of GOC and its subsidiaries must not be inconsistent with Act or Corporations Act","content":"### sec.87 Constitutions of GOC and its subsidiaries must not be inconsistent with Act or Corporations Act\n\nThe constitutions of a GOC and its subsidiaries must not be inconsistent with this Act or the Corporations Act .\nHowever, if there is any inconsistency between this Act and the Corporations Act regarding the constitution of a GOC or a GOC subsidiary, this Act prevails to the extent of the inconsistency.\nIf there is any inconsistency between this Act and the constitution, this Act prevails to the extent of the inconsistency.\nIf there is any inconsistency between the Corporations Act and the constitution, then, subject to subsection (2) , the Corporations Act prevails to the extent of the inconsistency.\ns 87 prev s 87 amd 1994 No. 31 s 16 sch 3 ; 2007 No. 10 s 35\nom 2007 No. 10 s 62 sch\npres s 87 amd 1994 No. 31 s 16 sch 3 ; 2007 No. 10 ss 38 , 62 sch\n(sec.87-ssec.1) The constitutions of a GOC and its subsidiaries must not be inconsistent with this Act or the Corporations Act .\n(sec.87-ssec.2) However, if there is any inconsistency between this Act and the Corporations Act regarding the constitution of a GOC or a GOC subsidiary, this Act prevails to the extent of the inconsistency.\n(sec.87-ssec.3) If there is any inconsistency between this Act and the constitution, this Act prevails to the extent of the inconsistency.\n(sec.87-ssec.4) If there is any inconsistency between the Corporations Act and the constitution, then, subject to subsection (2) , the Corporations Act prevails to the extent of the inconsistency.","sortOrder":109},{"sectionNumber":"ch.3-pt.5","sectionType":"part","heading":"Board of directors","content":"# Board of directors","sortOrder":110},{"sectionNumber":"sec.88","sectionType":"section","heading":"Role of board","content":"### sec.88 Role of board\n\nThe role of a GOC’s board includes the following matters—\nresponsibility for the GOC’s commercial policy and management;\nensuring that, as far as possible, the GOC achieves, and acts in accordance with, its statement of corporate intent and carries out the objectives outlined in its statement of corporate intent;\naccounting to the GOC’s shareholders for its performance as required by this Act and other laws applying to the GOC;\nensuring that the GOC otherwise performs its functions in a proper, effective and efficient way.\ns 88 amd 2007 No. 10 s 62 sch\n- (a) responsibility for the GOC’s commercial policy and management;\n- (b) ensuring that, as far as possible, the GOC achieves, and acts in accordance with, its statement of corporate intent and carries out the objectives outlined in its statement of corporate intent;\n- (c) accounting to the GOC’s shareholders for its performance as required by this Act and other laws applying to the GOC;\n- (d) ensuring that the GOC otherwise performs its functions in a proper, effective and efficient way.","sortOrder":111},{"sectionNumber":"sec.89","sectionType":"section","heading":"Composition of board","content":"### sec.89 Composition of board\n\nA GOC’s board is to consist of the number of directors that are appointed by the Governor in Council.\nIn appointing a person as a director, the Governor in Council must have regard to the person’s ability to make a contribution to the GOC’s commercial performance and, if the GOC has a statement of corporate intent, the implementation of the statement.\nSubsection (1) has effect despite—\nthe GOC’s constitution; and\nthe Corporations Act .\ns 89 amd 1998 No. 21 s 17 ; 2001 No. 45 s 29 sch 3 ; 2007 No. 10 ss 40 , 62 sch\n(sec.89-ssec.1) A GOC’s board is to consist of the number of directors that are appointed by the Governor in Council.\n(sec.89-ssec.2) In appointing a person as a director, the Governor in Council must have regard to the person’s ability to make a contribution to the GOC’s commercial performance and, if the GOC has a statement of corporate intent, the implementation of the statement.\n(sec.89-ssec.3) Subsection (1) has effect despite— the GOC’s constitution; and the Corporations Act .\n- (a) the GOC’s constitution; and\n- (b) the Corporations Act .","sortOrder":112},{"sectionNumber":"sec.90","sectionType":"section","heading":"Public service officers not eligible for appointment as directors","content":"### sec.90 Public service officers not eligible for appointment as directors\n\nA public service officer is not eligible for appointment as a director of a GOC.\nSubsection (1) has effect despite the Corporations Act .\ns 90 ins 1998 No. 21 s 18\namd 2001 No. 45 s 29 sch 3 ; 2007 No. 10 s 62 sch\n(sec.90-ssec.1) A public service officer is not eligible for appointment as a director of a GOC.\n(sec.90-ssec.2) Subsection (1) has effect despite the Corporations Act .","sortOrder":113},{"sectionNumber":"sec.91","sectionType":"section","heading":"First board of GOC","content":"### sec.91 First board of GOC\n\nThis section applies to candidate GOCs and candidate GOC associates.\nFor the appointment of the first board of the GOC, the Governor in Council may act under section 89 before the commencement of a regulation declaring the candidate GOC, or the candidate GOC associate, to be a GOC.\nThe appointment takes effect when the regulation commences.\nThis section has effect despite—\nthe GOC’s constitution; and\nthe Corporations Act .\ns 91 prev s 91 om 2007 No. 10 s 62 sch\npres s 91 ins 1998 No. 21 s 18\namd 2001 No. 45 s 29 sch 3 ; 2007 No. 10 s 41\n(sec.91-ssec.1) This section applies to candidate GOCs and candidate GOC associates.\n(sec.91-ssec.2) For the appointment of the first board of the GOC, the Governor in Council may act under section 89 before the commencement of a regulation declaring the candidate GOC, or the candidate GOC associate, to be a GOC.\n(sec.91-ssec.3) The appointment takes effect when the regulation commences.\n(sec.91-ssec.4) This section has effect despite— the GOC’s constitution; and the Corporations Act .\n- (a) the GOC’s constitution; and\n- (b) the Corporations Act .","sortOrder":114},{"sectionNumber":"ch.3-pt.6","sectionType":"part","heading":"Chief executive officer","content":"# Chief executive officer","sortOrder":115},{"sectionNumber":"sec.92","sectionType":"section","heading":"Appointment of chief executive officer","content":"### sec.92 Appointment of chief executive officer\n\nA GOC’s chief executive officer is to be appointed by the GOC’s board with the prior written approval of the shareholding Ministers.\ns 92 prev s 92 om 2007 No. 10 s 62 sch\npres s 92 amd 2001 No. 45 s 29 sch 3 ; 2007 No. 10 ss 43 , 62 sch","sortOrder":116},{"sectionNumber":"sec.93","sectionType":"section","heading":"Appointment of chief executive officer—particular subsidiaries","content":"### sec.93 Appointment of chief executive officer—particular subsidiaries\n\nThis section applies to a GOC subsidiary that is not a prescribed GOC subsidiary.\nSchedule 4 provides for the appointment of a chief executive officer for a prescribed GOC subsidiary.\nThe subsidiary’s chief executive officer is to be appointed by the subsidiary’s board with the prior written approval of the shareholding Ministers of each GOC that is a shareholder of the subsidiary.\nSubsection (2) does not limit a provision of the subsidiary’s constitution requiring the subsidiary’s board to consult the board of a GOC that is a shareholder of the subsidiary before appointing the chief executive officer under the subsection.\nIn this section—\nprescribed GOC subsidiary means a GOC subsidiary prescribed under a regulation under section 155 .\ns 93 prev s 93 amd 1998 No. 21 s 16\nom 2007 No. 10 s 62 sch\npres s 93 ins 2007 No. 10 s 44\namd 2007 No. 10 s 62 sch ; 2009 No. 9 s 99\n(sec.93-ssec.1) This section applies to a GOC subsidiary that is not a prescribed GOC subsidiary. Schedule 4 provides for the appointment of a chief executive officer for a prescribed GOC subsidiary.\n(sec.93-ssec.2) The subsidiary’s chief executive officer is to be appointed by the subsidiary’s board with the prior written approval of the shareholding Ministers of each GOC that is a shareholder of the subsidiary.\n(sec.93-ssec.3) Subsection (2) does not limit a provision of the subsidiary’s constitution requiring the subsidiary’s board to consult the board of a GOC that is a shareholder of the subsidiary before appointing the chief executive officer under the subsection.\n(sec.93-ssec.4) In this section— prescribed GOC subsidiary means a GOC subsidiary prescribed under a regulation under section 155 .","sortOrder":117},{"sectionNumber":"ch.3-pt.7","sectionType":"part","heading":"Corporate plan","content":"# Corporate plan","sortOrder":118},{"sectionNumber":"ch.3-pt.7-div.1","sectionType":"division","heading":"General","content":"## General","sortOrder":119},{"sectionNumber":"sec.94","sectionType":"section","heading":"GOC must have corporate plan","content":"### sec.94 GOC must have corporate plan\n\nEach GOC must have a corporate plan.\ns 94 prev s 94 om 2007 No. 10 s 62 sch","sortOrder":120},{"sectionNumber":"sec.94A","sectionType":"section","heading":null,"content":"### Section sec.94A\n\ns 94A prev s 94A ins 1994 No. 31 s 30\nom 2007 No. 10 s 39","sortOrder":121},{"sectionNumber":"sec.95","sectionType":"section","heading":"Corporate plan to apply to subsidiaries","content":"### sec.95 Corporate plan to apply to subsidiaries\n\nIf a GOC has subsidiaries, the GOC’s corporate plan must apply to the GOC and its subsidiaries.","sortOrder":122},{"sectionNumber":"sec.96","sectionType":"section","heading":"Guidelines in relation to corporate plans","content":"### sec.96 Guidelines in relation to corporate plans\n\nThe GOC Minister may issue guidelines about the form and content of corporate plans.\nEvery GOC must comply with the guidelines.\nGuidelines under this section are subordinate legislation.\n(sec.96-ssec.1) The GOC Minister may issue guidelines about the form and content of corporate plans.\n(sec.96-ssec.2) Every GOC must comply with the guidelines.\n(sec.96-ssec.3) Guidelines under this section are subordinate legislation.","sortOrder":123},{"sectionNumber":"ch.3-pt.7-div.2","sectionType":"division","heading":"Preparation, agreement on and modification of corporate plan","content":"## Preparation, agreement on and modification of corporate plan","sortOrder":124},{"sectionNumber":"sec.97","sectionType":"section","heading":"Draft corporate plan","content":"### sec.97 Draft corporate plan\n\nThe board of a GOC must prepare, and submit to the shareholding Ministers for their agreement, a draft corporate plan—\nwithin 1 month of becoming a GOC; and\nnot later than 2 months before the start of each subsequent financial year (a subsequent financial year ).\nThe board and the shareholding Ministers must endeavour to reach agreement on the draft plan as soon as possible and, in the case of a draft corporate plan for a subsequent financial year, in any event not later than the start of the financial year.\ns 97 prev s 97 om 2007 No. 10 s 62 sch\npres s 97 amd 2007 No. 10 s 45\n(sec.97-ssec.1) The board of a GOC must prepare, and submit to the shareholding Ministers for their agreement, a draft corporate plan— within 1 month of becoming a GOC; and not later than 2 months before the start of each subsequent financial year (a subsequent financial year ).\n(sec.97-ssec.2) The board and the shareholding Ministers must endeavour to reach agreement on the draft plan as soon as possible and, in the case of a draft corporate plan for a subsequent financial year, in any event not later than the start of the financial year.\n- (a) within 1 month of becoming a GOC; and\n- (b) not later than 2 months before the start of each subsequent financial year (a subsequent financial year ).","sortOrder":125},{"sectionNumber":"sec.98","sectionType":"section","heading":"Special procedures in relation to draft corporate plan","content":"### sec.98 Special procedures in relation to draft corporate plan\n\nThe shareholding Ministers may return the draft corporate plan to the board and request it to—\nconsider or further consider any matter and deal with the matter in the draft plan; and\nrevise the draft plan in the light of its consideration or further consideration.\nThe board must comply with the request as a matter of urgency.\nIf a draft corporate plan has not been agreed to by the shareholding Ministers within 2 months from the day on which the GOC becomes a GOC, the shareholding Ministers may, by written notice, direct the board—\nto take specified steps in relation to the draft plan; or\nto make specified modifications to the draft plan.\nIf, in the case of a subsequent financial year, a draft corporate plan has not been agreed to by the shareholding Ministers before the start of the financial year, the shareholding Ministers may, by written notice, direct the board—\nto take specified steps in relation to the draft plan; or\nto make specified modifications to the draft plan.\nThe board must immediately comply with a direction under subsection (3) or (4) .\nThe shareholding Ministers must cause a copy of a direction to be published in the gazette within 21 days after it is given.\ns 98 prev s 98 om 2007 No. 10 s 62 sch\npres s 98 amd 2007 No. 10 s 46\n(sec.98-ssec.1) The shareholding Ministers may return the draft corporate plan to the board and request it to— consider or further consider any matter and deal with the matter in the draft plan; and revise the draft plan in the light of its consideration or further consideration.\n(sec.98-ssec.2) The board must comply with the request as a matter of urgency.\n(sec.98-ssec.3) If a draft corporate plan has not been agreed to by the shareholding Ministers within 2 months from the day on which the GOC becomes a GOC, the shareholding Ministers may, by written notice, direct the board— to take specified steps in relation to the draft plan; or to make specified modifications to the draft plan.\n(sec.98-ssec.4) If, in the case of a subsequent financial year, a draft corporate plan has not been agreed to by the shareholding Ministers before the start of the financial year, the shareholding Ministers may, by written notice, direct the board— to take specified steps in relation to the draft plan; or to make specified modifications to the draft plan.\n(sec.98-ssec.5) The board must immediately comply with a direction under subsection (3) or (4) .\n(sec.98-ssec.6) The shareholding Ministers must cause a copy of a direction to be published in the gazette within 21 days after it is given.\n- (a) consider or further consider any matter and deal with the matter in the draft plan; and\n- (b) revise the draft plan in the light of its consideration or further consideration.\n- (a) to take specified steps in relation to the draft plan; or\n- (b) to make specified modifications to the draft plan.\n- (a) to take specified steps in relation to the draft plan; or\n- (b) to make specified modifications to the draft plan.","sortOrder":126},{"sectionNumber":"sec.99","sectionType":"section","heading":"Corporate plan on agreement","content":"### sec.99 Corporate plan on agreement\n\nWhen a draft corporate plan of a GOC is agreed to by the shareholding Ministers, it becomes the GOC’s corporate plan for the relevant financial year.\ns 99 prev s 99 om 2007 No. 10 s 62 sch","sortOrder":127},{"sectionNumber":"sec.100","sectionType":"section","heading":"Corporate plan pending agreement","content":"### sec.100 Corporate plan pending agreement\n\nIf a draft corporate plan has not been agreed to by the shareholding Ministers within 1 month from the day on which the GOC becomes a GOC, the draft corporate plan submitted, or last submitted, by the board to the shareholding Ministers before that time (with any modifications made by the board, whether before or after that time, at the direction of the shareholding Ministers) is taken to be the GOC’s corporate plan until a draft corporate plan becomes the GOC’s corporate plan under section 99 (Corporate plan on agreement).\nIf, in the case of a subsequent financial year, the shareholding Ministers of a GOC have not agreed to a draft corporate plan before the start of the financial year, the draft corporate plan submitted, or last submitted, by the board to the shareholding Ministers before the start of the financial year (with any modifications made by the board, whether before or after that time, at the direction of the shareholding Ministers) is taken to be the GOC’s corporate plan until a draft corporate plan becomes the GOC’s corporate plan under section 99 .\ns 100 prev s 100 amd 1998 No. 21 s 19\nom 2007 No. 10 s 62 sch\n(sec.100-ssec.1) If a draft corporate plan has not been agreed to by the shareholding Ministers within 1 month from the day on which the GOC becomes a GOC, the draft corporate plan submitted, or last submitted, by the board to the shareholding Ministers before that time (with any modifications made by the board, whether before or after that time, at the direction of the shareholding Ministers) is taken to be the GOC’s corporate plan until a draft corporate plan becomes the GOC’s corporate plan under section 99 (Corporate plan on agreement).\n(sec.100-ssec.2) If, in the case of a subsequent financial year, the shareholding Ministers of a GOC have not agreed to a draft corporate plan before the start of the financial year, the draft corporate plan submitted, or last submitted, by the board to the shareholding Ministers before the start of the financial year (with any modifications made by the board, whether before or after that time, at the direction of the shareholding Ministers) is taken to be the GOC’s corporate plan until a draft corporate plan becomes the GOC’s corporate plan under section 99 .","sortOrder":128},{"sectionNumber":"sec.101","sectionType":"section","heading":"Modifications of corporate plan","content":"### sec.101 Modifications of corporate plan\n\nA GOC’s corporate plan may be modified by its board with the agreement of the shareholding Ministers.\nThe shareholding Ministers may, by written notice, direct the board to modify the corporate plan.\nThe shareholding Ministers must cause a copy of the direction to be published in the gazette within 21 days after it is given.\ns 101 prev s 101 om 2007 No. 10 s 62 sch\n(sec.101-ssec.1) A GOC’s corporate plan may be modified by its board with the agreement of the shareholding Ministers.\n(sec.101-ssec.2) The shareholding Ministers may, by written notice, direct the board to modify the corporate plan.\n(sec.101-ssec.3) The shareholding Ministers must cause a copy of the direction to be published in the gazette within 21 days after it is given.","sortOrder":129},{"sectionNumber":"sec.101A","sectionType":"section","heading":null,"content":"### Section sec.101A\n\ns 101A prev s 101A ins 2007 No. 10 s 42\nom 2007 No. 10 s 62 sch","sortOrder":130},{"sectionNumber":"ch.3-pt.8","sectionType":"part","heading":"Statement of corporate intent","content":"# Statement of corporate intent","sortOrder":131},{"sectionNumber":"ch.3-pt.8-div.1","sectionType":"division","heading":"General","content":"## General","sortOrder":132},{"sectionNumber":"sec.102","sectionType":"section","heading":"GOC must have statement of corporate intent","content":"### sec.102 GOC must have statement of corporate intent\n\nEach GOC must have a statement of corporate intent for each financial year.","sortOrder":133},{"sectionNumber":"sec.103","sectionType":"section","heading":"Statement of corporate intent to apply to subsidiaries","content":"### sec.103 Statement of corporate intent to apply to subsidiaries\n\nIf a GOC has subsidiaries, the GOC’s statement of corporate intent must apply to the GOC and its subsidiaries.\nDivision 2 applies to the GOC as if a reference to the GOC included a reference to its subsidiaries.\n(sec.103-ssec.1) If a GOC has subsidiaries, the GOC’s statement of corporate intent must apply to the GOC and its subsidiaries.\n(sec.103-ssec.2) Division 2 applies to the GOC as if a reference to the GOC included a reference to its subsidiaries.","sortOrder":134},{"sectionNumber":"sec.104","sectionType":"section","heading":"Statement of corporate intent must be consistent with corporate plan","content":"### sec.104 Statement of corporate intent must be consistent with corporate plan\n\nA GOC’s statement of corporate intent must be consistent with its corporate plan.","sortOrder":135},{"sectionNumber":"ch.3-pt.8-div.2","sectionType":"division","heading":"Matters to be included in statement of corporate intent","content":"## Matters to be included in statement of corporate intent","sortOrder":136},{"sectionNumber":"sec.105","sectionType":"section","heading":"Matters to be included in statement of corporate intent","content":"### sec.105 Matters to be included in statement of corporate intent\n\nA GOC’s statement of corporate intent must specify the GOC’s financial and non-financial performance targets for its activities for the relevant financial year.\nThe statement of corporate intent must also include the matters required by sections 113 and 149 .\ns 105 amd 1998 No. 21 s 20\n(sec.105-ssec.1) A GOC’s statement of corporate intent must specify the GOC’s financial and non-financial performance targets for its activities for the relevant financial year.\n(sec.105-ssec.2) The statement of corporate intent must also include the matters required by sections 113 and 149 .","sortOrder":137},{"sectionNumber":"sec.106","sectionType":"section","heading":"Additional matters may be included in statement of corporate intent","content":"### sec.106 Additional matters may be included in statement of corporate intent\n\nA GOC’s statement of corporate intent may include the following additional matters—\nan outline of the GOC’s objectives;\nan outline of the nature and scope of the activities proposed to be undertaken by the GOC during the relevant financial year;\nan outline of the GOC’s main undertakings during the relevant financial year;\nthe GOC’s capital structure and dividend policies;\nan outline of the major infrastructure investments proposed to be undertaken by the GOC during the relevant financial year;\nan outline of the borrowings made, and proposed to be made, by the GOC;\nan outline of the policies adopted by the GOC to minimise and manage any risk of investments and borrowings that may adversely affect its financial stability;\nan outline of the GOC’s policies and procedures relating to the acquisition and disposal of major assets;\nthe GOC’s accounting policies that apply to the preparation of its accounts;\nthe type of information to be given to the shareholding Ministers, including information to be given in quarterly and annual reports.\nSubsection (1) does not limit the matters that may be included in a statement of corporate intent.\ns 106 amd 1998 No. 21 s 21\n(sec.106-ssec.1) A GOC’s statement of corporate intent may include the following additional matters— an outline of the GOC’s objectives; an outline of the nature and scope of the activities proposed to be undertaken by the GOC during the relevant financial year; an outline of the GOC’s main undertakings during the relevant financial year; the GOC’s capital structure and dividend policies; an outline of the major infrastructure investments proposed to be undertaken by the GOC during the relevant financial year; an outline of the borrowings made, and proposed to be made, by the GOC; an outline of the policies adopted by the GOC to minimise and manage any risk of investments and borrowings that may adversely affect its financial stability; an outline of the GOC’s policies and procedures relating to the acquisition and disposal of major assets; the GOC’s accounting policies that apply to the preparation of its accounts; the type of information to be given to the shareholding Ministers, including information to be given in quarterly and annual reports.\n(sec.106-ssec.2) Subsection (1) does not limit the matters that may be included in a statement of corporate intent.\n- (a) an outline of the GOC’s objectives;\n- (b) an outline of the nature and scope of the activities proposed to be undertaken by the GOC during the relevant financial year;\n- (c) an outline of the GOC’s main undertakings during the relevant financial year;\n- (d) the GOC’s capital structure and dividend policies;\n- (e) an outline of the major infrastructure investments proposed to be undertaken by the GOC during the relevant financial year;\n- (f) an outline of the borrowings made, and proposed to be made, by the GOC;\n- (g) an outline of the policies adopted by the GOC to minimise and manage any risk of investments and borrowings that may adversely affect its financial stability;\n- (h) an outline of the GOC’s policies and procedures relating to the acquisition and disposal of major assets;\n- (i) the GOC’s accounting policies that apply to the preparation of its accounts;\n- (j) the type of information to be given to the shareholding Ministers, including information to be given in quarterly and annual reports.","sortOrder":138},{"sectionNumber":"ch.3-pt.8-div.3","sectionType":"division","heading":"Preparation, agreement on and modification of statement of corporate intent","content":"## Preparation, agreement on and modification of statement of corporate intent","sortOrder":139},{"sectionNumber":"sec.107","sectionType":"section","heading":"Draft statement of corporate intent","content":"### sec.107 Draft statement of corporate intent\n\nThe board of a GOC must prepare, and submit to the shareholding Ministers for their agreement, a draft statement of corporate intent—\nwithin 1 month of becoming a GOC; and\nnot later than 2 months before the start of each subsequent financial year (a subsequent financial year ).\nThe board and the shareholding Ministers must endeavour to reach agreement on the draft statement as soon as possible and, in the case of a draft statement of corporate intent for a subsequent financial year, in any event not later than the start of the financial year.\n(sec.107-ssec.1) The board of a GOC must prepare, and submit to the shareholding Ministers for their agreement, a draft statement of corporate intent— within 1 month of becoming a GOC; and not later than 2 months before the start of each subsequent financial year (a subsequent financial year ).\n(sec.107-ssec.2) The board and the shareholding Ministers must endeavour to reach agreement on the draft statement as soon as possible and, in the case of a draft statement of corporate intent for a subsequent financial year, in any event not later than the start of the financial year.\n- (a) within 1 month of becoming a GOC; and\n- (b) not later than 2 months before the start of each subsequent financial year (a subsequent financial year ).","sortOrder":140},{"sectionNumber":"sec.108","sectionType":"section","heading":"Special procedures in relation to draft statement of corporate intent","content":"### sec.108 Special procedures in relation to draft statement of corporate intent\n\nThe shareholding Ministers may return the draft statement of corporate intent to the board and request it to—\nconsider or further consider any matter and deal with the matter in the draft statement; and\nrevise the draft statement in the light of its consideration or further consideration.\nThe board must comply with the request as a matter of urgency.\nIf a draft statement of corporate intent has not been agreed to by the shareholding Ministers within 2 months from the day on which the GOC becomes a GOC, the shareholding Ministers may, by written notice, direct the board—\nto take specified steps in relation to the draft statement; or\nto make specified modifications to the draft statement.\nIf, in the case of a subsequent financial year, a draft statement of corporate intent of the GOC has not been agreed to by the shareholding Ministers before the start of the financial year, the shareholding Ministers may, by written notice, direct the board—\nto take specified steps in relation to the draft statement; or\nto make specified modifications to the draft statement.\nThe board must immediately comply with a direction under subsection (3) or (4) .\nThe shareholding Ministers must cause a copy of the direction to be published in the gazette within 21 days after it is given.\n(sec.108-ssec.1) The shareholding Ministers may return the draft statement of corporate intent to the board and request it to— consider or further consider any matter and deal with the matter in the draft statement; and revise the draft statement in the light of its consideration or further consideration.\n(sec.108-ssec.2) The board must comply with the request as a matter of urgency.\n(sec.108-ssec.3) If a draft statement of corporate intent has not been agreed to by the shareholding Ministers within 2 months from the day on which the GOC becomes a GOC, the shareholding Ministers may, by written notice, direct the board— to take specified steps in relation to the draft statement; or to make specified modifications to the draft statement.\n(sec.108-ssec.4) If, in the case of a subsequent financial year, a draft statement of corporate intent of the GOC has not been agreed to by the shareholding Ministers before the start of the financial year, the shareholding Ministers may, by written notice, direct the board— to take specified steps in relation to the draft statement; or to make specified modifications to the draft statement.\n(sec.108-ssec.5) The board must immediately comply with a direction under subsection (3) or (4) .\n(sec.108-ssec.6) The shareholding Ministers must cause a copy of the direction to be published in the gazette within 21 days after it is given.\n- (a) consider or further consider any matter and deal with the matter in the draft statement; and\n- (b) revise the draft statement in the light of its consideration or further consideration.\n- (a) to take specified steps in relation to the draft statement; or\n- (b) to make specified modifications to the draft statement.\n- (a) to take specified steps in relation to the draft statement; or\n- (b) to make specified modifications to the draft statement.","sortOrder":141},{"sectionNumber":"sec.109","sectionType":"section","heading":"Statement of corporate intent on agreement","content":"### sec.109 Statement of corporate intent on agreement\n\nWhen a draft statement of corporate intent of a GOC is agreed to by the shareholding Ministers, it becomes the GOC’s statement of corporate intent for the relevant financial year.","sortOrder":142},{"sectionNumber":"sec.110","sectionType":"section","heading":"Statement of corporate intent pending agreement","content":"### sec.110 Statement of corporate intent pending agreement\n\nIf a draft statement of corporate intent has not been agreed to by the shareholding Ministers within 2 months from the day on which the GOC becomes a GOC, the draft statement of corporate intent submitted, or last submitted, by the board to the shareholding Ministers before that time (with any modifications made by the board, whether before or after that time, at the direction of the shareholding Ministers) is taken to be the GOC’s statement of corporate intent until a draft statement of corporate intent becomes the GOC’s statement of corporate intent under section 109 (Statement of corporate intent on agreement).\nIf, in the case of a subsequent financial year, the shareholding Ministers of a GOC have not agreed to a draft statement of corporate intent before the start of the financial year, the draft statement of corporate intent submitted, or last submitted, by the board to the shareholding Ministers before the start of the financial year (with any modifications made by the board, whether before or after that time, at the direction of the shareholding Ministers) is taken to be the GOC’s statement of corporate intent until a draft statement of corporate intent becomes the GOC’s statement of corporate intent under section 109 .\n(sec.110-ssec.1) If a draft statement of corporate intent has not been agreed to by the shareholding Ministers within 2 months from the day on which the GOC becomes a GOC, the draft statement of corporate intent submitted, or last submitted, by the board to the shareholding Ministers before that time (with any modifications made by the board, whether before or after that time, at the direction of the shareholding Ministers) is taken to be the GOC’s statement of corporate intent until a draft statement of corporate intent becomes the GOC’s statement of corporate intent under section 109 (Statement of corporate intent on agreement).\n(sec.110-ssec.2) If, in the case of a subsequent financial year, the shareholding Ministers of a GOC have not agreed to a draft statement of corporate intent before the start of the financial year, the draft statement of corporate intent submitted, or last submitted, by the board to the shareholding Ministers before the start of the financial year (with any modifications made by the board, whether before or after that time, at the direction of the shareholding Ministers) is taken to be the GOC’s statement of corporate intent until a draft statement of corporate intent becomes the GOC’s statement of corporate intent under section 109 .","sortOrder":143},{"sectionNumber":"sec.111","sectionType":"section","heading":"Modifications of statement of corporate intent","content":"### sec.111 Modifications of statement of corporate intent\n\nA GOC’s statement of corporate intent may be modified by its board with the agreement of the shareholding Ministers.\nThe shareholding Ministers may, by written notice, direct the board to modify the statement of corporate intent.\nBefore giving the direction, the shareholding Ministers must consult with the board and take its views into account.\nThe shareholding Ministers must cause a copy of the direction to be published in the gazette within 21 days after it is given.\n(sec.111-ssec.1) A GOC’s statement of corporate intent may be modified by its board with the agreement of the shareholding Ministers.\n(sec.111-ssec.2) The shareholding Ministers may, by written notice, direct the board to modify the statement of corporate intent.\n(sec.111-ssec.3) Before giving the direction, the shareholding Ministers must consult with the board and take its views into account.\n(sec.111-ssec.4) The shareholding Ministers must cause a copy of the direction to be published in the gazette within 21 days after it is given.","sortOrder":144},{"sectionNumber":"ch.3-pt.9","sectionType":"part","heading":"Community service obligations","content":"# Community service obligations","sortOrder":145},{"sectionNumber":"sec.112","sectionType":"section","heading":"Meaning of community service obligations","content":"### sec.112 Meaning of community service obligations\n\nThe community service obligations of a GOC are obligations to perform activities that the GOC’s board establishes to the satisfaction of the shareholding Ministers—\nare not in the commercial interests of the GOC to perform; and\narise because of a direction, notification or duty to which this section applies; and\ndo not arise because of the application of the following key principles of corporatisation (and their elements)—\nPrinciple 3—Strict accountability for performance;\nPrinciple 4—Competitive neutrality.\nThis section applies to the following directions, notifications and duties—\na direction given to the GOC’s board under section 98 (Special procedures in relation to draft corporate plan);\na direction given to the GOC’s board under section 101 (Modifications of corporate plan);\na direction given to the GOC’s board under section 108 (Special procedures in relation to draft statement of corporate intent);\na direction given to the GOC’s board under section 111 (Modifications of statement of corporate intent);\na notification given to the GOC’s board under section 114 (Reserve power of shareholding Ministers to notify board of public sector policies);\na direction given to the GOC’s board under section 115 (Reserve power of shareholding Ministers to give directions in public interest);\na direction given to the GOC’s board under section 138 (Reserve power of shareholding Ministers to direct that asset not be disposed of);\na statutory duty to perform activities (including any economic development activities or activities of a regulatory or policy formulation nature) that arise under an Act applying specifically to the GOC or GOCs generally.\n(sec.112-ssec.1) The community service obligations of a GOC are obligations to perform activities that the GOC’s board establishes to the satisfaction of the shareholding Ministers— are not in the commercial interests of the GOC to perform; and arise because of a direction, notification or duty to which this section applies; and do not arise because of the application of the following key principles of corporatisation (and their elements)— Principle 3—Strict accountability for performance; Principle 4—Competitive neutrality.\n(sec.112-ssec.2) This section applies to the following directions, notifications and duties— a direction given to the GOC’s board under section 98 (Special procedures in relation to draft corporate plan); a direction given to the GOC’s board under section 101 (Modifications of corporate plan); a direction given to the GOC’s board under section 108 (Special procedures in relation to draft statement of corporate intent); a direction given to the GOC’s board under section 111 (Modifications of statement of corporate intent); a notification given to the GOC’s board under section 114 (Reserve power of shareholding Ministers to notify board of public sector policies); a direction given to the GOC’s board under section 115 (Reserve power of shareholding Ministers to give directions in public interest); a direction given to the GOC’s board under section 138 (Reserve power of shareholding Ministers to direct that asset not be disposed of); a statutory duty to perform activities (including any economic development activities or activities of a regulatory or policy formulation nature) that arise under an Act applying specifically to the GOC or GOCs generally.\n- (a) are not in the commercial interests of the GOC to perform; and\n- (b) arise because of a direction, notification or duty to which this section applies; and\n- (c) do not arise because of the application of the following key principles of corporatisation (and their elements)— (i) Principle 3—Strict accountability for performance; (ii) Principle 4—Competitive neutrality.\n- (i) Principle 3—Strict accountability for performance;\n- (ii) Principle 4—Competitive neutrality.\n- (i) Principle 3—Strict accountability for performance;\n- (ii) Principle 4—Competitive neutrality.\n- (a) a direction given to the GOC’s board under section 98 (Special procedures in relation to draft corporate plan);\n- (b) a direction given to the GOC’s board under section 101 (Modifications of corporate plan);\n- (c) a direction given to the GOC’s board under section 108 (Special procedures in relation to draft statement of corporate intent);\n- (d) a direction given to the GOC’s board under section 111 (Modifications of statement of corporate intent);\n- (e) a notification given to the GOC’s board under section 114 (Reserve power of shareholding Ministers to notify board of public sector policies);\n- (f) a direction given to the GOC’s board under section 115 (Reserve power of shareholding Ministers to give directions in public interest);\n- (g) a direction given to the GOC’s board under section 138 (Reserve power of shareholding Ministers to direct that asset not be disposed of);\n- (h) a statutory duty to perform activities (including any economic development activities or activities of a regulatory or policy formulation nature) that arise under an Act applying specifically to the GOC or GOCs generally.","sortOrder":146},{"sectionNumber":"sec.113","sectionType":"section","heading":"Community service obligations to be specified in statement of corporate intent","content":"### sec.113 Community service obligations to be specified in statement of corporate intent\n\nThe community service obligations that a GOC is to perform are to be specified in its statement of corporate intent.\nThe costings of, funding for, or other arrangements to make adjustments relating to, the GOC’s community service obligations are also to be specified in its statement of corporate intent.\nThe statement of corporate intent is conclusive, as between the Government and the GOC, of—\nthe nature and extent of the GOC’s community service obligations; and\nthe ways in which, and the extent to which, the GOC is to be compensated by the Government for performing its community service obligations.\n(sec.113-ssec.1) The community service obligations that a GOC is to perform are to be specified in its statement of corporate intent.\n(sec.113-ssec.2) The costings of, funding for, or other arrangements to make adjustments relating to, the GOC’s community service obligations are also to be specified in its statement of corporate intent.\n(sec.113-ssec.3) The statement of corporate intent is conclusive, as between the Government and the GOC, of— the nature and extent of the GOC’s community service obligations; and the ways in which, and the extent to which, the GOC is to be compensated by the Government for performing its community service obligations.\n- (a) the nature and extent of the GOC’s community service obligations; and\n- (b) the ways in which, and the extent to which, the GOC is to be compensated by the Government for performing its community service obligations.","sortOrder":147},{"sectionNumber":"ch.3-pt.10","sectionType":"part","heading":"General reserve powers of shareholding Ministers","content":"# General reserve powers of shareholding Ministers","sortOrder":148},{"sectionNumber":"sec.114","sectionType":"section","heading":"Reserve power of shareholding Ministers to notify board of public sector policies","content":"### sec.114 Reserve power of shareholding Ministers to notify board of public sector policies\n\nThe shareholding Ministers of a GOC may notify the GOC’s board, in writing, of a public sector policy that is to apply to the GOC and its subsidiaries if the shareholding Ministers are satisfied that it is necessary to give the notification in the public interest.\nThe board must ensure that the policy is carried out in relation to the GOC and must, as far as practicable, ensure that the policy is carried out in relation to its subsidiaries.\nBefore giving a notification under this section, the shareholding Ministers must—\nconsult with the board; and\nrequest the board to advise them whether, in its opinion, carrying out the policy would not be in the commercial interests of the GOC or any of its subsidiaries.\nThe shareholding Ministers must cause a copy of the notification to be published in the gazette within 21 days after it is given.\n(sec.114-ssec.1) The shareholding Ministers of a GOC may notify the GOC’s board, in writing, of a public sector policy that is to apply to the GOC and its subsidiaries if the shareholding Ministers are satisfied that it is necessary to give the notification in the public interest.\n(sec.114-ssec.2) The board must ensure that the policy is carried out in relation to the GOC and must, as far as practicable, ensure that the policy is carried out in relation to its subsidiaries.\n(sec.114-ssec.3) Before giving a notification under this section, the shareholding Ministers must— consult with the board; and request the board to advise them whether, in its opinion, carrying out the policy would not be in the commercial interests of the GOC or any of its subsidiaries.\n(sec.114-ssec.4) The shareholding Ministers must cause a copy of the notification to be published in the gazette within 21 days after it is given.\n- (a) consult with the board; and\n- (b) request the board to advise them whether, in its opinion, carrying out the policy would not be in the commercial interests of the GOC or any of its subsidiaries.","sortOrder":149},{"sectionNumber":"sec.115","sectionType":"section","heading":"Reserve power of shareholding Ministers to give directions in public interest","content":"### sec.115 Reserve power of shareholding Ministers to give directions in public interest\n\nThe shareholding Ministers of a GOC may give the GOC’s board a written direction in relation to the GOC and its subsidiaries if the shareholding Ministers are satisfied that, because of exceptional circumstances, it is necessary to give the direction in the public interest.\nThe board must ensure that the direction is complied with in relation to the GOC and must, as far as practicable, ensure that it is complied with in relation to its subsidiaries.\nBefore giving the direction, the shareholding Ministers must—\nconsult with the board; and\nrequest the board to advise them whether, in its opinion, complying with the direction would not be in the commercial interests of the GOC or any of its subsidiaries.\nThe shareholding Ministers must cause a copy of the direction to be published in the gazette within 21 days after it is given.\n(sec.115-ssec.1) The shareholding Ministers of a GOC may give the GOC’s board a written direction in relation to the GOC and its subsidiaries if the shareholding Ministers are satisfied that, because of exceptional circumstances, it is necessary to give the direction in the public interest.\n(sec.115-ssec.2) The board must ensure that the direction is complied with in relation to the GOC and must, as far as practicable, ensure that it is complied with in relation to its subsidiaries.\n(sec.115-ssec.3) Before giving the direction, the shareholding Ministers must— consult with the board; and request the board to advise them whether, in its opinion, complying with the direction would not be in the commercial interests of the GOC or any of its subsidiaries.\n(sec.115-ssec.4) The shareholding Ministers must cause a copy of the direction to be published in the gazette within 21 days after it is given.\n- (a) consult with the board; and\n- (b) request the board to advise them whether, in its opinion, complying with the direction would not be in the commercial interests of the GOC or any of its subsidiaries.","sortOrder":150},{"sectionNumber":"sec.116","sectionType":"section","heading":"Notice of suspected insolvency because of direction or notification","content":"### sec.116 Notice of suspected insolvency because of direction or notification\n\nIf—\na GOC’s board is given a direction or notification by the shareholding Ministers; and\nthe board suspects that the GOC, or a subsidiary of the GOC, will or may become insolvent; and\nin the board’s opinion, the cause or a substantial cause of the suspected insolvency would be compliance with the direction or notification;\nthe board must immediately give written notice to the shareholding Ministers and the auditor-general of—\nthe suspicion; and\nits reasons for the opinion.\nThe notice must state that it is given under this section.\nThe giving of the notice operates to suspend the direction or notification until—\nthe shareholding Ministers advise the board, in writing, that they are not satisfied—\nthat the board’s suspicion mentioned in subsection (1) (b) is well-founded; or\nthat the board’s opinion mentioned in subsection (1) (c) is justified; or\nthe direction or notification is revoked.\nIf the shareholding Ministers are satisfied that the board’s suspicion is well-founded, the shareholding Ministers must immediately—\nif they are also satisfied that the board’s opinion is justified—revoke the direction or notification; and\nin any case—give the board the written directions that the shareholding Ministers consider necessary or desirable, including any directions necessary or desirable to ensure—\nthat the GOC or subsidiary does not incur further debts; or\nthat the GOC or subsidiary will be able to pay all its debts as and when they become due.\nWithout limiting subsection (4) , a direction under this section may require the GOC or any of its subsidiaries to cease or limit particular activities.\nThe board must ensure that a direction under this section is complied with in relation to the GOC and must, as far as practicable, ensure that it is complied with in relation to its subsidiaries.\nThe shareholding Ministers must cause a copy of the direction to be published in the gazette within 21 days after it is given.\nThis section is in addition to, and does not limit, another provision of this Act or another law.\n(sec.116-ssec.1) If— a GOC’s board is given a direction or notification by the shareholding Ministers; and the board suspects that the GOC, or a subsidiary of the GOC, will or may become insolvent; and in the board’s opinion, the cause or a substantial cause of the suspected insolvency would be compliance with the direction or notification; the board must immediately give written notice to the shareholding Ministers and the auditor-general of— the suspicion; and its reasons for the opinion.\n(sec.116-ssec.2) The notice must state that it is given under this section.\n(sec.116-ssec.3) The giving of the notice operates to suspend the direction or notification until— the shareholding Ministers advise the board, in writing, that they are not satisfied— that the board’s suspicion mentioned in subsection (1) (b) is well-founded; or that the board’s opinion mentioned in subsection (1) (c) is justified; or the direction or notification is revoked.\n(sec.116-ssec.4) If the shareholding Ministers are satisfied that the board’s suspicion is well-founded, the shareholding Ministers must immediately— if they are also satisfied that the board’s opinion is justified—revoke the direction or notification; and in any case—give the board the written directions that the shareholding Ministers consider necessary or desirable, including any directions necessary or desirable to ensure— that the GOC or subsidiary does not incur further debts; or that the GOC or subsidiary will be able to pay all its debts as and when they become due.\n(sec.116-ssec.5) Without limiting subsection (4) , a direction under this section may require the GOC or any of its subsidiaries to cease or limit particular activities.\n(sec.116-ssec.6) The board must ensure that a direction under this section is complied with in relation to the GOC and must, as far as practicable, ensure that it is complied with in relation to its subsidiaries.\n(sec.116-ssec.7) The shareholding Ministers must cause a copy of the direction to be published in the gazette within 21 days after it is given.\n(sec.116-ssec.8) This section is in addition to, and does not limit, another provision of this Act or another law.\n- (a) a GOC’s board is given a direction or notification by the shareholding Ministers; and\n- (b) the board suspects that the GOC, or a subsidiary of the GOC, will or may become insolvent; and\n- (c) in the board’s opinion, the cause or a substantial cause of the suspected insolvency would be compliance with the direction or notification;\n- (d) the suspicion; and\n- (e) its reasons for the opinion.\n- (a) the shareholding Ministers advise the board, in writing, that they are not satisfied— (i) that the board’s suspicion mentioned in subsection (1) (b) is well-founded; or (ii) that the board’s opinion mentioned in subsection (1) (c) is justified; or\n- (i) that the board’s suspicion mentioned in subsection (1) (b) is well-founded; or\n- (ii) that the board’s opinion mentioned in subsection (1) (c) is justified; or\n- (b) the direction or notification is revoked.\n- (i) that the board’s suspicion mentioned in subsection (1) (b) is well-founded; or\n- (ii) that the board’s opinion mentioned in subsection (1) (c) is justified; or\n- (a) if they are also satisfied that the board’s opinion is justified—revoke the direction or notification; and\n- (b) in any case—give the board the written directions that the shareholding Ministers consider necessary or desirable, including any directions necessary or desirable to ensure— (i) that the GOC or subsidiary does not incur further debts; or (ii) that the GOC or subsidiary will be able to pay all its debts as and when they become due.\n- (i) that the GOC or subsidiary does not incur further debts; or\n- (ii) that the GOC or subsidiary will be able to pay all its debts as and when they become due.\n- (i) that the GOC or subsidiary does not incur further debts; or\n- (ii) that the GOC or subsidiary will be able to pay all its debts as and when they become due.","sortOrder":151},{"sectionNumber":"sec.117","sectionType":"section","heading":"GOC and board not otherwise subject to government direction","content":"### sec.117 GOC and board not otherwise subject to government direction\n\nExcept as otherwise provided by this or another Act, a GOC and its board are not subject to direction by or on behalf of the Government.","sortOrder":152},{"sectionNumber":"ch.3-pt.11","sectionType":"part","heading":"Reports and other accountability matters","content":"# Reports and other accountability matters","sortOrder":153},{"sectionNumber":"sec.118","sectionType":"section","heading":"Application of Financial Accountability Act 2009","content":"### sec.118 Application of Financial Accountability Act 2009\n\nSubsection (2) applies to the provisions of the Financial Accountability Act 2009 (the FA Act ) that—\nrelate to the preparation, giving to the appropriate Minister and tabling of annual reports; and\nare prescribed under a regulation for this section.\nThe provisions apply to a GOC and a prescribed GOC subsidiary with the changes prescribed under the regulation.\nAlso, section 26 of the FA Act applies to a GOC and a prescribed GOC subsidiary.\nThe provisions of the FA Act , that apply under subsection (2) or (3) , apply to a GOC or a prescribed GOC subsidiary as if—\nit were a statutory body within the meaning of the FA Act ; and\na reference in the FA Act to the appropriate Minister were a reference—\nfor a GOC—to the GOC’s shareholding Ministers; or\nfor a prescribed GOC subsidiary—to the shareholding Ministers of each GOC that is a shareholder of the subsidiary.\nThe remaining provisions of the FA Act do not apply to a GOC.\nIn this section—\nprescribed GOC subsidiary means a GOC subsidiary prescribed under a regulation for this section.\ns 118 amd 1998 No. 21 s 3 sch 1 ; 2001 No. 31 s 47 ; 2007 No. 10 s 62 sch\nsub 2009 No. 9 s 100\n(sec.118-ssec.1) Subsection (2) applies to the provisions of the Financial Accountability Act 2009 (the FA Act ) that— relate to the preparation, giving to the appropriate Minister and tabling of annual reports; and are prescribed under a regulation for this section.\n(sec.118-ssec.2) The provisions apply to a GOC and a prescribed GOC subsidiary with the changes prescribed under the regulation.\n(sec.118-ssec.3) Also, section 26 of the FA Act applies to a GOC and a prescribed GOC subsidiary.\n(sec.118-ssec.4) The provisions of the FA Act , that apply under subsection (2) or (3) , apply to a GOC or a prescribed GOC subsidiary as if— it were a statutory body within the meaning of the FA Act ; and a reference in the FA Act to the appropriate Minister were a reference— for a GOC—to the GOC’s shareholding Ministers; or for a prescribed GOC subsidiary—to the shareholding Ministers of each GOC that is a shareholder of the subsidiary.\n(sec.118-ssec.5) The remaining provisions of the FA Act do not apply to a GOC.\n(sec.118-ssec.6) In this section— prescribed GOC subsidiary means a GOC subsidiary prescribed under a regulation for this section.\n- (a) relate to the preparation, giving to the appropriate Minister and tabling of annual reports; and\n- (b) are prescribed under a regulation for this section.\n- (a) it were a statutory body within the meaning of the FA Act ; and\n- (b) a reference in the FA Act to the appropriate Minister were a reference— (i) for a GOC—to the GOC’s shareholding Ministers; or (ii) for a prescribed GOC subsidiary—to the shareholding Ministers of each GOC that is a shareholder of the subsidiary.\n- (i) for a GOC—to the GOC’s shareholding Ministers; or\n- (ii) for a prescribed GOC subsidiary—to the shareholding Ministers of each GOC that is a shareholder of the subsidiary.\n- (i) for a GOC—to the GOC’s shareholding Ministers; or\n- (ii) for a prescribed GOC subsidiary—to the shareholding Ministers of each GOC that is a shareholder of the subsidiary.","sortOrder":154},{"sectionNumber":"sec.119","sectionType":"section","heading":"Quarterly reports","content":"### sec.119 Quarterly reports\n\nA GOC’s board must give to the shareholding Ministers a report on the operations of the GOC and its subsidiaries for each of the quarters of a financial year.\nA quarterly report must be given to the shareholding Ministers—\nwithin 1 month after the end of the quarter; or\nif another period after the end of the quarter is agreed between the board and the shareholding Ministers—within the agreed period.\nA quarterly report must include the information required to be given in the report by the GOC’s statement of corporate intent.\ns 119 amd 1998 No. 21 s 23\n(sec.119-ssec.1) A GOC’s board must give to the shareholding Ministers a report on the operations of the GOC and its subsidiaries for each of the quarters of a financial year.\n(sec.119-ssec.2) A quarterly report must be given to the shareholding Ministers— within 1 month after the end of the quarter; or if another period after the end of the quarter is agreed between the board and the shareholding Ministers—within the agreed period.\n(sec.119-ssec.3) A quarterly report must include the information required to be given in the report by the GOC’s statement of corporate intent.\n- (a) within 1 month after the end of the quarter; or\n- (b) if another period after the end of the quarter is agreed between the board and the shareholding Ministers—within the agreed period.","sortOrder":155},{"sectionNumber":"sec.120","sectionType":"section","heading":"Matters to be included in annual report","content":"### sec.120 Matters to be included in annual report\n\nEach annual report of a GOC must—\ncontain the information that is required to be included in the report by the shareholding Ministers to enable an informed assessment to be made of the operations of the GOC and its subsidiaries, including a comparison of the performance of the GOC and its subsidiaries with the GOC’s statement of corporate intent; and\nstate the GOC’s dividend policy for the financial year to which the report relates; and\ninclude the statement of corporate intent for the relevant financial year; and\ninclude particulars of any modifications made to the statement of corporate intent during the relevant financial year; and\ninclude particulars of any directions and notifications given to the GOC’s board by the shareholding Ministers that relate to the relevant financial year; and\ninclude particulars of the impact on the financial position, profits and losses and prospects of the GOC and its subsidiaries of any modifications to the statement of corporate intent, and any directions and notifications given to the board by the shareholding Ministers, that relate to the relevant financial year.\nThis section does not limit the matters that are required to be included in, or to accompany, a GOC’s annual report by the Corporations Act or another Act.\ns 120 amd 2001 No. 45 s 29 sch 3 ; 2007 No. 10 ss 47 , 62 sch\n(sec.120-ssec.1) Each annual report of a GOC must— contain the information that is required to be included in the report by the shareholding Ministers to enable an informed assessment to be made of the operations of the GOC and its subsidiaries, including a comparison of the performance of the GOC and its subsidiaries with the GOC’s statement of corporate intent; and state the GOC’s dividend policy for the financial year to which the report relates; and include the statement of corporate intent for the relevant financial year; and include particulars of any modifications made to the statement of corporate intent during the relevant financial year; and include particulars of any directions and notifications given to the GOC’s board by the shareholding Ministers that relate to the relevant financial year; and include particulars of the impact on the financial position, profits and losses and prospects of the GOC and its subsidiaries of any modifications to the statement of corporate intent, and any directions and notifications given to the board by the shareholding Ministers, that relate to the relevant financial year.\n(sec.120-ssec.2) This section does not limit the matters that are required to be included in, or to accompany, a GOC’s annual report by the Corporations Act or another Act.\n- (a) contain the information that is required to be included in the report by the shareholding Ministers to enable an informed assessment to be made of the operations of the GOC and its subsidiaries, including a comparison of the performance of the GOC and its subsidiaries with the GOC’s statement of corporate intent; and\n- (b) state the GOC’s dividend policy for the financial year to which the report relates; and\n- (c) include the statement of corporate intent for the relevant financial year; and\n- (d) include particulars of any modifications made to the statement of corporate intent during the relevant financial year; and\n- (e) include particulars of any directions and notifications given to the GOC’s board by the shareholding Ministers that relate to the relevant financial year; and\n- (f) include particulars of the impact on the financial position, profits and losses and prospects of the GOC and its subsidiaries of any modifications to the statement of corporate intent, and any directions and notifications given to the board by the shareholding Ministers, that relate to the relevant financial year.","sortOrder":156},{"sectionNumber":"sec.121","sectionType":"section","heading":"Deletion of commercially sensitive matters from annual report etc.","content":"### sec.121 Deletion of commercially sensitive matters from annual report etc.\n\nIf a GOC’s board requests the shareholding Ministers to delete from the copies of an annual report of the GOC (and accompanying documents) that are to be made public a matter that is of a commercially sensitive nature, the shareholding Ministers may delete the matter from the copies of the annual report (and accompanying documents) that are laid before the Legislative Assembly or otherwise made public.\nAn annual report of a GOC may include a summary of a matter required to be included in the annual report, rather than a full statement of the matter, if—\nthe summary indicates that it is a summary only; and\na full statement of the matter is laid before the Legislative Assembly at the same time as a copy of the annual report is laid before the Legislative Assembly.\nSubsections (1) and (2) have effect despite section 120 (Matters to be included in annual report) or another Act.\nSubsection (1) has effect despite subsection (2) .\n(sec.121-ssec.1) If a GOC’s board requests the shareholding Ministers to delete from the copies of an annual report of the GOC (and accompanying documents) that are to be made public a matter that is of a commercially sensitive nature, the shareholding Ministers may delete the matter from the copies of the annual report (and accompanying documents) that are laid before the Legislative Assembly or otherwise made public.\n(sec.121-ssec.2) An annual report of a GOC may include a summary of a matter required to be included in the annual report, rather than a full statement of the matter, if— the summary indicates that it is a summary only; and a full statement of the matter is laid before the Legislative Assembly at the same time as a copy of the annual report is laid before the Legislative Assembly.\n(sec.121-ssec.3) Subsections (1) and (2) have effect despite section 120 (Matters to be included in annual report) or another Act.\n(sec.121-ssec.4) Subsection (1) has effect despite subsection (2) .\n- (a) the summary indicates that it is a summary only; and\n- (b) a full statement of the matter is laid before the Legislative Assembly at the same time as a copy of the annual report is laid before the Legislative Assembly.","sortOrder":157},{"sectionNumber":"sec.122","sectionType":"section","heading":"Board to keep shareholding Ministers informed","content":"### sec.122 Board to keep shareholding Ministers informed\n\nA GOC’s board must—\nkeep the shareholding Ministers reasonably informed of the operations, financial performance and financial position of the GOC and its subsidiaries, including the assets and liabilities, profits and losses and prospects of the GOC and its subsidiaries; and\ngive to the shareholding Ministers reports and information that they require to enable them to make informed assessments of matters mentioned in paragraph (a) ; and\nif matters arise that in the board’s opinion may prevent, or significantly affect, achievement of the GOC’s objectives outlined in its statement of corporate intent or targets under its corporate plan—immediately inform the shareholding Ministers of the matters and its opinion in relation to them.\nSubsection (1) does not limit the matters of which the board is required to keep the shareholding Ministers informed, or limit the reports or information that the board is required, or may be required, to give to the shareholding Ministers, by the Corporations Act or another Act.\ns 122 amd 2001 No. 45 s 29 sch 3\n(sec.122-ssec.1) A GOC’s board must— keep the shareholding Ministers reasonably informed of the operations, financial performance and financial position of the GOC and its subsidiaries, including the assets and liabilities, profits and losses and prospects of the GOC and its subsidiaries; and give to the shareholding Ministers reports and information that they require to enable them to make informed assessments of matters mentioned in paragraph (a) ; and if matters arise that in the board’s opinion may prevent, or significantly affect, achievement of the GOC’s objectives outlined in its statement of corporate intent or targets under its corporate plan—immediately inform the shareholding Ministers of the matters and its opinion in relation to them.\n(sec.122-ssec.2) Subsection (1) does not limit the matters of which the board is required to keep the shareholding Ministers informed, or limit the reports or information that the board is required, or may be required, to give to the shareholding Ministers, by the Corporations Act or another Act.\n- (a) keep the shareholding Ministers reasonably informed of the operations, financial performance and financial position of the GOC and its subsidiaries, including the assets and liabilities, profits and losses and prospects of the GOC and its subsidiaries; and\n- (b) give to the shareholding Ministers reports and information that they require to enable them to make informed assessments of matters mentioned in paragraph (a) ; and\n- (c) if matters arise that in the board’s opinion may prevent, or significantly affect, achievement of the GOC’s objectives outlined in its statement of corporate intent or targets under its corporate plan—immediately inform the shareholding Ministers of the matters and its opinion in relation to them.","sortOrder":158},{"sectionNumber":"ch.3-pt.12","sectionType":"part","heading":"Duties and liabilities of directors and other officers","content":"# Duties and liabilities of directors and other officers","sortOrder":159},{"sectionNumber":"sec.123","sectionType":"section","heading":"Application of Corporations Act to officers of GOC","content":"### sec.123 Application of Corporations Act to officers of GOC\n\nIn determining for the purposes of the Corporations Act the degree of care and diligence that a reasonable person in a like position in a GOC would exercise in the circumstances of the GOC concerned, regard must be had to—\nthe application of this Act to the GOC; and\nrelevant matters required or permitted to be done under this Act or another Act in relation to the GOC;\nincluding, for example—\nany relevant community service obligations of the GOC; and\nany relevant directions, notifications or approvals given to the GOC by the GOC’s shareholding Ministers.\nThis section has effect despite the Corporations Act .\ns 123 amd 2001 No. 45 s 29 sch 3 ; 2006 No. 42 s 71 ; 2007 No. 10 s 62 sch\n(sec.123-ssec.1) In determining for the purposes of the Corporations Act the degree of care and diligence that a reasonable person in a like position in a GOC would exercise in the circumstances of the GOC concerned, regard must be had to— the application of this Act to the GOC; and relevant matters required or permitted to be done under this Act or another Act in relation to the GOC; including, for example— any relevant community service obligations of the GOC; and any relevant directions, notifications or approvals given to the GOC by the GOC’s shareholding Ministers.\n(sec.123-ssec.2) This section has effect despite the Corporations Act .\n- (a) the application of this Act to the GOC; and\n- (b) relevant matters required or permitted to be done under this Act or another Act in relation to the GOC;\n- (c) any relevant community service obligations of the GOC; and\n- (d) any relevant directions, notifications or approvals given to the GOC by the GOC’s shareholding Ministers.","sortOrder":160},{"sectionNumber":"sec.124","sectionType":"section","heading":"Application of Corporations Act to officers of GOC subsidiaries","content":"### sec.124 Application of Corporations Act to officers of GOC subsidiaries\n\nIn determining for the purposes of the Corporations Act the degree of care and diligence that a reasonable person in a like position in a GOC subsidiary would exercise in the circumstances of the GOC subsidiary concerned, regard must be had to—\nthe application of this Act to the GOC and subsidiary; and\nrelevant matters required or permitted to be done under this Act or another Act in relation to the GOC and subsidiary;\nincluding, for example—\nany relevant community service obligations of the GOC; and\nany relevant directions, notifications or approvals given to the GOC by the GOC’s shareholding Ministers.\nThis section has effect despite the Corporations Act .\ns 124 amd 1994 No. 31 s 16 sch 3 ; 2001 No. 45 s 29 sch 3 ; 2006 No. 42 s 72\n(sec.124-ssec.1) In determining for the purposes of the Corporations Act the degree of care and diligence that a reasonable person in a like position in a GOC subsidiary would exercise in the circumstances of the GOC subsidiary concerned, regard must be had to— the application of this Act to the GOC and subsidiary; and relevant matters required or permitted to be done under this Act or another Act in relation to the GOC and subsidiary; including, for example— any relevant community service obligations of the GOC; and any relevant directions, notifications or approvals given to the GOC by the GOC’s shareholding Ministers.\n(sec.124-ssec.2) This section has effect despite the Corporations Act .\n- (a) the application of this Act to the GOC and subsidiary; and\n- (b) relevant matters required or permitted to be done under this Act or another Act in relation to the GOC and subsidiary;\n- (c) any relevant community service obligations of the GOC; and\n- (d) any relevant directions, notifications or approvals given to the GOC by the GOC’s shareholding Ministers.","sortOrder":161},{"sectionNumber":"sec.125","sectionType":"section","heading":"Notice of suspected insolvency otherwise than because of direction or notification","content":"### sec.125 Notice of suspected insolvency otherwise than because of direction or notification\n\nIf—\na GOC’s board suspects that the GOC or a subsidiary of the GOC is, may be, will or may become insolvent; and\nin the board’s opinion, compliance with a direction or notification given by the shareholding Ministers is not or would not be the cause or a substantial cause of the suspected insolvency;\nthe board must immediately give written notice to the shareholding Ministers and the auditor-general of—\nthe suspicion; and\nits reasons for the opinion.\nThe notice must state that it is given under this section.\nIf the shareholding Ministers are satisfied that the board’s suspicion is well-founded, the shareholding Ministers must immediately give the board the written directions that the shareholding Ministers consider necessary or desirable, including any directions necessary or desirable to ensure—\nthat the GOC or subsidiary does not incur further debts; or\nthat the GOC or subsidiary will be able to pay all its debts as and when they become due.\nWithout limiting subsection (3) , a direction under this section may require the GOC or any of its subsidiaries to cease or limit particular activities.\nThe board must ensure that a direction under this section is complied with in relation to the GOC and must, as far as practicable, ensure that it is complied with in relation to its subsidiaries.\nThe shareholding Ministers must cause a copy of the direction to be published in the gazette within 21 days after it is given.\nThis section is in addition to, and does not limit, another provision of this Act or another law.\nThis section has effect despite the Corporations Act .\ns 125 amd 2001 No. 45 s 29 sch 3\n(sec.125-ssec.1) If— a GOC’s board suspects that the GOC or a subsidiary of the GOC is, may be, will or may become insolvent; and in the board’s opinion, compliance with a direction or notification given by the shareholding Ministers is not or would not be the cause or a substantial cause of the suspected insolvency; the board must immediately give written notice to the shareholding Ministers and the auditor-general of— the suspicion; and its reasons for the opinion.\n(sec.125-ssec.2) The notice must state that it is given under this section.\n(sec.125-ssec.3) If the shareholding Ministers are satisfied that the board’s suspicion is well-founded, the shareholding Ministers must immediately give the board the written directions that the shareholding Ministers consider necessary or desirable, including any directions necessary or desirable to ensure— that the GOC or subsidiary does not incur further debts; or that the GOC or subsidiary will be able to pay all its debts as and when they become due.\n(sec.125-ssec.4) Without limiting subsection (3) , a direction under this section may require the GOC or any of its subsidiaries to cease or limit particular activities.\n(sec.125-ssec.5) The board must ensure that a direction under this section is complied with in relation to the GOC and must, as far as practicable, ensure that it is complied with in relation to its subsidiaries.\n(sec.125-ssec.6) The shareholding Ministers must cause a copy of the direction to be published in the gazette within 21 days after it is given.\n(sec.125-ssec.7) This section is in addition to, and does not limit, another provision of this Act or another law.\n(sec.125-ssec.8) This section has effect despite the Corporations Act .\n- (a) a GOC’s board suspects that the GOC or a subsidiary of the GOC is, may be, will or may become insolvent; and\n- (b) in the board’s opinion, compliance with a direction or notification given by the shareholding Ministers is not or would not be the cause or a substantial cause of the suspected insolvency;\n- (c) the suspicion; and\n- (d) its reasons for the opinion.\n- (a) that the GOC or subsidiary does not incur further debts; or\n- (b) that the GOC or subsidiary will be able to pay all its debts as and when they become due.","sortOrder":162},{"sectionNumber":"ch.3-pt.13","sectionType":"part","heading":"Legal capacity and powers","content":"# Legal capacity and powers","sortOrder":163},{"sectionNumber":"sec.126","sectionType":"section","heading":"General powers of GOCs","content":"### sec.126 General powers of GOCs\n\nA GOC has, in addition to powers conferred on it by the Corporations Act —\nthe power to do all things necessary or convenient to be done for, or in connection with, the performance of its functions; and\nthe powers that are conferred on it by this or another Act.\nSubsection (1) has effect subject to any restrictions on the GOC’s powers expressly imposed by this or another Act.\ns 126 amd 2001 No. 45 s 29 sch 3 ; 2007 No. 10 s 62 sch\n(sec.126-ssec.1) A GOC has, in addition to powers conferred on it by the Corporations Act — the power to do all things necessary or convenient to be done for, or in connection with, the performance of its functions; and the powers that are conferred on it by this or another Act.\n(sec.126-ssec.2) Subsection (1) has effect subject to any restrictions on the GOC’s powers expressly imposed by this or another Act.\n- (a) the power to do all things necessary or convenient to be done for, or in connection with, the performance of its functions; and\n- (b) the powers that are conferred on it by this or another Act.","sortOrder":164},{"sectionNumber":"sec.127","sectionType":"section","heading":"Doctrine of ultra vires etc. not revived","content":"### sec.127 Doctrine of ultra vires etc. not revived\n\nThe doctrine of ultra vires is not revived in relation to GOCs by this Act.\nThe abolition of the doctrine by the Corporations Act is not affected by this Act.\nThis section is enacted for the removal of doubt.\ns 127 prev s 127 amd 1998 No. 21 s 3 sch 1\nom 2007 No. 10 s 62 sch\npres s 127 amd 2001 No. 45 s 29 sch 3 ; 2007 No. 10 s 62 sch\n(sec.127-ssec.1) The doctrine of ultra vires is not revived in relation to GOCs by this Act.\n(sec.127-ssec.2) The abolition of the doctrine by the Corporations Act is not affected by this Act.\n(sec.127-ssec.3) This section is enacted for the removal of doubt.","sortOrder":165},{"sectionNumber":"ch.3-pt.14","sectionType":"part","heading":"Finance","content":"# Finance","sortOrder":166},{"sectionNumber":"ch.3-pt.14-div.1","sectionType":"division","heading":"Taxation","content":"## Taxation","sortOrder":167},{"sectionNumber":"sec.128","sectionType":"section","heading":"Liability to State taxes","content":"### sec.128 Liability to State taxes\n\nA GOC is not exempt from State tax merely because it is a GOC.\nA GOC subsidiary is not exempt from State tax merely because it is a GOC subsidiary.\nState tax is not payable in relation to anything done (including, for example, a transaction entered into or an instrument made, executed, lodged or given) because of, or for a purpose connected with or arising out of, chapter 2 or part 3 of this chapter.\nThe GOC Minister may certify that a specified matter, instrument, transaction or thing is exempt from State tax under subsection (3) , and the matter, instrument, transaction or thing is exempt from State tax.\nSo far as the legislative power of the Parliament permits, the reference in subsection (3) to State tax includes a reference to tax imposed under an Act of another State.\nIn this section—\nState tax does not include duty under the Duties Act 2001 .\nFor exemption for duty under the Duties Act 2001 , see section 430 (Exemption—instruments and transactions under other Acts) of that Act.\ns 128 amd 1994 No. 31 s 16 sch 3 ; 1998 No. 21 s 3 sch 1 ; 2001 No. 71 s 551 sch 1\n(sec.128-ssec.1) A GOC is not exempt from State tax merely because it is a GOC.\n(sec.128-ssec.2) A GOC subsidiary is not exempt from State tax merely because it is a GOC subsidiary.\n(sec.128-ssec.3) State tax is not payable in relation to anything done (including, for example, a transaction entered into or an instrument made, executed, lodged or given) because of, or for a purpose connected with or arising out of, chapter 2 or part 3 of this chapter.\n(sec.128-ssec.4) The GOC Minister may certify that a specified matter, instrument, transaction or thing is exempt from State tax under subsection (3) , and the matter, instrument, transaction or thing is exempt from State tax.\n(sec.128-ssec.5) So far as the legislative power of the Parliament permits, the reference in subsection (3) to State tax includes a reference to tax imposed under an Act of another State.\n(sec.128-ssec.6) In this section— State tax does not include duty under the Duties Act 2001 . For exemption for duty under the Duties Act 2001 , see section 430 (Exemption—instruments and transactions under other Acts) of that Act.","sortOrder":168},{"sectionNumber":"sec.129","sectionType":"section","heading":"Liability for Commonwealth tax equivalents","content":"### sec.129 Liability for Commonwealth tax equivalents\n\nThe Treasurer may issue a manual (the tax equivalents manual ) about deciding the amounts ( tax equivalents ) to be paid by a GOC to its GOC Minister for payment into the Consolidated Fund as the value of benefits derived by the GOC because it is not liable to pay Commonwealth tax that would be payable by it if it were neither a GOC nor a government entity.\nWithout limiting subsection (1) , the tax equivalents manual may provide for—\nrulings by the tax assessor appointed under subsection (3) on issues about tax equivalents, including the application of rulings under a Commonwealth Act about Commonwealth tax; and\nthe lodging of returns by GOCs; and\nassessing returns; and\nthe functions and powers of the tax assessor appointed under subsection (3) ; and\nobjections and appeals against assessments and rulings.\nThe Treasurer may appoint a person to be the tax assessor under the tax equivalents manual.\nA GOC must, as required under the tax equivalents manual, pay tax equivalents to the GOC Minister for payment into the Consolidated Fund.\nThe Treasurer must table a copy of the tax equivalents manual, and each amendment of the manual, in the Legislative Assembly within 14 sitting days after the manual is issued or the amendment made.\nFor applying this section to a subsidiary of a GOC, the GOC Minister of the GOC is taken to be the GOC Minister of the subsidiary.\nIn this section—\nGOC includes a subsidiary of the GOC.\ns 129 prev s 129 om 1998 No. 21 s 22\npres s 129 sub 1994 No. 31 s 32\n(sec.129-ssec.1) The Treasurer may issue a manual (the tax equivalents manual ) about deciding the amounts ( tax equivalents ) to be paid by a GOC to its GOC Minister for payment into the Consolidated Fund as the value of benefits derived by the GOC because it is not liable to pay Commonwealth tax that would be payable by it if it were neither a GOC nor a government entity.\n(sec.129-ssec.2) Without limiting subsection (1) , the tax equivalents manual may provide for— rulings by the tax assessor appointed under subsection (3) on issues about tax equivalents, including the application of rulings under a Commonwealth Act about Commonwealth tax; and the lodging of returns by GOCs; and assessing returns; and the functions and powers of the tax assessor appointed under subsection (3) ; and objections and appeals against assessments and rulings.\n(sec.129-ssec.3) The Treasurer may appoint a person to be the tax assessor under the tax equivalents manual.\n(sec.129-ssec.4) A GOC must, as required under the tax equivalents manual, pay tax equivalents to the GOC Minister for payment into the Consolidated Fund.\n(sec.129-ssec.5) The Treasurer must table a copy of the tax equivalents manual, and each amendment of the manual, in the Legislative Assembly within 14 sitting days after the manual is issued or the amendment made.\n(sec.129-ssec.6) For applying this section to a subsidiary of a GOC, the GOC Minister of the GOC is taken to be the GOC Minister of the subsidiary.\n(sec.129-ssec.7) In this section— GOC includes a subsidiary of the GOC.\n- (a) rulings by the tax assessor appointed under subsection (3) on issues about tax equivalents, including the application of rulings under a Commonwealth Act about Commonwealth tax; and\n- (b) the lodging of returns by GOCs; and\n- (c) assessing returns; and\n- (d) the functions and powers of the tax assessor appointed under subsection (3) ; and\n- (e) objections and appeals against assessments and rulings.","sortOrder":169},{"sectionNumber":"ch.3-pt.14-div.2","sectionType":"division","heading":"Guarantees","content":"## Guarantees","sortOrder":170},{"sectionNumber":"sec.130","sectionType":"section","heading":"Guarantees by State","content":"### sec.130 Guarantees by State\n\nThe State is liable for the debts and other liabilities of a GOC or its subsidiaries only if, and to the extent that, the liability is expressly and lawfully undertaken on behalf of the State.","sortOrder":171},{"sectionNumber":"ch.3-pt.14-div.3","sectionType":"division","heading":"Dividends","content":"## Dividends","sortOrder":172},{"sectionNumber":"sec.131","sectionType":"section","heading":"Payment of dividends","content":"### sec.131 Payment of dividends\n\nOn or after 1 May, but before 16 May, of each financial year, a GOC’s board must recommend to the GOC’s shareholding Ministers that the GOC and its subsidiaries pay a specified dividend, or not pay a dividend, for the financial year.\nThe recommendation must be accompanied by—\nthe board’s estimate of the GOC’s profits (the estimated profits ) for the financial year, after provision has been made for income tax or its equivalent; and\nif the board has made any adjustment to the estimated profits in making the recommendation—a statement of the amount of, and reason for, each adjustment.\nexclusion of an amount for unrealised capital gains from upwards revaluation of non-current assets\nBefore the end of the financial year, the shareholding Ministers must either—\napprove the recommendation; or\ndirect the payment of a specified dividend or a different specified dividend, as the case requires.\nThe dividend for a financial year must not exceed the amount allowed under the Corporations Act .\nThe dividend must be paid within 6 months after the end of the financial year or any further period that the shareholding Ministers allow.\nThe shareholding Ministers must cause a copy of a direction given under subsection (3) (b) to be published in the gazette within 21 days after it is given.\ns 131 amd 1998 No. 21 s 24 ; 2001 No. 45 s 29 sch 3 ; 2002 No. 17 s 45 ; 2002 No. 17 s 46 ; 2007 No. 10 ss 49 , 62 sch\n(sec.131-ssec.1) On or after 1 May, but before 16 May, of each financial year, a GOC’s board must recommend to the GOC’s shareholding Ministers that the GOC and its subsidiaries pay a specified dividend, or not pay a dividend, for the financial year.\n(sec.131-ssec.2) The recommendation must be accompanied by— the board’s estimate of the GOC’s profits (the estimated profits ) for the financial year, after provision has been made for income tax or its equivalent; and if the board has made any adjustment to the estimated profits in making the recommendation—a statement of the amount of, and reason for, each adjustment. exclusion of an amount for unrealised capital gains from upwards revaluation of non-current assets\n(sec.131-ssec.3) Before the end of the financial year, the shareholding Ministers must either— approve the recommendation; or direct the payment of a specified dividend or a different specified dividend, as the case requires.\n(sec.131-ssec.4) The dividend for a financial year must not exceed the amount allowed under the Corporations Act .\n(sec.131-ssec.5) The dividend must be paid within 6 months after the end of the financial year or any further period that the shareholding Ministers allow.\n(sec.131-ssec.6) The shareholding Ministers must cause a copy of a direction given under subsection (3) (b) to be published in the gazette within 21 days after it is given.\n- (a) the board’s estimate of the GOC’s profits (the estimated profits ) for the financial year, after provision has been made for income tax or its equivalent; and\n- (b) if the board has made any adjustment to the estimated profits in making the recommendation—a statement of the amount of, and reason for, each adjustment. Example of an adjustment to estimated profits— exclusion of an amount for unrealised capital gains from upwards revaluation of non-current assets\n- (a) approve the recommendation; or\n- (b) direct the payment of a specified dividend or a different specified dividend, as the case requires.","sortOrder":173},{"sectionNumber":"sec.132","sectionType":"section","heading":"GOC’s financial statements must state dividend payable","content":"### sec.132 GOC’s financial statements must state dividend payable\n\nA GOC’s financial statements for a financial year given to the auditor-general by it under the Financial Accountability Act 2009 must state any dividend payable, under section 131 (3) , for the financial year.\nIn this section, a reference to the Financial Accountability Act 2009 is a reference to that Act as applying to the GOC under section 118 .\ns 132 ins 2002 No. 17 s 47\namd 2007 No. 10 s 62 sch ; 2009 No. 9 s 101\n(sec.132-ssec.1) A GOC’s financial statements for a financial year given to the auditor-general by it under the Financial Accountability Act 2009 must state any dividend payable, under section 131 (3) , for the financial year.\n(sec.132-ssec.2) In this section, a reference to the Financial Accountability Act 2009 is a reference to that Act as applying to the GOC under section 118 .","sortOrder":174},{"sectionNumber":"sec.133","sectionType":"section","heading":"Interim dividends","content":"### sec.133 Interim dividends\n\nThe shareholding Ministers of a GOC may, at any time after 1 January in a financial year, require the GOC’s board to make a recommendation about the payment of interim amounts to the State (including the times at which the amounts are to be paid) on account of the dividend that may become payable under section 131 (Payment of dividends) for the financial year.\nWithin 1 month after receiving notice of the requirement, the board must make a recommendation to the shareholding Ministers.\nThe recommendation must be accompanied by—\nthe board’s estimate of the GOC’s profits (the estimated profits ) for the first 6 months of the financial year, after provision has been made for income tax or its equivalent; and\nif the board has made any adjustment to the estimated profits in making the recommendation—a statement of the amount of, and reason for, each adjustment.\nexclusion of an amount for unrealised capital gains from upwards revaluation of non-current assets\nThe shareholding Ministers must, within 1 month after receiving the recommendation, either—\napprove the recommendation; or\ndirect the payment, at specified times, of specified amounts, or different specified amounts, on account of the dividend that may become payable for the financial year.\nIn deciding the amount the GOC is to be directed to pay under subsection (4) (b) , the shareholding Ministers must have regard to any adjustment identified by the board under subsection (3) (b) .\nA direction under subsection (4) (b) must not direct the payment of an amount that exceeds the GOC’s estimated profits, after making any adjustment identified by the board under subsection (3) (b) to exclude an amount for unrealised capital gains from upwards revaluation of non-current assets.\nThe shareholding Ministers must cause a copy of a direction under subsection (4) (b) to be published in the gazette within 21 days after it is given.\ns 133 amd 2007 No. 10 s 50\n(sec.133-ssec.1) The shareholding Ministers of a GOC may, at any time after 1 January in a financial year, require the GOC’s board to make a recommendation about the payment of interim amounts to the State (including the times at which the amounts are to be paid) on account of the dividend that may become payable under section 131 (Payment of dividends) for the financial year.\n(sec.133-ssec.2) Within 1 month after receiving notice of the requirement, the board must make a recommendation to the shareholding Ministers.\n(sec.133-ssec.3) The recommendation must be accompanied by— the board’s estimate of the GOC’s profits (the estimated profits ) for the first 6 months of the financial year, after provision has been made for income tax or its equivalent; and if the board has made any adjustment to the estimated profits in making the recommendation—a statement of the amount of, and reason for, each adjustment. exclusion of an amount for unrealised capital gains from upwards revaluation of non-current assets\n(sec.133-ssec.4) The shareholding Ministers must, within 1 month after receiving the recommendation, either— approve the recommendation; or direct the payment, at specified times, of specified amounts, or different specified amounts, on account of the dividend that may become payable for the financial year.\n(sec.133-ssec.5) In deciding the amount the GOC is to be directed to pay under subsection (4) (b) , the shareholding Ministers must have regard to any adjustment identified by the board under subsection (3) (b) .\n(sec.133-ssec.6) A direction under subsection (4) (b) must not direct the payment of an amount that exceeds the GOC’s estimated profits, after making any adjustment identified by the board under subsection (3) (b) to exclude an amount for unrealised capital gains from upwards revaluation of non-current assets.\n(sec.133-ssec.7) The shareholding Ministers must cause a copy of a direction under subsection (4) (b) to be published in the gazette within 21 days after it is given.\n- (a) the board’s estimate of the GOC’s profits (the estimated profits ) for the first 6 months of the financial year, after provision has been made for income tax or its equivalent; and\n- (b) if the board has made any adjustment to the estimated profits in making the recommendation—a statement of the amount of, and reason for, each adjustment. Example of an adjustment to estimated profits— exclusion of an amount for unrealised capital gains from upwards revaluation of non-current assets\n- (a) approve the recommendation; or\n- (b) direct the payment, at specified times, of specified amounts, or different specified amounts, on account of the dividend that may become payable for the financial year.","sortOrder":175},{"sectionNumber":"sec.134","sectionType":"section","heading":"Definitions","content":"### sec.134 Definitions\n\nIn sections 135 to 137 —\ndividend includes an amount in the nature of a dividend.\npredecessor of a GOC means a candidate GOC whose associate became the GOC.\ns 134 prev s 134 om 2007 No. 10 s 62 sch\npres s 134 ins 1994 No. 64 s 293 sch 4","sortOrder":176},{"sectionNumber":"sec.135","sectionType":"section","heading":"Dividend payment for financial year of becoming a GOC","content":"### sec.135 Dividend payment for financial year of becoming a GOC\n\nFor applying section 131 (Payment of dividends) to a GOC for the financial year when it became a GOC—\na dividend payable by the GOC is payable for, at the discretion of the shareholding Ministers—\nthe entire financial year; or\nthe part of the financial year for which it was a GOC; and\nif the GOC has a predecessor—the predecessor and the GOC are taken to be the same entity; and\nan interim dividend paid for the financial year by the GOC’s predecessor, or by the GOC before it became a GOC, is taken to have been paid on account of the dividend to be paid by the GOC under this Act.\nA candidate GOC becomes a GOC on 1 January 1994. Depending on what the shareholding Ministers decide under paragraph (a) , the dividend the GOC has to pay for the 1993–94 financial year will relate either to the entire financial year (even though it is a GOC for only half the year), or only to the period 1 January 1994 to 30 June 1994.\nA, an entity, is nominated to be a candidate GOC on 8 October 1993. On 31 December 1993, B, a new entity, is established, and nominated to be the associate of A. On 1 January 1994, A’s assets and liabilities become B’s assets and liabilities, and B is declared to be a GOC. On 2 January 1994, B is dissolved. For applying section 131 to B, A and B are taken to be the same entity rather than 2 separate entities.\nIn February 1994, a candidate GOC, acting other than under this Act, pays to the State an interim dividend on account of the dividend that may become payable by it for the 1993–94 financial year. On 1 April 1994 the candidate GOC becomes a GOC. The interim dividend is taken to have been paid on account of any dividend for the 1993–94 financial year that becomes payable under this Act.\ns 135 prev s 135 om 2007 No. 10 s 62 sch\npres s 135 ins 1994 No. 64 s 293 sch 4\n- (a) a dividend payable by the GOC is payable for, at the discretion of the shareholding Ministers— (i) the entire financial year; or (ii) the part of the financial year for which it was a GOC; and\n- (i) the entire financial year; or\n- (ii) the part of the financial year for which it was a GOC; and\n- (b) if the GOC has a predecessor—the predecessor and the GOC are taken to be the same entity; and\n- (c) an interim dividend paid for the financial year by the GOC’s predecessor, or by the GOC before it became a GOC, is taken to have been paid on account of the dividend to be paid by the GOC under this Act. Example for paragraph (a) — A candidate GOC becomes a GOC on 1 January 1994. Depending on what the shareholding Ministers decide under paragraph (a) , the dividend the GOC has to pay for the 1993–94 financial year will relate either to the entire financial year (even though it is a GOC for only half the year), or only to the period 1 January 1994 to 30 June 1994. Example for paragraph (b) — A, an entity, is nominated to be a candidate GOC on 8 October 1993. On 31 December 1993, B, a new entity, is established, and nominated to be the associate of A. On 1 January 1994, A’s assets and liabilities become B’s assets and liabilities, and B is declared to be a GOC. On 2 January 1994, B is dissolved. For applying section 131 to B, A and B are taken to be the same entity rather than 2 separate entities. Example for paragraph (c) — In February 1994, a candidate GOC, acting other than under this Act, pays to the State an interim dividend on account of the dividend that may become payable by it for the 1993–94 financial year. On 1 April 1994 the candidate GOC becomes a GOC. The interim dividend is taken to have been paid on account of any dividend for the 1993–94 financial year that becomes payable under this Act.\n- (i) the entire financial year; or\n- (ii) the part of the financial year for which it was a GOC; and","sortOrder":177},{"sectionNumber":"sec.136","sectionType":"section","heading":"Interim dividend for financial year of becoming a GOC","content":"### sec.136 Interim dividend for financial year of becoming a GOC\n\nFor applying section 133 (Interim dividends) to a GOC for the financial year when it becomes a GOC—\nthe period (the applicable period ) in relation to which an interim dividend is payable is, at the discretion of the shareholding Ministers—\nthe first 6 months of the financial year; or\nthe part of the 6 months for which it was a GOC; and\nthe shareholding Ministers must, when acting under section 133 (1) to require the GOC’s board to make a recommendation, also notify the board of the applicable period.\nHowever, when a GOC’s shareholding Ministers exercise their discretion under section 135 (a) (Dividend payment for financial year of becoming a GOC), they are not bound by an applicable period previously decided and notified under subsection (1) .\nA candidate GOC becomes a GOC on 1 October 1994. Depending on what period the shareholding Ministers decide under subsection (1) (a) , and notify to the GOC’s board under subsection (1) (b) , the payment subsequently directed under section 133 (4) will relate to the GOC’s profit for either the first 6 months of the 1994–95 financial year or only the period from 1 October 1994 to 31 December 1994.\ns 136 prev s 136 amd 1997 No. 81 s 3 sch ; 2002 No. 68 s 339 sch 4\nom 2007 No. 10 s 62 sch\npres s 136 ins 1994 No. 64 s 293 sch 4\n(sec.136-ssec.1) For applying section 133 (Interim dividends) to a GOC for the financial year when it becomes a GOC— the period (the applicable period ) in relation to which an interim dividend is payable is, at the discretion of the shareholding Ministers— the first 6 months of the financial year; or the part of the 6 months for which it was a GOC; and the shareholding Ministers must, when acting under section 133 (1) to require the GOC’s board to make a recommendation, also notify the board of the applicable period.\n(sec.136-ssec.2) However, when a GOC’s shareholding Ministers exercise their discretion under section 135 (a) (Dividend payment for financial year of becoming a GOC), they are not bound by an applicable period previously decided and notified under subsection (1) . A candidate GOC becomes a GOC on 1 October 1994. Depending on what period the shareholding Ministers decide under subsection (1) (a) , and notify to the GOC’s board under subsection (1) (b) , the payment subsequently directed under section 133 (4) will relate to the GOC’s profit for either the first 6 months of the 1994–95 financial year or only the period from 1 October 1994 to 31 December 1994.\n- (a) the period (the applicable period ) in relation to which an interim dividend is payable is, at the discretion of the shareholding Ministers— (i) the first 6 months of the financial year; or (ii) the part of the 6 months for which it was a GOC; and\n- (i) the first 6 months of the financial year; or\n- (ii) the part of the 6 months for which it was a GOC; and\n- (b) the shareholding Ministers must, when acting under section 133 (1) to require the GOC’s board to make a recommendation, also notify the board of the applicable period.\n- (i) the first 6 months of the financial year; or\n- (ii) the part of the 6 months for which it was a GOC; and","sortOrder":178},{"sectionNumber":"sec.137","sectionType":"section","heading":"Dividend payment for previous financial year","content":"### sec.137 Dividend payment for previous financial year\n\nIn this section—\nprevious financial year for a GOC means the financial year immediately before the financial year when the GOC became a GOC.\nThis section applies to a GOC if—\nit has not paid a dividend (other than an interim dividend) to the State for the previous financial year; or\nif the GOC has a predecessor—the predecessor has not paid a dividend (other than an interim dividend) to the State for the previous financial year.\nThe shareholding Ministers may give a direction that—\nsection 131 (Payment of dividends) applies to the GOC for the previous financial year; and\nif it is necessary for the operation of this section—the periods mentioned in section 131 are to be extended as stated in the direction.\nFor applying this section and section 131 —\nto a GOC that has a predecessor—the predecessor and the GOC are taken to be the same entity; and\nto a GOC that has paid to the State, or whose predecessor has paid to the State, an interim dividend for the previous financial year—the interim dividend is taken to have been paid on account of the dividend to be paid by the GOC under this Act for the previous financial year.\ns 137 prev s 137 om 2007 No. 10 s 62 sch\npres s 137 ins 1994 No. 64 s 293 sch 4\n(sec.137-ssec.1) In this section— previous financial year for a GOC means the financial year immediately before the financial year when the GOC became a GOC.\n(sec.137-ssec.2) This section applies to a GOC if— it has not paid a dividend (other than an interim dividend) to the State for the previous financial year; or if the GOC has a predecessor—the predecessor has not paid a dividend (other than an interim dividend) to the State for the previous financial year.\n(sec.137-ssec.3) The shareholding Ministers may give a direction that— section 131 (Payment of dividends) applies to the GOC for the previous financial year; and if it is necessary for the operation of this section—the periods mentioned in section 131 are to be extended as stated in the direction.\n(sec.137-ssec.4) For applying this section and section 131 — to a GOC that has a predecessor—the predecessor and the GOC are taken to be the same entity; and to a GOC that has paid to the State, or whose predecessor has paid to the State, an interim dividend for the previous financial year—the interim dividend is taken to have been paid on account of the dividend to be paid by the GOC under this Act for the previous financial year.\n- (a) it has not paid a dividend (other than an interim dividend) to the State for the previous financial year; or\n- (b) if the GOC has a predecessor—the predecessor has not paid a dividend (other than an interim dividend) to the State for the previous financial year.\n- (a) section 131 (Payment of dividends) applies to the GOC for the previous financial year; and\n- (b) if it is necessary for the operation of this section—the periods mentioned in section 131 are to be extended as stated in the direction.\n- (a) to a GOC that has a predecessor—the predecessor and the GOC are taken to be the same entity; and\n- (b) to a GOC that has paid to the State, or whose predecessor has paid to the State, an interim dividend for the previous financial year—the interim dividend is taken to have been paid on account of the dividend to be paid by the GOC under this Act for the previous financial year.","sortOrder":179},{"sectionNumber":"ch.3-pt.15","sectionType":"part","heading":"Acquisition and disposal of assets and subsidiaries","content":"# Acquisition and disposal of assets and subsidiaries","sortOrder":180},{"sectionNumber":"sec.138","sectionType":"section","heading":"Reserve power of shareholding Ministers to direct that asset not be disposed of","content":"### sec.138 Reserve power of shareholding Ministers to direct that asset not be disposed of\n\nThe shareholding Ministers of a GOC may, after consultation with the board of a GOC, give the board a written direction requiring the GOC or a subsidiary of the GOC not to dispose of a specified asset.\nThe board must ensure that the direction is complied with in relation to the GOC and must, as far as practicable, ensure that it is complied with in relation to any relevant subsidiary.\nThe shareholding Ministers must cause a copy of the direction to be published in the gazette within 21 days after it is given.\ns 138 prev s 138 om 2007 No. 10 s 62 sch\n(sec.138-ssec.1) The shareholding Ministers of a GOC may, after consultation with the board of a GOC, give the board a written direction requiring the GOC or a subsidiary of the GOC not to dispose of a specified asset.\n(sec.138-ssec.2) The board must ensure that the direction is complied with in relation to the GOC and must, as far as practicable, ensure that it is complied with in relation to any relevant subsidiary.\n(sec.138-ssec.3) The shareholding Ministers must cause a copy of the direction to be published in the gazette within 21 days after it is given.","sortOrder":181},{"sectionNumber":"sec.139","sectionType":"section","heading":"Disposal of main undertakings","content":"### sec.139 Disposal of main undertakings\n\nA GOC or a GOC subsidiary may dispose of any of its main undertakings only with the prior written approval of the shareholding Ministers.\nIn subsection (1) —\nmain undertakings means the undertakings specified in the GOC’s most recent statement of corporate intent as the GOC’s or subsidiary’s main undertakings.\ns 139 prev s 139 om 2007 No. 10 s 62 sch\npres s 139 amd 1994 No. 31 s 16 sch 3\n(sec.139-ssec.1) A GOC or a GOC subsidiary may dispose of any of its main undertakings only with the prior written approval of the shareholding Ministers.\n(sec.139-ssec.2) In subsection (1) — main undertakings means the undertakings specified in the GOC’s most recent statement of corporate intent as the GOC’s or subsidiary’s main undertakings.","sortOrder":182},{"sectionNumber":"sec.140","sectionType":"section","heading":"Acquiring and disposing of subsidiaries","content":"### sec.140 Acquiring and disposing of subsidiaries\n\nA GOC or a GOC subsidiary may—\nform, or participate in the formation of, a company that will become a subsidiary; or\nacquire shares or participate in any other transaction that will result in a body corporate becoming or ceasing to be a subsidiary;\nonly with the prior written approval of the shareholding Ministers.\ns 140 prev s 140 om 2007 No. 10 s 62 sch\npres s 140 amd 1994 No. 31 s 16 sch 3\n- (a) form, or participate in the formation of, a company that will become a subsidiary; or\n- (b) acquire shares or participate in any other transaction that will result in a body corporate becoming or ceasing to be a subsidiary;","sortOrder":183},{"sectionNumber":"ch.3-pt.16","sectionType":"part","heading":"GOCs and GOC subsidiaries becoming and retiring as trustees","content":"# GOCs and GOC subsidiaries becoming and retiring as trustees","sortOrder":184},{"sectionNumber":"sec.141","sectionType":"section","heading":"GOCs and subsidiaries becoming trustees","content":"### sec.141 GOCs and subsidiaries becoming trustees\n\nA GOC may accept appointment as a trustee of a trust only with the prior written approval of the GOC’s shareholding Ministers.\nA GOC subsidiary may accept appointment as a trustee of a trust only with the prior written approval of the shareholding Ministers of the GOC of which it is a subsidiary.\ns 141 prev s 141 amd 1999 No. 19 s 3 sch\nom 2007 No. 10 s 62 sch\npres s 141 ins 1998 No. 21 s 25\n(sec.141-ssec.1) A GOC may accept appointment as a trustee of a trust only with the prior written approval of the GOC’s shareholding Ministers.\n(sec.141-ssec.2) A GOC subsidiary may accept appointment as a trustee of a trust only with the prior written approval of the shareholding Ministers of the GOC of which it is a subsidiary.","sortOrder":185},{"sectionNumber":"sec.142","sectionType":"section","heading":"GOCs and subsidiaries retiring as trustees","content":"### sec.142 GOCs and subsidiaries retiring as trustees\n\nThis section applies if a GOC or a GOC subsidiary is the trustee of a trust.\nThe GOC may retire from its trusteeship only with the prior written approval of the GOC’s shareholding Ministers.\nThe GOC subsidiary may retire from its trusteeship only with the prior written approval of the shareholding Ministers of the GOC of which it is a subsidiary.\ns 142 prev s 142 amd 1999 No. 19 s 3 sch\nom 2007 No. 10 s 62 sch\npres s 142 ins 1998 No. 21 s 25\n(sec.142-ssec.1) This section applies if a GOC or a GOC subsidiary is the trustee of a trust.\n(sec.142-ssec.2) The GOC may retire from its trusteeship only with the prior written approval of the GOC’s shareholding Ministers.\n(sec.142-ssec.3) The GOC subsidiary may retire from its trusteeship only with the prior written approval of the shareholding Ministers of the GOC of which it is a subsidiary.","sortOrder":186},{"sectionNumber":"sec.143","sectionType":"section","heading":"Part applies despite Corporations Act","content":"### sec.143 Part applies despite Corporations Act\n\nThis part applies despite the Corporations Act .\ns 143 prev s 143 amd 1999 No. 19 s 3 sch\nom 2007 No. 10 s 62 sch\npres s 143 ins 1998 No. 21 s 25\namd 2001 No. 45 s 29 sch 3","sortOrder":187},{"sectionNumber":"ch.3-pt.17","sectionType":"part","heading":"Employees","content":"# Employees","sortOrder":188},{"sectionNumber":"sec.144","sectionType":"section","heading":"Part applies to subsidiaries","content":"### sec.144 Part applies to subsidiaries\n\nThis part applies to a GOC subsidiary and its employees in the same way as it applies to the GOC and its employees.\nFor subsection (1) —\na reference in this part to the GOC’s board is taken to be a reference to the subsidiary’s board of directors; and\na reference in this part to the shareholding Ministers is taken to be a reference to the shareholding Ministers of each GOC that is a shareholder of the subsidiary.\nSection 146 , as it applies to a GOC subsidiary under subsection (1) , does not limit a provision of the subsidiary’s constitution requiring the subsidiary’s board to consult the board of a GOC that is a shareholder of the subsidiary before appointing senior executives under the section.\ns 144 prev s 144 om 2007 No. 10 s 62 sch\npres s 144 amd 1994 No. 31 s 16 sch 3 ; 2007 No. 10 s 51\n(sec.144-ssec.1) This part applies to a GOC subsidiary and its employees in the same way as it applies to the GOC and its employees.\n(sec.144-ssec.2) For subsection (1) — a reference in this part to the GOC’s board is taken to be a reference to the subsidiary’s board of directors; and a reference in this part to the shareholding Ministers is taken to be a reference to the shareholding Ministers of each GOC that is a shareholder of the subsidiary.\n(sec.144-ssec.3) Section 146 , as it applies to a GOC subsidiary under subsection (1) , does not limit a provision of the subsidiary’s constitution requiring the subsidiary’s board to consult the board of a GOC that is a shareholder of the subsidiary before appointing senior executives under the section.\n- (a) a reference in this part to the GOC’s board is taken to be a reference to the subsidiary’s board of directors; and\n- (b) a reference in this part to the shareholding Ministers is taken to be a reference to the shareholding Ministers of each GOC that is a shareholder of the subsidiary.","sortOrder":189},{"sectionNumber":"sec.145","sectionType":"section","heading":"Employees not employed under Public Sector Act 2022","content":"### sec.145 Employees not employed under Public Sector Act 2022\n\nThe employees of a GOC are not to be employed under the Public Sector Act 2022 .\ns 145 sub 1996 No. 37 s 147 sch 2\namd 2008 No. 38 s 252 sch 3 ; 2007 No. 10 s 62 sch ; 2022 No. 34 s 365 sch 3","sortOrder":190},{"sectionNumber":"sec.146","sectionType":"section","heading":"Appointment of senior executives","content":"### sec.146 Appointment of senior executives\n\nThe senior executives of a GOC are to be appointed by the GOC’s board.\ns 146 amd 2001 No. 45 s 29 sch 3 ; 2007 No. 10 s 52\nsub 2008 No. 75 s 60","sortOrder":191},{"sectionNumber":"sec.147","sectionType":"section","heading":"Arrangements relating to staff","content":"### sec.147 Arrangements relating to staff\n\nA GOC may arrange with the chief executive of a department, or with an authority of the State, for the services of officers or employees of the department or authority to be made available to it.\nA GOC may arrange with the appropriate authority of the Commonwealth or another State, or with an authority of the Commonwealth or another State, for the services of officers or employees of the public service of the Commonwealth or State, or of the authority, to be made available to it.\nA GOC may arrange for the service of an employee of the GOC to be made available to—\nthe Commonwealth or another State; or\nan authority of the Commonwealth or another State.\n(sec.147-ssec.1) A GOC may arrange with the chief executive of a department, or with an authority of the State, for the services of officers or employees of the department or authority to be made available to it.\n(sec.147-ssec.2) A GOC may arrange with the appropriate authority of the Commonwealth or another State, or with an authority of the Commonwealth or another State, for the services of officers or employees of the public service of the Commonwealth or State, or of the authority, to be made available to it.\n(sec.147-ssec.3) A GOC may arrange for the service of an employee of the GOC to be made available to— the Commonwealth or another State; or an authority of the Commonwealth or another State.\n- (a) the Commonwealth or another State; or\n- (b) an authority of the Commonwealth or another State.","sortOrder":192},{"sectionNumber":"sec.148","sectionType":"section","heading":"Application of equity, diversity, respect and inclusion provisions under Public Sector Act 2022","content":"### sec.148 Application of equity, diversity, respect and inclusion provisions under Public Sector Act 2022\n\nA GOC is a prescribed entity for the Public Sector Act 2022 , section 25 , definition prescribed entity , paragraph (c) .\ns 148 prev s 148 om 2007 No. 10 s 62 sch\npres s 148 amd 1996 No. 37 s 147 sch 2\nsub 2008 No. 38 s 252 sch 3 ; 2022 No. 34 s 365 sch 3","sortOrder":193},{"sectionNumber":"sec.149","sectionType":"section","heading":"Employment and industrial relations plan","content":"### sec.149 Employment and industrial relations plan\n\nA GOC’s board must prepare an employment and industrial relations plan.\nThe plan must specify the arrangements for all major employment and industrial relations issues for the GOC.\nThe plan must include the following matters—\nthe GOC’s remuneration arrangements, including—\nthe remuneration payable to its chief executive officer and other senior executives; and\nany gain sharing schemes;\nother employment conditions applicable to its employees;\nthe approximate number of its employees that are covered by an award or industrial agreement;\nthe approximate number of its employees that are employed under an employment contract;\nits redundancy policies;\nthe superannuation arrangements for its employees;\na summary of the outcome of consultations in relation to the plan.\nThe plan may specify measures to ensure adherence to it.\nThe employment and industrial relations plan must be included in the GOC’s statement of corporate intent.\nThe shareholding Ministers may, by written notice, direct the board to take specified steps in relation to the preparation or review of the employment and industrial relations plan.\nIn preparing or reviewing the plan, the board must consult with—\nthe office of the public service; and\nthe department that deals with industrial relations; and\ninterested industrial organisations and employees.\nA direction under subsection (6) may specify the extent to which consultations are required either generally or in relation to a particular person or body.\nThe board must provide the shareholding Ministers with information about the outcome of the consultations.\ns 149 prev s 149 om 2007 No. 10 s 62 sch\npres s 149 amd 1996 No. 37 s 147 sch 2\n(sec.149-ssec.1) A GOC’s board must prepare an employment and industrial relations plan.\n(sec.149-ssec.2) The plan must specify the arrangements for all major employment and industrial relations issues for the GOC.\n(sec.149-ssec.3) The plan must include the following matters— the GOC’s remuneration arrangements, including— the remuneration payable to its chief executive officer and other senior executives; and any gain sharing schemes; other employment conditions applicable to its employees; the approximate number of its employees that are covered by an award or industrial agreement; the approximate number of its employees that are employed under an employment contract; its redundancy policies; the superannuation arrangements for its employees; a summary of the outcome of consultations in relation to the plan.\n(sec.149-ssec.4) The plan may specify measures to ensure adherence to it.\n(sec.149-ssec.5) The employment and industrial relations plan must be included in the GOC’s statement of corporate intent.\n(sec.149-ssec.6) The shareholding Ministers may, by written notice, direct the board to take specified steps in relation to the preparation or review of the employment and industrial relations plan.\n(sec.149-ssec.7) In preparing or reviewing the plan, the board must consult with— the office of the public service; and the department that deals with industrial relations; and interested industrial organisations and employees.\n(sec.149-ssec.8) A direction under subsection (6) may specify the extent to which consultations are required either generally or in relation to a particular person or body.\n(sec.149-ssec.9) The board must provide the shareholding Ministers with information about the outcome of the consultations.\n- (a) the GOC’s remuneration arrangements, including— (i) the remuneration payable to its chief executive officer and other senior executives; and (ii) any gain sharing schemes;\n- (i) the remuneration payable to its chief executive officer and other senior executives; and\n- (ii) any gain sharing schemes;\n- (b) other employment conditions applicable to its employees;\n- (c) the approximate number of its employees that are covered by an award or industrial agreement;\n- (d) the approximate number of its employees that are employed under an employment contract;\n- (e) its redundancy policies;\n- (f) the superannuation arrangements for its employees;\n- (g) a summary of the outcome of consultations in relation to the plan.\n- (i) the remuneration payable to its chief executive officer and other senior executives; and\n- (ii) any gain sharing schemes;\n- (a) the office of the public service; and\n- (b) the department that deals with industrial relations; and\n- (c) interested industrial organisations and employees.","sortOrder":194},{"sectionNumber":"sec.150","sectionType":"section","heading":"Superannuation schemes","content":"### sec.150 Superannuation schemes\n\nA GOC may—\nestablish or amend superannuation schemes; or\njoin in establishing or amending superannuation schemes; or\ntake part in superannuation schemes.\ns 150 prev s 150 om 2007 No. 10 s 62 sch\npres s 150 sub 1995 No. 36 s 9 sch 2\n- (a) establish or amend superannuation schemes; or\n- (b) join in establishing or amending superannuation schemes; or\n- (c) take part in superannuation schemes.","sortOrder":195},{"sectionNumber":"sec.151","sectionType":"section","heading":null,"content":"### Section sec.151\n\ns 151 prev s 151 om 2007 No. 10 s 62 sch\npres s 151 amd 1995 No. 36 s 9 sch 2 ; 2000 No. 52 s 48 sch\nom 2016 No. 64 s 79 sch 1","sortOrder":196},{"sectionNumber":"sec.152","sectionType":"section","heading":"Preservation of leave entitlements of certain former officers and employees of government entities","content":"### sec.152 Preservation of leave entitlements of certain former officers and employees of government entities\n\nIf—\na person becomes employed by a GOC in a permanent or full-time capacity within 1 year after the GOC becomes a GOC; and\nthe person was an officer or employee of a government entity, who was employed in a permanent or full-time capacity, immediately before becoming employed by the GOC; and\nthe person had leave entitlement at that time that had been accrued as an officer or employee of a government entity;\nthe person must be treated as having accrued the entitlements as an employee of the GOC.\nFor accruing leave entitlements that have not accrued when a person mentioned in subsection (1) (a) and (b) becomes employed by the GOC, the person’s employment mentioned in subsection (3) is taken to be employment by the GOC.\nFor subsection (2) , the person’s employment is—\nemployment by the government entity; and\nemployment by another entity that under a law is taken to be employment of the person by the government entity.\ns 152 amd 1994 No. 31 s 16 sch 3\n(sec.152-ssec.1) If— a person becomes employed by a GOC in a permanent or full-time capacity within 1 year after the GOC becomes a GOC; and the person was an officer or employee of a government entity, who was employed in a permanent or full-time capacity, immediately before becoming employed by the GOC; and the person had leave entitlement at that time that had been accrued as an officer or employee of a government entity; the person must be treated as having accrued the entitlements as an employee of the GOC.\n(sec.152-ssec.2) For accruing leave entitlements that have not accrued when a person mentioned in subsection (1) (a) and (b) becomes employed by the GOC, the person’s employment mentioned in subsection (3) is taken to be employment by the GOC.\n(sec.152-ssec.3) For subsection (2) , the person’s employment is— employment by the government entity; and employment by another entity that under a law is taken to be employment of the person by the government entity.\n- (a) a person becomes employed by a GOC in a permanent or full-time capacity within 1 year after the GOC becomes a GOC; and\n- (b) the person was an officer or employee of a government entity, who was employed in a permanent or full-time capacity, immediately before becoming employed by the GOC; and\n- (c) the person had leave entitlement at that time that had been accrued as an officer or employee of a government entity;\n- (a) employment by the government entity; and\n- (b) employment by another entity that under a law is taken to be employment of the person by the government entity.","sortOrder":197},{"sectionNumber":"sec.153","sectionType":"section","heading":"Right of return to public service","content":"### sec.153 Right of return to public service\n\nIf—\na person becomes employed by a GOC in a permanent or full-time capacity within 1 year after the GOC becomes a GOC; and\nthe person was an officer of the public service, who was employed in a permanent or full-time capacity, immediately before becoming employed by the GOC; and\nthe person elects to re-become an officer of the public service within that period of 1 year or any further period that the shareholding Ministers allow;\nthe person is entitled to re-become an officer of the public service.\nIf the person re-becomes an officer of the public service under subsection (1) —\nthe person’s initial terms of employment must not be less favourable than the terms of employment that applied to the person before the person became employed by the GOC; and\nfor the purpose of calculating and providing the person’s superannuation and leave entitlements, the person is to be treated as—\nnot having left the public service when the person became employed by the GOC; and\nhaving been an officer of the public service while the person was employed by the GOC.\n(sec.153-ssec.1) If— a person becomes employed by a GOC in a permanent or full-time capacity within 1 year after the GOC becomes a GOC; and the person was an officer of the public service, who was employed in a permanent or full-time capacity, immediately before becoming employed by the GOC; and the person elects to re-become an officer of the public service within that period of 1 year or any further period that the shareholding Ministers allow; the person is entitled to re-become an officer of the public service.\n(sec.153-ssec.2) If the person re-becomes an officer of the public service under subsection (1) — the person’s initial terms of employment must not be less favourable than the terms of employment that applied to the person before the person became employed by the GOC; and for the purpose of calculating and providing the person’s superannuation and leave entitlements, the person is to be treated as— not having left the public service when the person became employed by the GOC; and having been an officer of the public service while the person was employed by the GOC.\n- (a) a person becomes employed by a GOC in a permanent or full-time capacity within 1 year after the GOC becomes a GOC; and\n- (b) the person was an officer of the public service, who was employed in a permanent or full-time capacity, immediately before becoming employed by the GOC; and\n- (c) the person elects to re-become an officer of the public service within that period of 1 year or any further period that the shareholding Ministers allow;\n- (a) the person’s initial terms of employment must not be less favourable than the terms of employment that applied to the person before the person became employed by the GOC; and\n- (b) for the purpose of calculating and providing the person’s superannuation and leave entitlements, the person is to be treated as— (i) not having left the public service when the person became employed by the GOC; and (ii) having been an officer of the public service while the person was employed by the GOC.\n- (i) not having left the public service when the person became employed by the GOC; and\n- (ii) having been an officer of the public service while the person was employed by the GOC.\n- (i) not having left the public service when the person became employed by the GOC; and\n- (ii) having been an officer of the public service while the person was employed by the GOC.","sortOrder":198},{"sectionNumber":"sec.153A","sectionType":"section","heading":null,"content":"### Section sec.153A\n\ns 153A ins 1994 No. 31 s 31\namd 2001 No. 45 s 29 sch 3\nom 2007 No. 10 s 48","sortOrder":199},{"sectionNumber":"sec.153B","sectionType":"section","heading":null,"content":"### Section sec.153B\n\ns 153B ins 1994 No. 31 s 31\nom 2007 No. 10 s 48","sortOrder":200},{"sectionNumber":"sec.153C","sectionType":"section","heading":null,"content":"### Section sec.153C\n\ns 153C ins 1994 No. 31 s 31\nom 2007 No. 10 s 48","sortOrder":201},{"sectionNumber":"ch.3-pt.18","sectionType":"part","heading":"Other matters","content":"# Other matters","sortOrder":202},{"sectionNumber":"sec.154","sectionType":"section","heading":"Relationship of GOCs with the State","content":"### sec.154 Relationship of GOCs with the State\n\nA GOC does not represent, and has never represented, the State.\nSubsection (1) does not apply to the extent an Act expressly provides, or did provide, otherwise.\ns 154 ins 2007 No. 10 s 53\n(sec.154-ssec.1) A GOC does not represent, and has never represented, the State.\n(sec.154-ssec.2) Subsection (1) does not apply to the extent an Act expressly provides, or did provide, otherwise.","sortOrder":203},{"sectionNumber":"sec.155","sectionType":"section","heading":"Application of chapter to certain GOC subsidiaries","content":"### sec.155 Application of chapter to certain GOC subsidiaries\n\nThe provisions of this chapter mentioned in schedule 4 apply to a prescribed GOC subsidiary—\nwith the changes prescribed by the schedule; and\nas if the prescribed GOC subsidiary were a GOC.\nIn this section—\nprescribed GOC subsidiary means a GOC subsidiary prescribed under a regulation for this section.\ns 155 amd 1994 No. 31 s 16 sch 3\nsub 1998 No. 21 s 3 sch 1\namd 2007 No. 10 s 62 sch\nsub 2009 No. 9 s 102\n(sec.155-ssec.1) The provisions of this chapter mentioned in schedule 4 apply to a prescribed GOC subsidiary— with the changes prescribed by the schedule; and as if the prescribed GOC subsidiary were a GOC.\n(sec.155-ssec.2) In this section— prescribed GOC subsidiary means a GOC subsidiary prescribed under a regulation for this section.\n- (a) with the changes prescribed by the schedule; and\n- (b) as if the prescribed GOC subsidiary were a GOC.","sortOrder":204},{"sectionNumber":"sec.156","sectionType":"section","heading":"Application of Crime and Corruption Act","content":"### sec.156 Application of Crime and Corruption Act\n\nSubsection (2) applies if the chief executive officer of a GOC suspects that a complaint, or information or matter (also a complaint ), relating to the GOC involves, or may involve, something that would be corrupt conduct under the Crime and Corruption Act 2001 if the GOC were a unit of public administration.\nThe chief executive officer must notify the CCC of the complaint under the Crime and Corruption Act 2001 , section 38 as if the GOC were a unit of public administration and the chief executive officer were a public official.\nSubsection (4) applies if the chief executive of the department in which this Act is administered reasonably suspects that—\na complaint, or information or matter (also a complaint ), relating to a GOC involves, or may involve, something that would be corrupt conduct under the Crime and Corruption Act 2001 if the GOC were a unit of public administration; and\nthe chief executive officer of the GOC has not notified the CCC of the complaint as required under subsection (2) .\nThe chief executive must notify the CCC of the complaint under the Crime and Corruption Act 2001 , section 38 as if the GOC were a unit of public administration and the chief executive were a public official.\nThe Crime and Corruption Act 2001 , sections 39 and 40 apply in relation to the duty imposed by subsection (2) or (4) .\nOn notification under subsection (2) or (4) , the Crime and Corruption Act 2001 applies in relation to the GOC for the purposes of the complaint as if—\nthe GOC were a unit of public administration; and\nthe chief executive of the department in which this Act is administered were a public official or relevant public official; and\nthe reference to the chief executive officer of a unit of public administration in the Crime and Corruption Act 2001 , sections 49 (2) (f) and 50 (1) were a reference to the chief executive of the department in which this Act is administered.\nThis section does not affect the operation of section 154 .\nThis section is declared to be a Corporations legislation displacement provision for the purposes of the Corporations Act , section 5G , in relation to section 1317AE of that Act.\nThe Corporations Act , section 5G , provides that if a State law declares a provision of a State law to be a Corporations legislation displacement provision, any provision of the Corporations legislation with which the State provision would otherwise be inconsistent does not apply to the extent necessary to avoid the inconsistency.\nIn this section—\nCCC means the Crime and Corruption Commission.\nGOC does not include a GOC that is a declared entity under the Infrastructure Investment (Asset Restructuring and Disposal) Act 2009 in relation to those parts of the entity’s businesses, assets and liabilities that are being disposed of in a declared project under that Act.\nunit of public administration means a unit of public administration under the Crime and Corruption Act 2001 .\ns 156 prev s 156 om 1996 No. 54 s 9 sch\npres s 156 sub 2001 No. 69 s 378 sch 1\namd 2007 No. 10 s 62 sch\nsub 2009 No. 52 s 103\namd 2010 No. 37 s 30 ; 2014 No. 21 s 94 (2) sch 2 ; 2019 No. 9 s 4\n(sec.156-ssec.1) Subsection (2) applies if the chief executive officer of a GOC suspects that a complaint, or information or matter (also a complaint ), relating to the GOC involves, or may involve, something that would be corrupt conduct under the Crime and Corruption Act 2001 if the GOC were a unit of public administration.\n(sec.156-ssec.2) The chief executive officer must notify the CCC of the complaint under the Crime and Corruption Act 2001 , section 38 as if the GOC were a unit of public administration and the chief executive officer were a public official.\n(sec.156-ssec.3) Subsection (4) applies if the chief executive of the department in which this Act is administered reasonably suspects that— a complaint, or information or matter (also a complaint ), relating to a GOC involves, or may involve, something that would be corrupt conduct under the Crime and Corruption Act 2001 if the GOC were a unit of public administration; and the chief executive officer of the GOC has not notified the CCC of the complaint as required under subsection (2) .\n(sec.156-ssec.4) The chief executive must notify the CCC of the complaint under the Crime and Corruption Act 2001 , section 38 as if the GOC were a unit of public administration and the chief executive were a public official.\n(sec.156-ssec.5) The Crime and Corruption Act 2001 , sections 39 and 40 apply in relation to the duty imposed by subsection (2) or (4) .\n(sec.156-ssec.6) On notification under subsection (2) or (4) , the Crime and Corruption Act 2001 applies in relation to the GOC for the purposes of the complaint as if— the GOC were a unit of public administration; and the chief executive of the department in which this Act is administered were a public official or relevant public official; and the reference to the chief executive officer of a unit of public administration in the Crime and Corruption Act 2001 , sections 49 (2) (f) and 50 (1) were a reference to the chief executive of the department in which this Act is administered.\n(sec.156-ssec.7) This section does not affect the operation of section 154 .\n(sec.156-ssec.8) This section is declared to be a Corporations legislation displacement provision for the purposes of the Corporations Act , section 5G , in relation to section 1317AE of that Act. The Corporations Act , section 5G , provides that if a State law declares a provision of a State law to be a Corporations legislation displacement provision, any provision of the Corporations legislation with which the State provision would otherwise be inconsistent does not apply to the extent necessary to avoid the inconsistency.\n(sec.156-ssec.9) In this section— CCC means the Crime and Corruption Commission. GOC does not include a GOC that is a declared entity under the Infrastructure Investment (Asset Restructuring and Disposal) Act 2009 in relation to those parts of the entity’s businesses, assets and liabilities that are being disposed of in a declared project under that Act. unit of public administration means a unit of public administration under the Crime and Corruption Act 2001 .\n- (a) a complaint, or information or matter (also a complaint ), relating to a GOC involves, or may involve, something that would be corrupt conduct under the Crime and Corruption Act 2001 if the GOC were a unit of public administration; and\n- (b) the chief executive officer of the GOC has not notified the CCC of the complaint as required under subsection (2) .\n- (a) the GOC were a unit of public administration; and\n- (b) the chief executive of the department in which this Act is administered were a public official or relevant public official; and\n- (c) the reference to the chief executive officer of a unit of public administration in the Crime and Corruption Act 2001 , sections 49 (2) (f) and 50 (1) were a reference to the chief executive of the department in which this Act is administered.","sortOrder":205},{"sectionNumber":"sec.157","sectionType":"section","heading":"Application of Ombudsman Act 2001","content":"### sec.157 Application of Ombudsman Act 2001\n\nA GOC is not a public authority under the Ombudsman Act 2001 .\ns 157 prev s 157 om 1996 No. 54 s 9 sch\npres s 157 amd 2001 No. 73 s 96 sch 1\nsub 2007 No. 10 s 55\namd 2007 No. 10 s 62 sch","sortOrder":206},{"sectionNumber":"sch.1-pt.1","sectionType":"part","heading":"Interpretation","content":"# Interpretation","sortOrder":207},{"sectionNumber":"sch.1-sec.1","sectionType":"section","heading":"Definitions for sch 1","content":"### sch.1-sec.1 Definitions for sch 1\n\nIn this schedule—\ninterim board means the interim board of directors of a relevant entity.\nrelevant entity means—\na government entity that is to become a GOC or a GOC subsidiary that has an interim board of directors under a regulation made under section 58 (1) ; or\na candidate GOC associate or associate subsidiary.\nsch 1 pt 1 s 1 ins 2007 No. 10 s 62 sch\n- (a) a government entity that is to become a GOC or a GOC subsidiary that has an interim board of directors under a regulation made under section 58 (1) ; or\n- (b) a candidate GOC associate or associate subsidiary.","sortOrder":208},{"sectionNumber":"sch.1-pt.2","sectionType":"part","heading":"Composition of interim board of relevant entities","content":"# Composition of interim board of relevant entities","sortOrder":209},{"sectionNumber":"sch.1-sec.2","sectionType":"section","heading":"Composition of interim board","content":"### sch.1-sec.2 Composition of interim board\n\nA relevant entity’s interim board consists of the number of directors appointed by the Governor in Council.\nsch 1 pt 2 s 2 sub 2007 No. 10 s 62 sch","sortOrder":210},{"sectionNumber":"sch.1-sec.3","sectionType":"section","heading":"Chairperson and deputy chairperson","content":"### sch.1-sec.3 Chairperson and deputy chairperson\n\nThe Governor in Council may appoint a director to be the interim board’s chairperson and another director to be the interim board’s deputy chairperson.\nThe deputy chairperson is to act as chairperson—\nduring a vacancy in the office of chairperson; and\nduring all periods when the chairperson is absent from duty or is, for another reason, unable to perform the functions of the office.\nsch 1 pt 2 s 3 amd 2007 No. 10 s 62 sch\n(sch.1-sec.3-ssec.1) The Governor in Council may appoint a director to be the interim board’s chairperson and another director to be the interim board’s deputy chairperson.\n(sch.1-sec.3-ssec.2) The deputy chairperson is to act as chairperson— during a vacancy in the office of chairperson; and during all periods when the chairperson is absent from duty or is, for another reason, unable to perform the functions of the office.\n- (a) during a vacancy in the office of chairperson; and\n- (b) during all periods when the chairperson is absent from duty or is, for another reason, unable to perform the functions of the office.","sortOrder":211},{"sectionNumber":"sch.1-pt.3","sectionType":"part","heading":"Meetings and other business of interim board","content":"# Meetings and other business of interim board","sortOrder":212},{"sectionNumber":"sch.1-sec.4","sectionType":"section","heading":"Meaning of required minimum number of directors","content":"### sch.1-sec.4 Meaning of required minimum number of directors\n\nIn this part—\nrequired minimum number of directors means the number that is half the number of directors of which the interim board for the time being consists or, if that number is not a whole number, the next higher whole number.\nsch 1 pt 3 s 4 amd 2007 No. 10 s 62 sch","sortOrder":213},{"sectionNumber":"sch.1-sec.5","sectionType":"section","heading":"Conduct of meetings and other business","content":"### sch.1-sec.5 Conduct of meetings and other business\n\nSubject to this part, the interim board may conduct its business (including its meetings) in the way it considers appropriate.\nsch 1 pt 3 s 5 amd 2007 No. 10 s 62 sch","sortOrder":214},{"sectionNumber":"sch.1-sec.6","sectionType":"section","heading":"Times and places of meetings","content":"### sch.1-sec.6 Times and places of meetings\n\nMeetings of the interim board are to be held at the times and places that the interim board determines.\nHowever, the chairperson—\nmay at any time convene a meeting; and\nmust convene a meeting when requested by at least the required minimum number of directors.\nsch 1 pt 3 s 6 amd 2007 No. 10 s 62 sch\n(sch.1-sec.6-ssec.1) Meetings of the interim board are to be held at the times and places that the interim board determines.\n(sch.1-sec.6-ssec.2) However, the chairperson— may at any time convene a meeting; and must convene a meeting when requested by at least the required minimum number of directors.\n- (a) may at any time convene a meeting; and\n- (b) must convene a meeting when requested by at least the required minimum number of directors.","sortOrder":215},{"sectionNumber":"sch.1-sec.7","sectionType":"section","heading":"Presiding at meetings","content":"### sch.1-sec.7 Presiding at meetings\n\nThe chairperson is to preside at all meetings at which the chairperson is present.\nIf the chairperson is not present at a meeting, the deputy chairperson is to preside.\nIf both the chairperson and deputy chairperson are not present at a meeting, the director chosen by the directors present at the meeting is to preside.\n(sch.1-sec.7-ssec.1) The chairperson is to preside at all meetings at which the chairperson is present.\n(sch.1-sec.7-ssec.2) If the chairperson is not present at a meeting, the deputy chairperson is to preside.\n(sch.1-sec.7-ssec.3) If both the chairperson and deputy chairperson are not present at a meeting, the director chosen by the directors present at the meeting is to preside.","sortOrder":216},{"sectionNumber":"sch.1-sec.8","sectionType":"section","heading":"Quorum and voting at meetings","content":"### sch.1-sec.8 Quorum and voting at meetings\n\nAt a meeting of the interim board—\nthe required minimum number of directors constitute a quorum; and\na question is to be decided by a majority of the votes of the directors present and voting; and\neach director present has a vote on each question arising for decision and, if the votes are equal, the director presiding also has a casting vote.\nsch 1 pt 3 s 8 amd 2007 No. 10 s 62 sch\n- (a) the required minimum number of directors constitute a quorum; and\n- (b) a question is to be decided by a majority of the votes of the directors present and voting; and\n- (c) each director present has a vote on each question arising for decision and, if the votes are equal, the director presiding also has a casting vote.","sortOrder":217},{"sectionNumber":"sch.1-sec.9","sectionType":"section","heading":"Participation in meetings by telephone etc.","content":"### sch.1-sec.9 Participation in meetings by telephone etc.\n\nThe interim board may permit directors to participate in a particular meeting, or all meetings, by—\ntelephone; or\nclosed circuit television; or\nanother means of communication.\nA director who participates in a meeting of the interim board under a permission under subsection (1) is taken to be present at the meeting.\nsch 1 pt 3 s 9 amd 2007 No. 10 s 62 sch\n(sch.1-sec.9-ssec.1) The interim board may permit directors to participate in a particular meeting, or all meetings, by— telephone; or closed circuit television; or another means of communication.\n(sch.1-sec.9-ssec.2) A director who participates in a meeting of the interim board under a permission under subsection (1) is taken to be present at the meeting.\n- (a) telephone; or\n- (b) closed circuit television; or\n- (c) another means of communication.","sortOrder":218},{"sectionNumber":"sch.1-sec.10","sectionType":"section","heading":"Resolutions without meetings","content":"### sch.1-sec.10 Resolutions without meetings\n\nIf at least a majority of directors sign a document containing a statement that they are in favour of a resolution set out in the document, a resolution in those terms is taken to have been passed at a meeting of the interim board held on the day on which the document is signed or, if the directors do not sign it on the same day, the day on which the last of the directors constituting the majority signs the document.\nIf a resolution is, under subsection (1) , taken to have been passed at a meeting of the interim board, each director must immediately be advised of the matter and given a copy of the terms of the resolution.\nFor the purposes of subsection (1) , 2 or more separate documents containing a statement in identical terms, each of which is signed by 1 or more directors, are taken to constitute a single document.\nsch 1 pt 3 s 10 amd 2007 No. 10 s 62 sch\n(sch.1-sec.10-ssec.1) If at least a majority of directors sign a document containing a statement that they are in favour of a resolution set out in the document, a resolution in those terms is taken to have been passed at a meeting of the interim board held on the day on which the document is signed or, if the directors do not sign it on the same day, the day on which the last of the directors constituting the majority signs the document.\n(sch.1-sec.10-ssec.2) If a resolution is, under subsection (1) , taken to have been passed at a meeting of the interim board, each director must immediately be advised of the matter and given a copy of the terms of the resolution.\n(sch.1-sec.10-ssec.3) For the purposes of subsection (1) , 2 or more separate documents containing a statement in identical terms, each of which is signed by 1 or more directors, are taken to constitute a single document.","sortOrder":219},{"sectionNumber":"sch.1-sec.11","sectionType":"section","heading":"Minutes","content":"### sch.1-sec.11 Minutes\n\nThe interim board must keep minutes of its proceedings.\nsch 1 pt 3 s 11 amd 2007 No. 10 s 62 sch","sortOrder":220},{"sectionNumber":"sch.1-pt.4","sectionType":"part","heading":"Provisions relating to directors","content":"# Provisions relating to directors","sortOrder":221},{"sectionNumber":"sch.1-sec.12","sectionType":"section","heading":"Appointment of directors","content":"### sch.1-sec.12 Appointment of directors\n\nA director is to be appointed by the Governor in Council for a term of not more than 5 years.\nIn appointing a person as a director, the Governor in Council must have regard to the person’s ability to make a contribution to the relevant entity’s commercial performance and, if the entity has a statement of corporate intent, the implementation of the statement.\nA person is not eligible for appointment if the person—\nis a public service officer; or\nis not able to manage a corporation because of the Corporations Act , part 2D.6 .\nsch 1 pt 4 s 12 amd 1998 No. 21 s 28 ; 2001 No. 45 s 29 sch 3 ; 2007 No. 10 s 62 sch\n(sch.1-sec.12-ssec.1) A director is to be appointed by the Governor in Council for a term of not more than 5 years.\n(sch.1-sec.12-ssec.2) In appointing a person as a director, the Governor in Council must have regard to the person’s ability to make a contribution to the relevant entity’s commercial performance and, if the entity has a statement of corporate intent, the implementation of the statement.\n(sch.1-sec.12-ssec.3) A person is not eligible for appointment if the person— is a public service officer; or is not able to manage a corporation because of the Corporations Act , part 2D.6 .\n- (a) is a public service officer; or\n- (b) is not able to manage a corporation because of the Corporations Act , part 2D.6 .","sortOrder":222},{"sectionNumber":"sch.1-sec.13","sectionType":"section","heading":"Terms of appointment not provided for under Act","content":"### sch.1-sec.13 Terms of appointment not provided for under Act\n\nIn relation to matters not provided for under this Act, a director holds office on the terms of appointment determined by the Governor in Council.\nExcept as determined by the Governor in Council, a director is not entitled to receive any payment, any interest in property or other valuable consideration or benefit—\nby way of remuneration as a director; or\nin connection with retirement from office, or other termination of office, as a director.\n(sch.1-sec.13-ssec.1) In relation to matters not provided for under this Act, a director holds office on the terms of appointment determined by the Governor in Council.\n(sch.1-sec.13-ssec.2) Except as determined by the Governor in Council, a director is not entitled to receive any payment, any interest in property or other valuable consideration or benefit— by way of remuneration as a director; or in connection with retirement from office, or other termination of office, as a director.\n- (a) by way of remuneration as a director; or\n- (b) in connection with retirement from office, or other termination of office, as a director.","sortOrder":223},{"sectionNumber":"sch.1-sec.14","sectionType":"section","heading":"Appointment of acting director","content":"### sch.1-sec.14 Appointment of acting director\n\nThe Governor in Council may appoint a person to act as a director during any period, or all periods, when a director is absent from duty or is, for another reason, unable to perform the functions of the office.","sortOrder":224},{"sectionNumber":"sch.1-sec.15","sectionType":"section","heading":"Resignation","content":"### sch.1-sec.15 Resignation\n\nA director, or person appointed under section 3 (Chairperson and deputy chairperson), may resign by signed notice given to the Governor.\nThe chairperson or deputy chairperson may resign as chairperson or deputy chairperson and remain a director.\n(sch.1-sec.15-ssec.1) A director, or person appointed under section 3 (Chairperson and deputy chairperson), may resign by signed notice given to the Governor.\n(sch.1-sec.15-ssec.2) The chairperson or deputy chairperson may resign as chairperson or deputy chairperson and remain a director.","sortOrder":225},{"sectionNumber":"sch.1-sec.16","sectionType":"section","heading":"Termination of appointment as director","content":"### sch.1-sec.16 Termination of appointment as director\n\nThe Governor in Council may, at any time, terminate the appointment of all or any directors of the interim board for any reason or none.\nsch 1 pt 4 s 16 amd 2007 No. 10 ss 58, 62 sch","sortOrder":226},{"sectionNumber":"sch.2-pt.1","sectionType":"part","heading":"Interpretation","content":"# Interpretation","sortOrder":227},{"sectionNumber":"sch.2-sec.1","sectionType":"section","heading":"Definitions for sch 2","content":"### sch.2-sec.1 Definitions for sch 2\n\nIn this schedule—\ninterim board means the interim board of directors of a relevant entity.\nrelevant entity means a candidate GOC associate or associate subsidiary.\nresponsible Ministers , for an associate subsidiary, means the responsible Ministers for the candidate GOC associate of which the associate subsidiary is a subsidiary.\nsch 2 pt 1 s 1 ins 2007 No. 10 s 62 sch","sortOrder":228},{"sectionNumber":"sch.2-pt.2","sectionType":"part","heading":"Chief executive officer","content":"# Chief executive officer","sortOrder":229},{"sectionNumber":"sch.2-sec.2","sectionType":"section","heading":"Appointment of chief executive officer","content":"### sch.2-sec.2 Appointment of chief executive officer\n\nThe chief executive officer of a relevant entity is to be appointed by the entity’s interim board with the prior written approval of the responsible Ministers.\nsch 2 pt 2 s 2 amd 2007 No. 10 s 59\nsub 2007 No. 10 s 62 sch","sortOrder":230},{"sectionNumber":"sch.2-sec.3","sectionType":"section","heading":"Appointment of acting chief executive officer","content":"### sch.2-sec.3 Appointment of acting chief executive officer\n\nThe interim board may appoint a person to act as chief executive officer—\nduring a vacancy in the office; or\nduring any period, or all periods, when the chief executive officer is absent from duty or is, for another reason, unable to perform the functions of the office.\nsch 2 pt 2 s 3 amd 2007 No. 10 s 62 sch\n- (a) during a vacancy in the office; or\n- (b) during any period, or all periods, when the chief executive officer is absent from duty or is, for another reason, unable to perform the functions of the office.","sortOrder":231},{"sectionNumber":"sch.2-sec.4","sectionType":"section","heading":"Terms of appointment not provided for under Act","content":"### sch.2-sec.4 Terms of appointment not provided for under Act\n\nIn relation to matters not provided for under this Act, the chief executive officer holds office on the terms of appointment determined by the interim board.\nsch 2 pt 2 s 4 amd 2007 No. 10 s 62 sch","sortOrder":232},{"sectionNumber":"sch.2-sec.5","sectionType":"section","heading":"Resignation","content":"### sch.2-sec.5 Resignation\n\nThe chief executive officer may resign by signed notice given to the chairperson of the interim board.\nsch 2 pt 2 s 5 amd 2007 No. 10 s 62 sch","sortOrder":233},{"sectionNumber":"sch.2-sec.6","sectionType":"section","heading":"Termination of appointment","content":"### sch.2-sec.6 Termination of appointment\n\nThe interim board may, at any time, terminate the appointment of the chief executive officer for any reason or none.\nThe termination of the appointment of the chief executive officer under subsection (1) does not affect any rights to compensation to which the chief executive officer is entitled under the terms of the chief executive officer’s appointment.\nsch 2 pt 2 s 6 amd 2007 No. 10 s 62 sch\n(sch.2-sec.6-ssec.1) The interim board may, at any time, terminate the appointment of the chief executive officer for any reason or none.\n(sch.2-sec.6-ssec.2) The termination of the appointment of the chief executive officer under subsection (1) does not affect any rights to compensation to which the chief executive officer is entitled under the terms of the chief executive officer’s appointment.","sortOrder":234},{"sectionNumber":"sch.2-sec.7","sectionType":"section","heading":"Duties of chief executive officer","content":"### sch.2-sec.7 Duties of chief executive officer\n\nA relevant entity’s chief executive officer, under its interim board, manages the entity.\nsch 2 pt 2 s 7 ins 2007 No. 10 s 62 sch","sortOrder":235},{"sectionNumber":"sch.2-sec.8","sectionType":"section","heading":"Things done by chief executive officer","content":"### sch.2-sec.8 Things done by chief executive officer\n\nAnything done in the name of, or for, a relevant entity by its chief executive officer is taken to have been done by the entity.\nsch 2 pt 2 s 8 ins 2007 No. 10 s 62 sch","sortOrder":236},{"sectionNumber":"sch.2-sec.9","sectionType":"section","heading":"Delegation by chief executive officer","content":"### sch.2-sec.9 Delegation by chief executive officer\n\nThe chief executive officer of a relevant entity may delegate the chief executive officer’s functions, including a function delegated to the chief executive officer, to an appropriately qualified employee of the entity.\nSubsection (1) has effect subject to any directions of the relevant entity’s interim board.\nIn this section—\nappropriately qualified includes having qualifications, experience or standing appropriate for the function.\nan employee’s classification level in the relevant entity\nfunction includes power.\nsch 2 pt 2 s 9 ins 2007 No. 10 s 62 sch\n(sch.2-sec.9-ssec.1) The chief executive officer of a relevant entity may delegate the chief executive officer’s functions, including a function delegated to the chief executive officer, to an appropriately qualified employee of the entity.\n(sch.2-sec.9-ssec.2) Subsection (1) has effect subject to any directions of the relevant entity’s interim board.\n(sch.2-sec.9-ssec.3) In this section— appropriately qualified includes having qualifications, experience or standing appropriate for the function. an employee’s classification level in the relevant entity function includes power.","sortOrder":237},{"sectionNumber":"sch.2-pt.3","sectionType":"part","heading":"Senior executives","content":"# Senior executives","sortOrder":238},{"sectionNumber":"sch.2-sec.10","sectionType":"section","heading":"Appointment of senior executives","content":"### sch.2-sec.10 Appointment of senior executives\n\nThe senior executives of a relevant entity are to be appointed by the entity’s interim board with the prior written approval of the responsible Ministers.\nsch 2 pt 3 s 10 ins 2007 No. 10 s 62 sch","sortOrder":239},{"sectionNumber":"sch.3-pt.1","sectionType":"part","heading":null,"content":"","sortOrder":240},{"sectionNumber":"sch.3-sec.1","sectionType":"section","heading":null,"content":"### Section sch.3-sec.1\n\nsch 3 pt 1 s 1 ins 1998 No. 21 s 3 sch 1\namd 2007 No. 10 s 62 sch\nom 2009 No. 9 s 103","sortOrder":241},{"sectionNumber":"sch.3-sec.2","sectionType":"section","heading":null,"content":"### Section sch.3-sec.2\n\nsch 3 pt 1 s 2 ins 1998 No. 21 s 3 sch 1\nom 2009 No. 9 s 103","sortOrder":242},{"sectionNumber":"sch.3-pt.2","sectionType":"part","heading":null,"content":"","sortOrder":243},{"sectionNumber":"sch.3-sec.3","sectionType":"section","heading":null,"content":"### Section sch.3-sec.3\n\nsch 3 pt 2 s 3 ins 1998 No. 21 s 3 sch 1\nom 2009 No. 9 s 103\nsch 3 pt 2 s 3 def chairperson amd 2007 No. 10 s 62 sch","sortOrder":244},{"sectionNumber":"sch.3-sec.4","sectionType":"section","heading":null,"content":"### Section sch.3-sec.4\n\nsch 3 pt 2 s 4 ins 1998 No. 21 s 3 sch 1\namd 2007 No. 10 ss 60(1), 62 sch\nom 2009 No. 9 s 103","sortOrder":245},{"sectionNumber":"sch.3-pt.3","sectionType":"part","heading":null,"content":"","sortOrder":246},{"sectionNumber":"sch.3-sec.5","sectionType":"section","heading":null,"content":"### Section sch.3-sec.5\n\nsch 3 pt 3 s 5 ins 1998 No. 21 s 3 sch 1\nom 2009 No. 9 s 103\nsch 3 pt 3 s 5 def chairperson amd 2007 No. 10 s 62 sch\nsch 3 pt 3 s 5 def GOC subsidiary amd 2007 No. 10 s 62 sch\nsch 3 pt 3 s 5 def shareholding GOC amd 2007 No. 10 s 62 sch","sortOrder":247},{"sectionNumber":"sch.3-sec.6","sectionType":"section","heading":null,"content":"### Section sch.3-sec.6\n\nsch 3 pt 3 s 6 ins 1998 No. 21 s 3 sch 1\namd 2007 No. 10 ss 60(1), 62 sch\nom 2009 No. 9 s 103","sortOrder":248},{"sectionNumber":"sch.3-pt.4","sectionType":"part","heading":null,"content":"","sortOrder":249},{"sectionNumber":"sch.3-pt.3-oc.2","sectionType":"part","heading":null,"content":"","sortOrder":250},{"sectionNumber":"sch.3-sec.46F","sectionType":"section","heading":null,"content":"### Section sch.3-sec.46F\n\nsch 3 pt 3 s 46F ins 1998 No. 21 s 3 sch 1\namd 2001 No. 45 s 29 sch 3 ; 2008 No. 6 s 10 (1) ; 2007 No. 10 s 62 sch\nom 2009 No. 9 s 103","sortOrder":251},{"sectionNumber":"sch.3-sec.46H","sectionType":"section","heading":null,"content":"### Section sch.3-sec.46H\n\nsch 3 pt 3 s 46H ins 1998 No. 21 s 3 sch 1\namd 2007 No. 10 s 62 sch\nom 2009 No. 9 s 103","sortOrder":252},{"sectionNumber":"sch.3-sec.46J","sectionType":"section","heading":null,"content":"### Section sch.3-sec.46J\n\nsch 3 pt 3 s 46J ins 1998 No. 21 s 3 sch 1\namd 2001 No. 45 s 29 sch 3 ; 2007 No. 10 s 62 sch\nom 2009 No. 9 s 103","sortOrder":253},{"sectionNumber":"sch.3-pt.3A","sectionType":"part","heading":null,"content":"","sortOrder":254},{"sectionNumber":"sch.3-sec.46K","sectionType":"section","heading":null,"content":"### Section sch.3-sec.46K\n\nsch 3 pt 3A s 46K ins 1998 No. 21 s 3 sch 1\namd 2007 No. 10 s 62 sch\nom 2009 No. 9 s 103","sortOrder":255},{"sectionNumber":"sch.3-sec.46KB","sectionType":"section","heading":null,"content":"### Section sch.3-sec.46KB\n\nsch 3 pt 3A s 46KB ins 1998 No. 21 s 3 sch 1\namd 2007 No. 10 s 62 sch\nom 2009 No. 9 s 103","sortOrder":256},{"sectionNumber":"sch.3-sec.46KC","sectionType":"section","heading":null,"content":"### Section sch.3-sec.46KC\n\nsch 3 pt 3A s 46KC ins 1998 No. 21 s 3 sch 1\namd 2003 No. 8 s 17 sch ; 2007 No. 10 s 62 sch\nom 2009 No. 9 s 103","sortOrder":257},{"sectionNumber":"sch.3-pt.6","sectionType":"part","heading":null,"content":"","sortOrder":258},{"sectionNumber":"sch.3-pt.6-div.1","sectionType":"division","heading":null,"content":"","sortOrder":259},{"sectionNumber":"sch.3-sec.75","sectionType":"section","heading":null,"content":"### Section sch.3-sec.75\n\nsch 3 pt 6 div 1 s 75 ins 1998 No. 21 s 3 sch 1\namd 2007 No. 10 s 62 sch\nom 2009 No. 9 s 103","sortOrder":260},{"sectionNumber":"sch.3-sec.76","sectionType":"section","heading":null,"content":"### Section sch.3-sec.76\n\nsch 3 pt 6 div 1 s 76 ins 1998 No. 21 s 3 sch 1\namd 2007 No. 10 s 62 sch\nom 2009 No. 9 s 103","sortOrder":261},{"sectionNumber":"sch.3-sec.77","sectionType":"section","heading":null,"content":"### Section sch.3-sec.77\n\nsch 3 pt 6 div 1 s 77 ins 1998 No. 21 s 3 sch 1\namd 2007 No. 10 s 62 sch\nom 2009 No. 9 s 103","sortOrder":262},{"sectionNumber":"sch.3-pt.6-div.2","sectionType":"division","heading":null,"content":"","sortOrder":263},{"sectionNumber":"sch.3-sec.79","sectionType":"section","heading":null,"content":"### Section sch.3-sec.79\n\nsch 3 pt 6 div 2 s 79 ins 1998 No. 21 s 3 sch 1\namd 2001 No. 45 s 29 sch 3\nom 2009 No. 9 s 103","sortOrder":264},{"sectionNumber":"sch.3-sec.80","sectionType":"section","heading":null,"content":"### Section sch.3-sec.80\n\nsch 3 pt 6 div 2 s 80 ins 1998 No. 21 s 3 sch 1\namd 2006 No. 44 s 88 (1) ; 2007 No. 10 s 62 sch\nom 2009 No. 9 s 103","sortOrder":265},{"sectionNumber":"sch.3-sec.82","sectionType":"section","heading":null,"content":"### Section sch.3-sec.82\n\nsch 3 pt 6 div 2 s 82 ins 1998 No. 21 s 3 sch 1\namd 2007 No. 10 ss 60(2), 62 sch\nom 2009 No. 9 s 103","sortOrder":266},{"sectionNumber":"sch.3-sec.83","sectionType":"section","heading":null,"content":"### Section sch.3-sec.83\n\nsch 3 pt 6 div 2 s 83 ins 1998 No. 21 s 3 sch 1\nom 2009 No. 9 s 103","sortOrder":267},{"sectionNumber":"sch.3-sec.84","sectionType":"section","heading":null,"content":"### Section sch.3-sec.84\n\nsch 3 pt 6 div 2 s 84 ins 1998 No. 21 s 3 sch 1\nom 2009 No. 9 s 103","sortOrder":268},{"sectionNumber":"sch.3-sec.85","sectionType":"section","heading":null,"content":"### Section sch.3-sec.85\n\nsch 3 pt 6 div 2 s 85 ins 1998 No. 21 s 3 sch 1\namd 2007 No. 10 s 62 sch\nom 2009 No. 9 s 103","sortOrder":269},{"sectionNumber":"sch.3-sec.86","sectionType":"section","heading":null,"content":"### Section sch.3-sec.86\n\nsch 3 pt 6 div 2 s 86 ins 1998 No. 21 s 3 sch 1\nom 2009 No. 9 s 103","sortOrder":270},{"sectionNumber":"sch.3-sec.87","sectionType":"section","heading":null,"content":"### Section sch.3-sec.87\n\nsch 3 pt 6 div 2 s 87 ins 1998 No. 21 s 3 sch 1\nom 2009 No. 9 s 103","sortOrder":271},{"sectionNumber":"sch.3-sec.88","sectionType":"section","heading":null,"content":"### Section sch.3-sec.88\n\nsch 3 pt 6 div 2 s 88 ins 1998 No. 21 s 3 sch 1\namd 2007 No. 10 s 62 sch\nom 2009 No. 9 s 103","sortOrder":272},{"sectionNumber":"sch.3-sec.89","sectionType":"section","heading":null,"content":"### Section sch.3-sec.89\n\nsch 3 pt 6 div 2 s 89 ins 1998 No. 21 s 3 sch 1\nom 2009 No. 9 s 103","sortOrder":273},{"sectionNumber":"sch.3-sec.90","sectionType":"section","heading":null,"content":"### Section sch.3-sec.90\n\nsch 3 pt 6 div 2 s 90 ins 1998 No. 21 s 3 sch 1\nom 2009 No. 9 s 103","sortOrder":274},{"sectionNumber":"sch.3-sec.91","sectionType":"section","heading":null,"content":"### Section sch.3-sec.91\n\nsch 3 pt 6 div 2 s 91 ins 1998 No. 21 s 3 sch 1\nom 2009 No. 9 s 103","sortOrder":275},{"sectionNumber":"sch.3-sec.92","sectionType":"section","heading":null,"content":"### Section sch.3-sec.92\n\nsch 3 pt 6 div 2 s 92 ins 1998 No. 21 s 3 sch 1\namd 2001 No. 69 s 378 sch 1 ; 2009 No. 7 s 16 sch\nom 2009 No. 9 s 103","sortOrder":276},{"sectionNumber":"sch.3-sec.93","sectionType":"section","heading":null,"content":"### Section sch.3-sec.93\n\nsch 3 pt 6 div 2 s 93 ins 1998 No. 21 s 3 sch 1\namd 2007 No. 10 s 62 sch\nom 2009 No. 9 s 103","sortOrder":277},{"sectionNumber":"sch.3-sec.94","sectionType":"section","heading":null,"content":"### Section sch.3-sec.94\n\nsch 3 pt 6 div 2 s 94 ins 1998 No. 21 s 3 sch 1\nom 2009 No. 9 s 103","sortOrder":278},{"sectionNumber":"sch.3-sec.95","sectionType":"section","heading":null,"content":"### Section sch.3-sec.95\n\nsch 3 pt 6 div 2 s 95 ins 1998 No. 21 s 3 sch 1\nom 2009 No. 9 s 103","sortOrder":279},{"sectionNumber":"sch.3-sec.96","sectionType":"section","heading":null,"content":"### Section sch.3-sec.96\n\nsch 3 pt 6 div 2 s 96 ins 1998 No. 21 s 3 sch 1\nom 2009 No. 9 s 103","sortOrder":280},{"sectionNumber":"sch.3-pt.6-div.3","sectionType":"division","heading":null,"content":"","sortOrder":281},{"sectionNumber":"sch.3-sec.99","sectionType":"section","heading":null,"content":"### Section sch.3-sec.99\n\nsch 3 pt 6 div 3 s 99 ins 1998 No. 21 s 3 sch 1\namd 2007 No. 10 s 62 sch\nom 2009 No. 9 s 103","sortOrder":282},{"sectionNumber":"sch.3-sec.100","sectionType":"section","heading":null,"content":"### Section sch.3-sec.100\n\nsch 3 pt 6 div 3 s 100 ins 1998 No. 21 s 3 sch 1\nom 2009 No. 9 s 103","sortOrder":283},{"sectionNumber":"sch.3-sec.101","sectionType":"section","heading":null,"content":"### Section sch.3-sec.101\n\nsch 3 pt 6 div 3 s 101 ins 1998 No. 21 s 3 sch 1\nom 2009 No. 9 s 103","sortOrder":284},{"sectionNumber":"sch.3-sec.102","sectionType":"section","heading":null,"content":"### Section sch.3-sec.102\n\nsch 3 pt 6 div 3 s 102 ins 1998 No. 21 s 3 sch 1\nom 2009 No. 9 s 103","sortOrder":285},{"sectionNumber":"sch.3-sec.103","sectionType":"section","heading":null,"content":"### Section sch.3-sec.103\n\nsch 3 pt 6 div 3 s 103 ins 1998 No. 21 s 3 sch 1\namd 2007 No. 10 s 62 sch\nom 2009 No. 9 s 103","sortOrder":286},{"sectionNumber":"sch.3-sec.104","sectionType":"section","heading":null,"content":"### Section sch.3-sec.104\n\nsch 3 pt 6 div 3 s 104 ins 1998 No. 21 s 3 sch 1\namd 2007 No. 10 s 62 sch\nom 2009 No. 9 s 103","sortOrder":287},{"sectionNumber":"sch.3-sec.105","sectionType":"section","heading":null,"content":"### Section sch.3-sec.105\n\nsch 3 pt 6 div 3 s 105 ins 1998 No. 21 s 3 sch 1\namd 2003 No. 8 s 17 sch\nom 2009 No. 9 s 103","sortOrder":288},{"sectionNumber":"sch.3-sec.143","sectionType":"section","heading":null,"content":"### Section sch.3-sec.143\n\nsch 3 pt 6 div 3 s 143 ins 2006 No. 44 s 88 (2)\namd 2007 No. 10 s 62 sch\nom 2009 No. 9 s 103","sortOrder":289},{"sectionNumber":"sch.3-pt.5","sectionType":"part","heading":null,"content":"","sortOrder":290},{"sectionNumber":"sch.3-pt.3-oc.3","sectionType":"part","heading":null,"content":"","sortOrder":291},{"sectionNumber":"sch.3-pt","sectionType":"part","heading":null,"content":"","sortOrder":292},{"sectionNumber":"sch.3-sec.46F-oc.2","sectionType":"section","heading":null,"content":"### Section sch.3-sec.46F-oc.2\n\nsch 3 pt 3 s 46F ins 1998 No. 21 s 3 sch 1\namd 2007 No. 10 s 60 (3) ; 2008 No. 6 s 10 (2) ; 2007 No. 10 s 62 sch\nom 2009 No. 9 s 103","sortOrder":293},{"sectionNumber":"sch.3-sec.46H-oc.2","sectionType":"section","heading":null,"content":"### Section sch.3-sec.46H-oc.2\n\nsch 3 pt 3 s 46H ins 1998 No. 21 s 3 sch 1\namd 2007 No. 10 s 62 sch\nom 2009 No. 9 s 103","sortOrder":294},{"sectionNumber":"sch.3-sec.46J-oc.2","sectionType":"section","heading":null,"content":"### Section sch.3-sec.46J-oc.2\n\nsch 3 pt 3 s 46J ins 1998 No. 21 s 3 sch 1\namd 2001 No. 45 s 29 sch 3 ; 2007 No. 10 s 62 sch\nom 2009 No. 9 s 103","sortOrder":295},{"sectionNumber":"sch.3-pt.3A-oc.2","sectionType":"part","heading":null,"content":"","sortOrder":296},{"sectionNumber":"sch.3-sec.46K-oc.2","sectionType":"section","heading":null,"content":"### Section sch.3-sec.46K-oc.2\n\nsch 3 pt 3A s 46K ins 1998 No. 21 s 3 sch 1\namd 2007 No. 10 s 62 sch\nom 2009 No. 9 s 103","sortOrder":297},{"sectionNumber":"sch.3-sec.46KB-oc.2","sectionType":"section","heading":null,"content":"### Section sch.3-sec.46KB-oc.2\n\nsch 3 pt 3A s 46KB ins 1998 No. 21 s 3 sch 1\namd 2007 No. 10 s 62 sch\nom 2009 No. 9 s 103","sortOrder":298},{"sectionNumber":"sch.3-sec.46KC-oc.2","sectionType":"section","heading":null,"content":"### Section sch.3-sec.46KC-oc.2\n\nsch 3 pt 3A s 46KC ins 1998 No. 21 s 3 sch 1\namd 2003 No. 8 s 17 sch ; 2007 No. 10 s 62 sch\nom 2009 No. 9 s 103","sortOrder":299},{"sectionNumber":"sch.3-pt.6-oc.2","sectionType":"part","heading":null,"content":"","sortOrder":300},{"sectionNumber":"sch.3-pt.6-oc.2-div.1","sectionType":"division","heading":null,"content":"","sortOrder":301},{"sectionNumber":"sch.3-sec.75-oc.2","sectionType":"section","heading":null,"content":"### Section sch.3-sec.75-oc.2\n\nsch 3 pt 6 div 1 s 75 ins 1998 No. 21 s 3 sch 1\namd 2007 No. 10 s 62 sch\nom 2009 No. 9 s 103","sortOrder":302},{"sectionNumber":"sch.3-sec.76-oc.2","sectionType":"section","heading":null,"content":"### Section sch.3-sec.76-oc.2\n\nsch 3 pt 6 div 1 s 76 ins 1998 No. 21 s 3 sch 1\namd 2007 No. 10 s 62 sch\nom 2009 No. 9 s 103","sortOrder":303},{"sectionNumber":"sch.3-sec.77-oc.2","sectionType":"section","heading":null,"content":"### Section sch.3-sec.77-oc.2\n\nsch 3 pt 6 div 1 s 77 ins 1998 No. 21 s 3 sch 1\namd 2007 No. 10 s 62 sch\nom 2009 No. 9 s 103","sortOrder":304},{"sectionNumber":"sch.3-pt.6-oc.2-div.2","sectionType":"division","heading":null,"content":"","sortOrder":305},{"sectionNumber":"sch.3-sec.79-oc.2","sectionType":"section","heading":null,"content":"### Section sch.3-sec.79-oc.2\n\nsch 3 pt 6 div 2 s 79 ins 1998 No. 21 s 3 sch 1\namd 2007 No. 1 s 60 (4)\nom 2009 No. 9 s 103","sortOrder":306},{"sectionNumber":"sch.3-sec.80-oc.2","sectionType":"section","heading":null,"content":"### Section sch.3-sec.80-oc.2\n\nsch 3 pt 6 div 2 s 80 ins 1998 No. 21 s 3 sch 1\namd 2006 No. 44 s 88 (3) ; 2007 No. 10 s 62 sch\nom 2009 No. 9 s 103","sortOrder":307},{"sectionNumber":"sch.3-sec.82-oc.2","sectionType":"section","heading":null,"content":"### Section sch.3-sec.82-oc.2\n\nsch 3 pt 6 div 2 s 82 ins 1998 No. 21 s 3 sch 1\namd 2007 No. 10 ss 60(2), 62 sch\nom 2009 No. 9 s 103","sortOrder":308},{"sectionNumber":"sch.3-sec.83-oc.2","sectionType":"section","heading":null,"content":"### Section sch.3-sec.83-oc.2\n\nsch 3 pt 6 div 2 s 83 ins 1998 No. 21 s 3 sch 1\nom 2009 No. 9 s 103","sortOrder":309},{"sectionNumber":"sch.3-sec.84-oc.2","sectionType":"section","heading":null,"content":"### Section sch.3-sec.84-oc.2\n\nsch 3 pt 6 div 2 s 84 ins 1998 No. 21 s 3 sch 1\nom 2009 No. 9 s 103","sortOrder":310},{"sectionNumber":"sch.3-sec.85-oc.2","sectionType":"section","heading":null,"content":"### Section sch.3-sec.85-oc.2\n\nsch 3 pt 6 div 2 s 85 ins 1998 No. 21 s 3 sch 1\namd 2007 No. 10 s 62 sch\nom 2009 No. 9 s 103","sortOrder":311},{"sectionNumber":"sch.3-sec.86-oc.2","sectionType":"section","heading":null,"content":"### Section sch.3-sec.86-oc.2\n\nsch 3 pt 6 div 2 s 86 ins 1998 No. 21 s 3 sch 1\nom 2009 No. 9 s 103","sortOrder":312},{"sectionNumber":"sch.3-sec.87-oc.2","sectionType":"section","heading":null,"content":"### Section sch.3-sec.87-oc.2\n\nsch 3 pt 6 div 2 s 87 ins 1998 No. 21 s 3 sch 1\nom 2009 No. 9 s 103","sortOrder":313},{"sectionNumber":"sch.3-sec.88-oc.2","sectionType":"section","heading":null,"content":"### Section sch.3-sec.88-oc.2\n\nsch 3 pt 6 div 2 s 88 ins 1998 No. 21 s 3 sch 1\namd 2007 No. 10 s 62 sch\nom 2009 No. 9 s 103","sortOrder":314},{"sectionNumber":"sch.3-sec.89-oc.2","sectionType":"section","heading":null,"content":"### Section sch.3-sec.89-oc.2\n\nsch 3 pt 6 div 2 s 89 ins 1998 No. 21 s 3 sch 1\nom 2009 No. 9 s 103","sortOrder":315},{"sectionNumber":"sch.3-sec.90-oc.2","sectionType":"section","heading":null,"content":"### Section sch.3-sec.90-oc.2\n\nsch 3 pt 6 div 2 s 90 ins 1998 No. 21 s 3 sch 1\nom 2009 No. 9 s 103","sortOrder":316},{"sectionNumber":"sch.3-sec.91-oc.2","sectionType":"section","heading":null,"content":"### Section sch.3-sec.91-oc.2\n\nsch 3 pt 6 div 2 s 91 ins 1998 No. 21 s 3 sch 1\nom 2009 No. 9 s 103","sortOrder":317},{"sectionNumber":"sch.3-sec.92-oc.2","sectionType":"section","heading":null,"content":"### Section sch.3-sec.92-oc.2\n\nsch 3 pt 6 div 2 s 92 ins 1998 No. 21 s 3 sch 1\namd 2009 No. 7 s 16 sch\nom 2009 No. 9 s 103","sortOrder":318},{"sectionNumber":"sch.3-sec.93-oc.2","sectionType":"section","heading":null,"content":"### Section sch.3-sec.93-oc.2\n\nsch 3 pt 6 div 2 s 93 ins 1998 No. 21 s 3 sch 1\namd 2007 No. 10 s 62 sch\nom 2009 No. 9 s 103","sortOrder":319},{"sectionNumber":"sch.3-sec.94-oc.2","sectionType":"section","heading":null,"content":"### Section sch.3-sec.94-oc.2\n\nsch 3 pt 6 div 2 s 94 ins 1998 No. 21 s 3 sch 1\nom 2009 No. 9 s 103","sortOrder":320},{"sectionNumber":"sch.3-sec.95-oc.2","sectionType":"section","heading":null,"content":"### Section sch.3-sec.95-oc.2\n\nsch 3 pt 6 div 2 s 95 ins 1998 No. 21 s 3 sch 1\nom 2009 No. 9 s 103","sortOrder":321},{"sectionNumber":"sch.3-sec.96-oc.2","sectionType":"section","heading":null,"content":"### Section sch.3-sec.96-oc.2\n\nsch 3 pt 6 div 2 s 96 ins 1998 No. 21 s 3 sch 1\nom 2009 No. 9 s 103","sortOrder":322},{"sectionNumber":"sch.3-pt.6-oc.2-div.3","sectionType":"division","heading":null,"content":"","sortOrder":323},{"sectionNumber":"sch.3-sec.99-oc.2","sectionType":"section","heading":null,"content":"### Section sch.3-sec.99-oc.2\n\nsch 3 pt 6 div 3 s 99 ins 1998 No. 21 s 3 sch 1\namd 2007 No. 10 s 62 sch\nom 2009 No. 9 s 103","sortOrder":324},{"sectionNumber":"sch.3-sec.100-oc.2","sectionType":"section","heading":null,"content":"### Section sch.3-sec.100-oc.2\n\nsch 3 pt 6 div 3 s 100 ins 1998 No. 21 s 3 sch 1\nom 2009 No. 9 s 103","sortOrder":325},{"sectionNumber":"sch.3-sec.101-oc.2","sectionType":"section","heading":null,"content":"### Section sch.3-sec.101-oc.2\n\nsch 3 pt 6 div 3 s 101 ins 1998 No. 21 s 3 sch 1\nom 2009 No. 9 s 103","sortOrder":326},{"sectionNumber":"sch.3-sec.102-oc.2","sectionType":"section","heading":null,"content":"### Section sch.3-sec.102-oc.2\n\nsch 3 pt 6 div 3 s 102 ins 1998 No. 21 s 3 sch 1\nom 2009 No. 9 s 103","sortOrder":327},{"sectionNumber":"sch.3-sec.103-oc.2","sectionType":"section","heading":null,"content":"### Section sch.3-sec.103-oc.2\n\nsch 3 pt 6 div 3 s 103 ins 1998 No. 21 s 3 sch 1\namd 2007 No. 10 s 62 sch\nom 2009 No. 9 s 103","sortOrder":328},{"sectionNumber":"sch.3-sec.104-oc.2","sectionType":"section","heading":null,"content":"### Section sch.3-sec.104-oc.2\n\nsch 3 pt 6 div 3 s 104 ins 1998 No. 21 s 3 sch 1\namd 2007 No. 10 s 62 sch\nom 2009 No. 9 s 103","sortOrder":329},{"sectionNumber":"sch.3-sec.105-oc.2","sectionType":"section","heading":null,"content":"### Section sch.3-sec.105-oc.2\n\nsch 3 pt 6 div 3 s 105 ins 1998 No. 21 s 3 sch 1\namd 2003 No. 8 s 17 sch\nom 2009 No. 9 s 103","sortOrder":330},{"sectionNumber":"sch.3-sec.143-oc.2","sectionType":"section","heading":null,"content":"### Section sch.3-sec.143-oc.2\n\nsch 3 pt 6 div 3 s 143 ins 2006 No. 44 s 88 (2)\namd 2007 No. 10 s 62 sch\nom 2009 No. 9 s 103","sortOrder":331},{"sectionNumber":"sch.4-pt.1","sectionType":"part","heading":"Preliminary","content":"# Preliminary","sortOrder":332},{"sectionNumber":"sch.4-sec.1","sectionType":"section","heading":"Purpose","content":"### sch.4-sec.1 Purpose\n\nThis schedule provides for—\nthe application of provisions of chapter 3 of the Act to prescribed GOC subsidiaries as if they were GOCs; and\nthe modification of the provisions for their application to the subsidiaries.\nsch 4 pt 1 s 1 ins 1998 No. 21 s 3 sch 1\namd 2007 No. 10 s 62 sch ; 2009 No. 9 s 105\n- (a) the application of provisions of chapter 3 of the Act to prescribed GOC subsidiaries as if they were GOCs; and\n- (b) the modification of the provisions for their application to the subsidiaries.","sortOrder":333},{"sectionNumber":"sch.4-sec.2","sectionType":"section","heading":"Definitions","content":"### sch.4-sec.2 Definitions\n\nIn this schedule—\napplied provisions means the provisions of chapter 3 of the Act as applying under section 3 .\nGOC subsidiary ...\nsch 4 pt 1 s 2 def GOC subsidiary amd 2007 No. 10 s 62 sch\nom 2009 No. 9 s 106\nprescribed GOC subsidiary means a GOC subsidiary prescribed under a regulation under section 155 of the Act .\nsch 4 pt 1 s 2 def prescribed GOC subsidiary ins 2009 No. 9 s 106\nsch 4 pt 1 s 2 ins 1998 No. 21 s 3 sch 1","sortOrder":334},{"sectionNumber":"sch.4-sec.3","sectionType":"section","heading":"Application of ch 3 of the Act to prescribed GOC subsidiaries","content":"### sch.4-sec.3 Application of ch 3 of the Act to prescribed GOC subsidiaries\n\nChapter 3 of the Act applies to each prescribed GOC subsidiary with the changes shown in part 2 .\nChanges, other than changes in definitions, are shown in italics. Citations of Acts and definitions are also shown in italics. Changes in definitions are shown in roman type. Provisions not applied are indicated by “ (omitted) ”.\nSubject to the changes mentioned in subsection (1) , the provisions are applied as in force immediately after the commencement of amendment 1 of the Act under the Government Owned Corporations Amendment Act 2007 , schedule.\nsch 4 pt 1 s 3 ins 1998 No. 21 s 3 sch 1\namd 2007 No. 10 ss 61(1)–(2), 62 sch; 2009 No. 9 s 107\n(sch.4-sec.3-ssec.1) Chapter 3 of the Act applies to each prescribed GOC subsidiary with the changes shown in part 2 . Changes, other than changes in definitions, are shown in italics. Citations of Acts and definitions are also shown in italics. Changes in definitions are shown in roman type. Provisions not applied are indicated by “ (omitted) ”.\n(sch.4-sec.3-ssec.2) Subject to the changes mentioned in subsection (1) , the provisions are applied as in force immediately after the commencement of amendment 1 of the Act under the Government Owned Corporations Amendment Act 2007 , schedule.","sortOrder":335},{"sectionNumber":"sch.4-pt.2","sectionType":"part","heading":"Provisions of chapter 3 of Act as applied to prescribed GOC subsidiaries","content":"# Provisions of chapter 3 of Act as applied to prescribed GOC subsidiaries","sortOrder":336},{"sectionNumber":"sch.4-pt.3","sectionType":"part","heading":"Prescribed GOC subsidiaries","content":"# Prescribed GOC subsidiaries","sortOrder":337},{"sectionNumber":"sch.4-pt.1-oc.2","sectionType":"part","heading":"Basic requirements","content":"# Basic requirements","sortOrder":338},{"sectionNumber":"sch.4-sec.75","sectionType":"section","heading":"Prescribed GOC subsidiary must be proprietary company limited by shares","content":"### sch.4-sec.75 Prescribed GOC subsidiary must be proprietary company limited by shares\n\nA prescribed GOC subsidiary must be a proprietary company, and a company limited by shares, within the meaning of the Corporations Act .\nsch 4 pt 2 ch 3 pt 1 s 75 ins 1998 No. 21 s 3 sch 1\namd 2001 No. 45 s 29 sch 3 ; 2007 No. 10 s 62 sch ; 2009 No. 9 s 110","sortOrder":339},{"sectionNumber":"sch.4-pt.2-oc.2","sectionType":"part","heading":"Application of Corporations Act","content":"# Application of Corporations Act","sortOrder":340},{"sectionNumber":"sch.4-sec.76","sectionType":"section","heading":"Application of Corporations Act to prescribed GOC subsidiaries","content":"### sch.4-sec.76 Application of Corporations Act to prescribed GOC subsidiaries\n\nThe Corporations Act applies to a prescribed GOC subsidiary except so far as the applied provisions otherwise provide .\nsch 4 pt 2 ch 3 pt 2 s 76 ins 1998 No. 21 s 3 sch 1\namd 2007 No. 10 ss 61(3), 62 sch; 2009 No. 9 s 111","sortOrder":341},{"sectionNumber":"sch.4-sec.77","sectionType":"section","heading":"Prescribed GOC subsidiary not exempt public authority","content":"### sch.4-sec.77 Prescribed GOC subsidiary not exempt public authority\n\nA prescribed GOC subsidiary is not an exempt public authority for the purposes of the Corporations Act .\nsch 4 pt 2 ch 3 pt 2 s 77 ins 1998 No. 21 s 3 sch 1\namd 2007 No. 10 ss 61(3), 62 sch; 2009 No. 9 s 112","sortOrder":342},{"sectionNumber":"sch.4-pt.3-oc.2","sectionType":"part","heading":"Shares and shareholding Ministers","content":"# Shares and shareholding Ministers","sortOrder":343},{"sectionNumber":"sch.4-sec.78","sectionType":"section","heading":"Shareholders of a prescribed GOC subsidiary","content":"### sch.4-sec.78 Shareholders of a prescribed GOC subsidiary\n\nA prescribed GOC subsidiary may have any number of shareholders.\nEach shareholder must be a GOC.\nEach GOC that is a shareholder of the subsidiary is its shareholding GOC .\nsch 4 pt 2 ch 3 pt 3 s 78 ins 1998 No. 21 s 3 sch 1\nsub 2007 No. 10 s 61 (4)\namd 2007 No. 10 s 62 sch ; 2009 No. 9 s 113\n(sch.4-sec.78-ssec.1) A prescribed GOC subsidiary may have any number of shareholders.\n(sch.4-sec.78-ssec.2) Each shareholder must be a GOC.\n(sch.4-sec.78-ssec.3) Each GOC that is a shareholder of the subsidiary is its shareholding GOC .","sortOrder":344},{"sectionNumber":"sch.4-sec.79","sectionType":"section","heading":"Shareholding GOCs must have equal number of shares ( words omitted )","content":"### sch.4-sec.79 Shareholding GOCs must have equal number of shares ( words omitted )\n\nEach shareholding GOC need not have an equal number of shares.\n( omitted)\n( omitted)\nsch 4 pt 2 ch 3 pt 3 s 79 prev s 79 om 2007 No. 10 s 61 (4)\npres s 79 ins 1998 No. 21 s 3 sch 1\nsub 2007 No. 10 s 61 (4)\n(sch.4-sec.79-ssec.1) Each shareholding GOC need not have an equal number of shares.\n(sch.4-sec.79-ssec.2) ( omitted)\n(sch.4-sec.79-ssec.3) ( omitted)","sortOrder":345},{"sectionNumber":"sch.4-sec.80","sectionType":"section","heading":"Shareholders hold shares for State etc.","content":"### sch.4-sec.80 Shareholders hold shares for State etc.\n\n( omitted )\nsch 4 pt 2 ch 3 pt 3 s 80 prev s 80 ins 1998 No. 21 s 3 sch 1\nom 2007 No. 10 s 61 (4)","sortOrder":346},{"sectionNumber":"sch.4-sec.81","sectionType":"section","heading":"Transfer, issue etc. of shares","content":"### sch.4-sec.81 Transfer, issue etc. of shares\n\n( omitted )\nSection 81 is not applied. The section applies to subsidiaries under its own force.\nsch 4 pt 2 ch 3 pt 3 s 81 ins 1998 No. 21 s 3 sch 1\namd 2007 No. 10 s 61 (6)","sortOrder":347},{"sectionNumber":"sch.4-sec.82","sectionType":"section","heading":"Shareholding Ministers must act jointly","content":"### sch.4-sec.82 Shareholding Ministers must act jointly\n\n( omitted )","sortOrder":348},{"sectionNumber":"sch.4-sec.83","sectionType":"section","heading":"Shareholding GOCs not directors","content":"### sch.4-sec.83 Shareholding GOCs not directors\n\nA shareholding GOC of a prescribed GOC subsidiary is not to be treated as a director of the subsidiary or any subsidiary or proposed subsidiary of the subsidiary .\n(omitted)\n(omitted)\n(omitted)\nsch 4 pt 2 ch 3 pt 3 s 83 ins 1998 No. 21 s 3 sch 1\namd 2007 No. 10 s 62 sch ; 2009 No. 9 s 114\n(sch.4-sec.83-ssec.1) A shareholding GOC of a prescribed GOC subsidiary is not to be treated as a director of the subsidiary or any subsidiary or proposed subsidiary of the subsidiary .\n(sch.4-sec.83-ssec.2) (omitted)\n(sch.4-sec.83-ssec.3) (omitted)\n(sch.4-sec.83-ssec.4) (omitted)","sortOrder":349},{"sectionNumber":"sch.4-sec.84","sectionType":"section","heading":"Resolutions without meetings","content":"### sch.4-sec.84 Resolutions without meetings\n\nIf each shareholding GOC of a prescribed GOC subsidiary signs a document containing a statement that it is in favour of a resolution set out in the document—\na resolution in those terms is taken to have been passed at a general meeting of the subsidiary held at the time at which, and on the day on which, the document is signed by the last GOC ; and\nthe subsidiary is taken to have held a general meeting at that time on that day; and\nthe document is taken to be a minute of the meeting; and\nany document that is attached to the first document, and is signed by each shareholding GOC , is taken to have been laid before the subsidiary at the meeting; and\nif the resolution deals with all matters that are required to be dealt with at an annual general meeting of the subsidiary —the subsidiary is taken to have held an annual general meeting.\nSubsection (1) applies to a resolution that is authorised or required by the Corporations Act , or the subsidiary’s constitution, to be passed at a general meeting, including a resolution—\nappointing an officer or auditor; or\napproving of, or agreeing to, anything.\nFor the purposes of subsection (1) , 2 or more separate documents containing a statement in identical terms, each of which is signed by a shareholding GOC , are taken to constitute a single document.\nThis section has effect for the purposes of the Corporations Act and has that effect despite anything in that Act.\nSubsection (4) does not limit any other effect that this section may have.\nThis section does not affect any rule of law relating to the effectiveness of the assent of members of a company given to a document or anything else otherwise than at a general meeting of the company.\nsch 4 pt 2 ch 3 pt 3 s 84 (prev s 85A) ins 1998 No. 21 s 3 sch 1\namd 2001 No. 45 s 29 sch 3 ; 2007 No. 10 s 61 (5) ; 2007 No. 10 s 62 sch\nrenum and reloc 2007 No. 10 s 62 sch\namd 2009 No. 9 s 115\n(sch.4-sec.84-ssec.1) If each shareholding GOC of a prescribed GOC subsidiary signs a document containing a statement that it is in favour of a resolution set out in the document— a resolution in those terms is taken to have been passed at a general meeting of the subsidiary held at the time at which, and on the day on which, the document is signed by the last GOC ; and the subsidiary is taken to have held a general meeting at that time on that day; and the document is taken to be a minute of the meeting; and any document that is attached to the first document, and is signed by each shareholding GOC , is taken to have been laid before the subsidiary at the meeting; and if the resolution deals with all matters that are required to be dealt with at an annual general meeting of the subsidiary —the subsidiary is taken to have held an annual general meeting.\n(sch.4-sec.84-ssec.2) Subsection (1) applies to a resolution that is authorised or required by the Corporations Act , or the subsidiary’s constitution, to be passed at a general meeting, including a resolution— appointing an officer or auditor; or approving of, or agreeing to, anything.\n(sch.4-sec.84-ssec.3) For the purposes of subsection (1) , 2 or more separate documents containing a statement in identical terms, each of which is signed by a shareholding GOC , are taken to constitute a single document.\n(sch.4-sec.84-ssec.4) This section has effect for the purposes of the Corporations Act and has that effect despite anything in that Act.\n(sch.4-sec.84-ssec.5) Subsection (4) does not limit any other effect that this section may have.\n(sch.4-sec.84-ssec.6) This section does not affect any rule of law relating to the effectiveness of the assent of members of a company given to a document or anything else otherwise than at a general meeting of the company.\n- (a) a resolution in those terms is taken to have been passed at a general meeting of the subsidiary held at the time at which, and on the day on which, the document is signed by the last GOC ; and\n- (b) the subsidiary is taken to have held a general meeting at that time on that day; and\n- (c) the document is taken to be a minute of the meeting; and\n- (d) any document that is attached to the first document, and is signed by each shareholding GOC , is taken to have been laid before the subsidiary at the meeting; and\n- (e) if the resolution deals with all matters that are required to be dealt with at an annual general meeting of the subsidiary —the subsidiary is taken to have held an annual general meeting.\n- (a) appointing an officer or auditor; or\n- (b) approving of, or agreeing to, anything.","sortOrder":350},{"sectionNumber":"sch.4-pt.4","sectionType":"part","heading":"Constitution ( omitted )","content":"# Constitution ( omitted )","sortOrder":351},{"sectionNumber":"sch.4-pt.5","sectionType":"part","heading":"Board of directors","content":"# Board of directors","sortOrder":352},{"sectionNumber":"sch.4-sec.88","sectionType":"section","heading":"Role of board","content":"### sch.4-sec.88 Role of board\n\nThe role of a prescribed GOC subsidiary’s board includes the following matters—\nresponsibility for the subsidiary’s commercial policy and management;\nensuring that, as far as possible, the subsidiary achieves, and acts in accordance with, the statement of corporate intent of each of its shareholding GOCs to the extent the statement is about the subsidiary and carries out the objectives outlined in the statement of corporate intent to the extent the objectives are about the subsidiary ;\naccounting to the subsidiary’s shareholding GOCs for its performance as required by the applied provisions and other laws applying to the subsidiary ;\nensuring that the subsidiary otherwise performs its functions in a proper, effective and efficient way.\nsch 4 pt 2 ch 3 pt 5 s 88 ins 1998 No. 21 s 3 sch 1\namd 2007 No. 10 ss 61(8), 62 sch; 2009 No. 9 s 116\n- (a) responsibility for the subsidiary’s commercial policy and management;\n- (b) ensuring that, as far as possible, the subsidiary achieves, and acts in accordance with, the statement of corporate intent of each of its shareholding GOCs to the extent the statement is about the subsidiary and carries out the objectives outlined in the statement of corporate intent to the extent the objectives are about the subsidiary ;\n- (c) accounting to the subsidiary’s shareholding GOCs for its performance as required by the applied provisions and other laws applying to the subsidiary ;\n- (d) ensuring that the subsidiary otherwise performs its functions in a proper, effective and efficient way.","sortOrder":353},{"sectionNumber":"sch.4-sec.89","sectionType":"section","heading":"Composition of board","content":"### sch.4-sec.89 Composition of board\n\nA prescribed GOC subsidiary’s board is to consist of the number of directors that are appointed by the Governor in Council.\nIn appointing a person as a director, the Governor in council must have regard to the person’s ability to make a contribution to the subsidiary’s commercial performance and the implementation of the statement of corporate intent (if any) of each shareholding GOC of the subsidiary to the extent the statement relates to the subsidiary .\nSubsection (1) has effect despite—\nthe subsidiary’s constitution; and\nthe Corporations Act .\nsch 4 pt 2 ch 3 pt 5 s 89 ins 1998 No. 21 s 3 sch 1\namd 2001 No. 45 s 29 sch 3 ; 2007 No. 10 ss 61(9), 62 sch; 2009 No. 9 s 117\n(sch.4-sec.89-ssec.1) A prescribed GOC subsidiary’s board is to consist of the number of directors that are appointed by the Governor in Council.\n(sch.4-sec.89-ssec.2) In appointing a person as a director, the Governor in council must have regard to the person’s ability to make a contribution to the subsidiary’s commercial performance and the implementation of the statement of corporate intent (if any) of each shareholding GOC of the subsidiary to the extent the statement relates to the subsidiary .\n(sch.4-sec.89-ssec.3) Subsection (1) has effect despite— the subsidiary’s constitution; and the Corporations Act .\n- (a) the subsidiary’s constitution; and\n- (b) the Corporations Act .","sortOrder":354},{"sectionNumber":"sch.4-sec.90","sectionType":"section","heading":"Public service officers not eligible for appointment as directors","content":"### sch.4-sec.90 Public service officers not eligible for appointment as directors\n\nA public service officer is not eligible for appointment as a director of a prescribed GOC subsidiary .\nSubsection (1) has effect despite the Corporations Act .\nsch 4 pt 2 ch 3 pt 5 s 90 ins 1998 No. 21 s 3 sch 1\namd 2001 No. 45 s 29 sch 3 ; 2007 No. 10 s 62 sch ; 2009 No. 9 s 118\n(sch.4-sec.90-ssec.1) A public service officer is not eligible for appointment as a director of a prescribed GOC subsidiary .\n(sch.4-sec.90-ssec.2) Subsection (1) has effect despite the Corporations Act .","sortOrder":355},{"sectionNumber":"sch.4-sec.91","sectionType":"section","heading":"(omitted)","content":"### sch.4-sec.91 (omitted)","sortOrder":356},{"sectionNumber":"sch.4-pt.6","sectionType":"part","heading":"Chief executive officer","content":"# Chief executive officer","sortOrder":357},{"sectionNumber":"sch.4-sec.92","sectionType":"section","heading":"Appointment of chief executive officer","content":"### sch.4-sec.92 Appointment of chief executive officer\n\nA prescribed GOC subsidiary’s chief executive officer is to be appointed by the subsidiary’s board with the prior written approval of the shareholding Ministers of each shareholding GOC of the subsidiary .\nSubsection (1) does not limit a provision of the subsidiary’s constitution requiring the subsidiary’s board to consult the board of a GOC that is a shareholder of the subsidiary before appointing the chief executive officer under the subsection.\nsch 4 pt 2 ch 3 pt 6 s 92 ins 1998 No. 21 s 3 sch 1\namd 2001 No. 45 s 29 sch 3 ; 2007 No. 10 ss 61(10)–(11), 62 sch; 2009 No. 9 s 119\n(sch.4-sec.92-ssec.1) A prescribed GOC subsidiary’s chief executive officer is to be appointed by the subsidiary’s board with the prior written approval of the shareholding Ministers of each shareholding GOC of the subsidiary .\n(sch.4-sec.92-ssec.2) Subsection (1) does not limit a provision of the subsidiary’s constitution requiring the subsidiary’s board to consult the board of a GOC that is a shareholder of the subsidiary before appointing the chief executive officer under the subsection.","sortOrder":358},{"sectionNumber":"sch.4-sec.93","sectionType":"section","heading":"Appointment of chief executive officer—particular subsidiaries","content":"### sch.4-sec.93 Appointment of chief executive officer—particular subsidiaries\n\n( omitted )\nSection 93 is not applied. The section applies to subsidiaries not prescribed under a regulation made under section 155 (1) .\nsch 4 pt 2 ch 3 pt 6 s 93 ins 2007 No. 10 s 61 (12)","sortOrder":359},{"sectionNumber":"sch.4-pt.7","sectionType":"part","heading":"Corporate plan ( omitted )","content":"# Corporate plan ( omitted )","sortOrder":360},{"sectionNumber":"sch.4-pt.8","sectionType":"part","heading":"Statement of corporate intent ( omitted )","content":"# Statement of corporate intent ( omitted )","sortOrder":361},{"sectionNumber":"sch.4-pt.9","sectionType":"part","heading":"Community service obligations ( omitted )","content":"# Community service obligations ( omitted )","sortOrder":362},{"sectionNumber":"sch.4-pt.10","sectionType":"part","heading":"General reserve powers of shareholding Ministers","content":"# General reserve powers of shareholding Ministers","sortOrder":363},{"sectionNumber":"sch.4-sec.114","sectionType":"section","heading":"Exercise of reserve power of shareholding Ministers to notify GOC’s board of public sector policies","content":"### sch.4-sec.114 Exercise of reserve power of shareholding Ministers to notify GOC’s board of public sector policies\n\nThis section applies if, under section 114 (as it applies to GOCs), the shareholding Ministers of a shareholding GOC of a prescribed GOC subsidiary notify the GOC’s board, in writing, of a public sector policy that is to apply to the GOC and its subsidiaries.\nThe GOC must notify the subsidiary of the policy at least to the extent that the policy concerns the subsidiary .\nThe subsidiary’s board must ensure that the policy is carried out in relation to the subsidiary to the extent that the policy concerns the subsidiary .\n(omitted)\n(omitted)\nsch 4 pt 2 ch 3 pt 10 s 114 ins 1998 No. 21 s 3 sch 1\namd 2007 No. 10 s 62 sch ; 2009 No. 9 s 120\n(sch.4-sec.114-ssec.1) This section applies if, under section 114 (as it applies to GOCs), the shareholding Ministers of a shareholding GOC of a prescribed GOC subsidiary notify the GOC’s board, in writing, of a public sector policy that is to apply to the GOC and its subsidiaries.\n(sch.4-sec.114-ssec.1A) The GOC must notify the subsidiary of the policy at least to the extent that the policy concerns the subsidiary .\n(sch.4-sec.114-ssec.2) The subsidiary’s board must ensure that the policy is carried out in relation to the subsidiary to the extent that the policy concerns the subsidiary .\n(sch.4-sec.114-ssec.3) (omitted)\n(sch.4-sec.114-ssec.4) (omitted)","sortOrder":364},{"sectionNumber":"sch.4-sec.115","sectionType":"section","heading":"Exercise of reserve power of shareholding Ministers to give directions in public interest","content":"### sch.4-sec.115 Exercise of reserve power of shareholding Ministers to give directions in public interest\n\nThis section applies if, under section 115 (as it applies to GOCs), the shareholding Ministers of a shareholding GOC of a prescribed GOC subsidiary give the GOC’s board a written direction in relation to the GOC and its subsidiaries.\nThe GOC must notify the subsidiary of the direction at least to the extent that the direction concerns the subsidiary .\nThe subsidiary’s board must ensure that the direction is complied with in relation to the subsidiary to the extent that the direction concerns the subsidiary .\n(omitted)\n(omitted)\nsch 4 pt 2 ch 3 pt 10 s 115 ins 1998 No. 21 s 3 sch 1\namd 2007 No. 10 s 62 sch ; 2009 No. 9 s 121\n(sch.4-sec.115-ssec.1) This section applies if, under section 115 (as it applies to GOCs), the shareholding Ministers of a shareholding GOC of a prescribed GOC subsidiary give the GOC’s board a written direction in relation to the GOC and its subsidiaries.\n(sch.4-sec.115-ssec.1A) The GOC must notify the subsidiary of the direction at least to the extent that the direction concerns the subsidiary .\n(sch.4-sec.115-ssec.2) The subsidiary’s board must ensure that the direction is complied with in relation to the subsidiary to the extent that the direction concerns the subsidiary .\n(sch.4-sec.115-ssec.3) (omitted)\n(sch.4-sec.115-ssec.4) (omitted)","sortOrder":365},{"sectionNumber":"sch.4-sec.116","sectionType":"section","heading":"Direction given following notice of suspected insolvency","content":"### sch.4-sec.116 Direction given following notice of suspected insolvency\n\nThis section applies if—\nthe shareholding Ministers of a shareholding GOC of a prescribed GOC subsidiary give the GOC’s board a notification under section 114 (as it applies to GOCs) or a direction under section 115 (as it applies to GOCs); and\nthe GOC gives written notice to the shareholding Ministers and the Auditor-General of—\nits suspicion that the subsidiary will or may become insolvent; and\nthe reasons for its opinion that the cause or a substantial cause of the suspected insolvency would be compliance with the notification or direction; and\nthe shareholding Ministers give the GOC’s board written directions under section 116 (4) (as it applies to GOCs).\nThe GOC must notify the subsidiary of the written directions mentioned in subsection (1) (c) .\n(omitted)\n(omitted)\n(omitted)\n(omitted)\nThe subsidiary’s board must ensure that a direction under this section is complied with in relation to the subsidiary .\n(omitted)\n(omitted)\nsch 4 pt 2 ch 3 pt 10 s 116 ins 1998 No. 21 s 3 sch 1\namd 2007 No. 10 s 62 sch ; 2009 No. 9 s 122\n(sch.4-sec.116-ssec.1) This section applies if— the shareholding Ministers of a shareholding GOC of a prescribed GOC subsidiary give the GOC’s board a notification under section 114 (as it applies to GOCs) or a direction under section 115 (as it applies to GOCs); and the GOC gives written notice to the shareholding Ministers and the Auditor-General of— its suspicion that the subsidiary will or may become insolvent; and the reasons for its opinion that the cause or a substantial cause of the suspected insolvency would be compliance with the notification or direction; and the shareholding Ministers give the GOC’s board written directions under section 116 (4) (as it applies to GOCs).\n(sch.4-sec.116-ssec.1A) The GOC must notify the subsidiary of the written directions mentioned in subsection (1) (c) .\n(sch.4-sec.116-ssec.2) (omitted)\n(sch.4-sec.116-ssec.3) (omitted)\n(sch.4-sec.116-ssec.4) (omitted)\n(sch.4-sec.116-ssec.5) (omitted)\n(sch.4-sec.116-ssec.6) The subsidiary’s board must ensure that a direction under this section is complied with in relation to the subsidiary .\n(sch.4-sec.116-ssec.7) (omitted)\n(sch.4-sec.116-ssec.8) (omitted)\n- (a) the shareholding Ministers of a shareholding GOC of a prescribed GOC subsidiary give the GOC’s board a notification under section 114 (as it applies to GOCs) or a direction under section 115 (as it applies to GOCs); and\n- (b) the GOC gives written notice to the shareholding Ministers and the Auditor-General of— (i) its suspicion that the subsidiary will or may become insolvent; and (ii) the reasons for its opinion that the cause or a substantial cause of the suspected insolvency would be compliance with the notification or direction; and\n- (i) its suspicion that the subsidiary will or may become insolvent; and\n- (ii) the reasons for its opinion that the cause or a substantial cause of the suspected insolvency would be compliance with the notification or direction; and\n- (c) the shareholding Ministers give the GOC’s board written directions under section 116 (4) (as it applies to GOCs).\n- (i) its suspicion that the subsidiary will or may become insolvent; and\n- (ii) the reasons for its opinion that the cause or a substantial cause of the suspected insolvency would be compliance with the notification or direction; and","sortOrder":366},{"sectionNumber":"sch.4-sec.117","sectionType":"section","heading":"Subsidiary and board not otherwise subject to government direction","content":"### sch.4-sec.117 Subsidiary and board not otherwise subject to government direction\n\nExcept as otherwise provided by the applied provisions or any Act, a prescribed GOC subsidiary and its board are not subject to direction by or on behalf of the Government.\nsch 4 pt 2 ch 3 pt 10 s 117 ins 1998 No. 21 s 3 sch 1\namd 2007 No. 10 s 62 sch ; 2009 No. 9 s 123","sortOrder":367},{"sectionNumber":"sch.4-pt.11","sectionType":"part","heading":"Reports and other accountability matters","content":"# Reports and other accountability matters","sortOrder":368},{"sectionNumber":"sch.4-sec.118","sectionType":"section","heading":"Application of Financial Accountability Act 2009","content":"### sch.4-sec.118 Application of Financial Accountability Act 2009\n\n(omitted)\nsch 4 pt 2 ch 3 pt 11 s 118 amd 2009 No. 9 s 124","sortOrder":369},{"sectionNumber":"sch.4-sec.119","sectionType":"section","heading":"Quarterly reports","content":"### sch.4-sec.119 Quarterly reports\n\n( omitted )\nSection 119 is not applied. The section applies to subsidiaries under its own force.\nsch 4 pt 2 ch 3 pt 11 s 119 ins 1998 No. 21 s 3 sch 1\namd 2007 No. 10 s 61 (16)","sortOrder":370},{"sectionNumber":"sch.4-sec.120","sectionType":"section","heading":"Matters to be included in annual report","content":"### sch.4-sec.120 Matters to be included in annual report\n\nEach annual report of a prescribed GOC subsidiary (the first subsidiary ) must—\ncontain the information that is required to be included in the report by the shareholding Ministers of each shareholding GOC of the first subsidiary to enable an informed assessment to be made of the operations of the first subsidiary and its subsidiaries, including a comparison of the performance of the first subsidiary and its subsidiaries with each shareholding GOC’s statement of corporate intent to the extent it relates to the first subsidiary or its subsidiaries ; and\nstate the first subsidiary’s dividend policy for the financial year to which the report relates; and\ninclude the statement of corporate intent of each shareholding GOC of the first subsidiary for the relevant financial year to the extent the statement relates to the first subsidiary or its subsidiaries ; and\ninclude particulars of any modifications made to the statement of corporate intent during the relevant financial year to the extent the modifications relate to the first subsidiary or its subsidiaries ; and\ninclude particulars of any directions and notifications given to the board of a shareholding GOC of the first subsidiary by the shareholding GOC’s shareholding Ministers that relate to the relevant financial year to the extent the directions or notifications concern the first subsidiary or its subsidiaries ; and\ninclude particulars of the impact on the financial position, profits and losses and prospects of the first subsidiary and its subsidiaries of any modifications to a statement of corporate intent, and any directions and notifications given to the board , of a shareholding GOC of the first subsidiary by the shareholding GOC’s shareholding Ministers, that relate to the relevant financial year to the extent the modifications, directions or notifications relate to or concern the first subsidiary or its subsidiaries .\nThis section does not limit the matters that are required to be included in, or to accompany, a prescribed GOC subsidiary’s annual report by the Corporations Act or another Act.\nsch 4 pt 2 ch 3 pt 11 s 120 ins 1998 No. 21 s 3 sch 1\namd 2001 No. 45 s 29 sch 3 ; 2007 No. 10 ss 61(17)–(18), 62 sch; 2009 No. 9 s 125\n(sch.4-sec.120-ssec.1) Each annual report of a prescribed GOC subsidiary (the first subsidiary ) must— contain the information that is required to be included in the report by the shareholding Ministers of each shareholding GOC of the first subsidiary to enable an informed assessment to be made of the operations of the first subsidiary and its subsidiaries, including a comparison of the performance of the first subsidiary and its subsidiaries with each shareholding GOC’s statement of corporate intent to the extent it relates to the first subsidiary or its subsidiaries ; and state the first subsidiary’s dividend policy for the financial year to which the report relates; and include the statement of corporate intent of each shareholding GOC of the first subsidiary for the relevant financial year to the extent the statement relates to the first subsidiary or its subsidiaries ; and include particulars of any modifications made to the statement of corporate intent during the relevant financial year to the extent the modifications relate to the first subsidiary or its subsidiaries ; and include particulars of any directions and notifications given to the board of a shareholding GOC of the first subsidiary by the shareholding GOC’s shareholding Ministers that relate to the relevant financial year to the extent the directions or notifications concern the first subsidiary or its subsidiaries ; and include particulars of the impact on the financial position, profits and losses and prospects of the first subsidiary and its subsidiaries of any modifications to a statement of corporate intent, and any directions and notifications given to the board , of a shareholding GOC of the first subsidiary by the shareholding GOC’s shareholding Ministers, that relate to the relevant financial year to the extent the modifications, directions or notifications relate to or concern the first subsidiary or its subsidiaries .\n(sch.4-sec.120-ssec.2) This section does not limit the matters that are required to be included in, or to accompany, a prescribed GOC subsidiary’s annual report by the Corporations Act or another Act.\n- (a) contain the information that is required to be included in the report by the shareholding Ministers of each shareholding GOC of the first subsidiary to enable an informed assessment to be made of the operations of the first subsidiary and its subsidiaries, including a comparison of the performance of the first subsidiary and its subsidiaries with each shareholding GOC’s statement of corporate intent to the extent it relates to the first subsidiary or its subsidiaries ; and\n- (b) state the first subsidiary’s dividend policy for the financial year to which the report relates; and\n- (c) include the statement of corporate intent of each shareholding GOC of the first subsidiary for the relevant financial year to the extent the statement relates to the first subsidiary or its subsidiaries ; and\n- (d) include particulars of any modifications made to the statement of corporate intent during the relevant financial year to the extent the modifications relate to the first subsidiary or its subsidiaries ; and\n- (e) include particulars of any directions and notifications given to the board of a shareholding GOC of the first subsidiary by the shareholding GOC’s shareholding Ministers that relate to the relevant financial year to the extent the directions or notifications concern the first subsidiary or its subsidiaries ; and\n- (f) include particulars of the impact on the financial position, profits and losses and prospects of the first subsidiary and its subsidiaries of any modifications to a statement of corporate intent, and any directions and notifications given to the board , of a shareholding GOC of the first subsidiary by the shareholding GOC’s shareholding Ministers, that relate to the relevant financial year to the extent the modifications, directions or notifications relate to or concern the first subsidiary or its subsidiaries .","sortOrder":371},{"sectionNumber":"sch.4-sec.121","sectionType":"section","heading":"Deletion of commercially sensitive matters from annual report etc.","content":"### sch.4-sec.121 Deletion of commercially sensitive matters from annual report etc.\n\nIf a prescribed GOC subsidiary’s board requests the shareholding Ministers of each shareholding GOC of the subsidiary to delete from the copies of an annual report of the subsidiary (and accompanying documents) that are to be made public a matter that is of a commercially sensitive nature, the shareholding Ministers may delete the matter from the copies of the annual report (and accompanying documents) that are laid before the Legislative Assembly or otherwise made public.\nAn annual report of a prescribed GOC subsidiary may include a summary of a matter required to be included in the annual report, rather than a full statement of the matter, if—\nthe summary indicates that it is a summary only; and\na full statement of the matter is laid before the Legislative Assembly at the same time as a copy of the annual report is laid before the Legislative Assembly.\nSubsections (1) and (2) have effect despite section 120 or another Act.\nSubsection (1) has effect despite subsection (2) .\nsch 4 pt 2 ch 3 pt 11 s 121 ins 1998 No. 21 s 3 sch 1\namd 2007 No. 10 s 62 sch ; 2009 No. 9 s 126\n(sch.4-sec.121-ssec.1) If a prescribed GOC subsidiary’s board requests the shareholding Ministers of each shareholding GOC of the subsidiary to delete from the copies of an annual report of the subsidiary (and accompanying documents) that are to be made public a matter that is of a commercially sensitive nature, the shareholding Ministers may delete the matter from the copies of the annual report (and accompanying documents) that are laid before the Legislative Assembly or otherwise made public.\n(sch.4-sec.121-ssec.2) An annual report of a prescribed GOC subsidiary may include a summary of a matter required to be included in the annual report, rather than a full statement of the matter, if— the summary indicates that it is a summary only; and a full statement of the matter is laid before the Legislative Assembly at the same time as a copy of the annual report is laid before the Legislative Assembly.\n(sch.4-sec.121-ssec.3) Subsections (1) and (2) have effect despite section 120 or another Act.\n(sch.4-sec.121-ssec.4) Subsection (1) has effect despite subsection (2) .\n- (a) the summary indicates that it is a summary only; and\n- (b) a full statement of the matter is laid before the Legislative Assembly at the same time as a copy of the annual report is laid before the Legislative Assembly.","sortOrder":372},{"sectionNumber":"sch.4-sec.122","sectionType":"section","heading":"Board to keep shareholding Ministers informed","content":"### sch.4-sec.122 Board to keep shareholding Ministers informed\n\nThe board of a prescribed GOC subsidiary (the first subsidiary ) must—\nkeep each of the first subsidiary’s shareholding GOCs reasonably informed of the operations, financial performance and financial position of the first subsidiary and its subsidiaries, including the assets and liabilities, profits and losses and prospects of the first subsidiary and its subsidiaries; and\ngive to each shareholding GOC of the first subsidiary reports and information that the GOC requires to enable it to make informed assessments of matters mentioned in paragraph (a) ; and\nif matters arise that in the board’s opinion may prevent, or significantly affect, achievement of the objectives outlined in the statement of corporate intent or targets under the corporate plan of a shareholding GOC of the first subsidiary —immediately inform the shareholding GOC of the matters and its opinion in relation to them.\nSubsection (1) does not limit the matters of which the board is required to keep a shareholding GOC of a prescribed GOC subsidiary informed, or limit the reports or information that the board is required, or may be required, to give to a shareholding GOC of a prescribed GOC subsidiary , by the Corporations Act or another Act.\nsch 4 pt 2 ch 3 pt 11 s 122 ins 1998 No. 21 s 3 sch 1\namd 2001 No. 45 s 29 sch 3 ; 2007 No. 10 s 62 sch ; 2009 No. 9 s 127\n(sch.4-sec.122-ssec.1) The board of a prescribed GOC subsidiary (the first subsidiary ) must— keep each of the first subsidiary’s shareholding GOCs reasonably informed of the operations, financial performance and financial position of the first subsidiary and its subsidiaries, including the assets and liabilities, profits and losses and prospects of the first subsidiary and its subsidiaries; and give to each shareholding GOC of the first subsidiary reports and information that the GOC requires to enable it to make informed assessments of matters mentioned in paragraph (a) ; and if matters arise that in the board’s opinion may prevent, or significantly affect, achievement of the objectives outlined in the statement of corporate intent or targets under the corporate plan of a shareholding GOC of the first subsidiary —immediately inform the shareholding GOC of the matters and its opinion in relation to them.\n(sch.4-sec.122-ssec.2) Subsection (1) does not limit the matters of which the board is required to keep a shareholding GOC of a prescribed GOC subsidiary informed, or limit the reports or information that the board is required, or may be required, to give to a shareholding GOC of a prescribed GOC subsidiary , by the Corporations Act or another Act.\n- (a) keep each of the first subsidiary’s shareholding GOCs reasonably informed of the operations, financial performance and financial position of the first subsidiary and its subsidiaries, including the assets and liabilities, profits and losses and prospects of the first subsidiary and its subsidiaries; and\n- (b) give to each shareholding GOC of the first subsidiary reports and information that the GOC requires to enable it to make informed assessments of matters mentioned in paragraph (a) ; and\n- (c) if matters arise that in the board’s opinion may prevent, or significantly affect, achievement of the objectives outlined in the statement of corporate intent or targets under the corporate plan of a shareholding GOC of the first subsidiary —immediately inform the shareholding GOC of the matters and its opinion in relation to them.","sortOrder":373},{"sectionNumber":"sch.4-sec.129","sectionType":"section","heading":null,"content":"### Section sch.4-sec.129\n\nsch 4 pt 2 ch 3 pt 11 s 129 prev s 129 om 2007 No. 10 s 61 (15)","sortOrder":374},{"sectionNumber":"sch.4-pt.12","sectionType":"part","heading":"Duties and liabilities of directors and other officers","content":"# Duties and liabilities of directors and other officers","sortOrder":375},{"sectionNumber":"sch.4-sec.123","sectionType":"section","heading":"Application of Corporations Act to officers of GOC","content":"### sch.4-sec.123 Application of Corporations Act to officers of GOC\n\n( omitted )\nsch 4 pt 2 ch 3 pt 12 s 123 ins 2007 No. 10 s 62 sch","sortOrder":376},{"sectionNumber":"sch.4-sec.124","sectionType":"section","heading":"Application of Corporations Act to officers of GOC subsidiaries","content":"### sch.4-sec.124 Application of Corporations Act to officers of GOC subsidiaries\n\n( omitted )\nSection 124 is not applied. The section applies to subsidiaries under its own force.\nsch 4 pt 2 ch 3 pt 12 s 124 ins 1998 No. 21 s 3 sch 1\namd 2001 No. 45 s 29 sch 3 ; 2007 No. 10 s 61(19)","sortOrder":377},{"sectionNumber":"sch.4-sec.125","sectionType":"section","heading":"Notice of suspected insolvency otherwise than because of direction or notification","content":"### sch.4-sec.125 Notice of suspected insolvency otherwise than because of direction or notification\n\nThis section applies if—\nunder section 125 (as it applies to GOCs) the board of a shareholding GOC of a prescribed GOC subsidiary gives written notice to the GOC’s shareholding Ministers and the auditor-general of—\nthe board’s suspicion that the GOC or the subsidiary is, may be, will or may become insolvent; and\nits reasons for the opinion; and\nunder section 125 (3) (as it applies to GOCs) the shareholding Ministers give the GOC’s board written directions the shareholding Ministers consider necessary or desirable.\nThe GOC must notify the subsidiary of the written directions mentioned in subsection (1) (b) .\n(omitted)\n(omitted)\n(omitted)\nThe subsidiary’s board must ensure that a direction under this section is complied with in relation to the subsidiary .\n(omitted)\n(omitted)\n(omitted)\nsch 4 pt 2 ch 3 pt 12 s 125 ins 1998 No. 21 s 3 sch 1\namd 2007 No. 10 s 62 sch ; 2009 No. 9 s 128\n(sch.4-sec.125-ssec.1) This section applies if— under section 125 (as it applies to GOCs) the board of a shareholding GOC of a prescribed GOC subsidiary gives written notice to the GOC’s shareholding Ministers and the auditor-general of— the board’s suspicion that the GOC or the subsidiary is, may be, will or may become insolvent; and its reasons for the opinion; and under section 125 (3) (as it applies to GOCs) the shareholding Ministers give the GOC’s board written directions the shareholding Ministers consider necessary or desirable.\n(sch.4-sec.125-ssec.1A) The GOC must notify the subsidiary of the written directions mentioned in subsection (1) (b) .\n(sch.4-sec.125-ssec.2) (omitted)\n(sch.4-sec.125-ssec.3) (omitted)\n(sch.4-sec.125-ssec.4) (omitted)\n(sch.4-sec.125-ssec.5) The subsidiary’s board must ensure that a direction under this section is complied with in relation to the subsidiary .\n(sch.4-sec.125-ssec.6) (omitted)\n(sch.4-sec.125-ssec.7) (omitted)\n(sch.4-sec.125-ssec.8) (omitted)\n- (a) under section 125 (as it applies to GOCs) the board of a shareholding GOC of a prescribed GOC subsidiary gives written notice to the GOC’s shareholding Ministers and the auditor-general of— (i) the board’s suspicion that the GOC or the subsidiary is, may be, will or may become insolvent; and (ii) its reasons for the opinion; and\n- (i) the board’s suspicion that the GOC or the subsidiary is, may be, will or may become insolvent; and\n- (ii) its reasons for the opinion; and\n- (b) under section 125 (3) (as it applies to GOCs) the shareholding Ministers give the GOC’s board written directions the shareholding Ministers consider necessary or desirable.\n- (i) the board’s suspicion that the GOC or the subsidiary is, may be, will or may become insolvent; and\n- (ii) its reasons for the opinion; and","sortOrder":378},{"sectionNumber":"sch.4-pt.13","sectionType":"part","heading":"Legal capacity and powers","content":"# Legal capacity and powers","sortOrder":379},{"sectionNumber":"sch.4-sec.126","sectionType":"section","heading":"General powers of prescribed GOC subsidiaries","content":"### sch.4-sec.126 General powers of prescribed GOC subsidiaries\n\nA prescribed GOC subsidiary has, in addition to powers conferred on it by the Corporations Act —\nthe power to do all things necessary or convenient to be done for, or in connection with, the performance of its functions; and\nthe powers that are conferred on it by the applied provisions or any Act.\nSubsection (1) has effect subject to any restrictions on the subsidiary’s powers expressly imposed by the applied provisions or any Act.\nsch 4 pt 2 ch 3 pt 13 s 126 ins 1998 No. 21 s 3 sch 1\namd 2001 No. 45 s 29 sch 3 ; 2007 No. 10 s 62 sch ; 2009 No. 9 s 129\n(sch.4-sec.126-ssec.1) A prescribed GOC subsidiary has, in addition to powers conferred on it by the Corporations Act — the power to do all things necessary or convenient to be done for, or in connection with, the performance of its functions; and the powers that are conferred on it by the applied provisions or any Act.\n(sch.4-sec.126-ssec.2) Subsection (1) has effect subject to any restrictions on the subsidiary’s powers expressly imposed by the applied provisions or any Act.\n- (a) the power to do all things necessary or convenient to be done for, or in connection with, the performance of its functions; and\n- (b) the powers that are conferred on it by the applied provisions or any Act.","sortOrder":380},{"sectionNumber":"sch.4-sec.127","sectionType":"section","heading":"Doctrine of ultra vires etc. not revived","content":"### sch.4-sec.127 Doctrine of ultra vires etc. not revived\n\nThe doctrine of ultra vires is not revived in relation to a prescribed GOC subsidiary by the applied provisions .\nThe abolition of the doctrine by the Corporations Act is not affected by applied provisions .\nThis section is included for the removal of doubt.\nsch 4 pt 2 ch 3 pt 13 s 127 ins 1998 No. 21 s 3 sch 1\namd 2001 No. 45 s 29 sch 3 ; 2007 No. 10 s 62 sch ; 2009 No. 9 s 130\n(sch.4-sec.127-ssec.1) The doctrine of ultra vires is not revived in relation to a prescribed GOC subsidiary by the applied provisions .\n(sch.4-sec.127-ssec.2) The abolition of the doctrine by the Corporations Act is not affected by applied provisions .\n(sch.4-sec.127-ssec.3) This section is included for the removal of doubt.","sortOrder":381},{"sectionNumber":"sch.4-pt.14","sectionType":"part","heading":"Finance ( omitted )","content":"# Finance ( omitted )","sortOrder":382},{"sectionNumber":"sch.4-pt.15","sectionType":"part","heading":"Acquisition and disposal of assets and subsidiaries","content":"# Acquisition and disposal of assets and subsidiaries","sortOrder":383},{"sectionNumber":"sch.4-sec.138","sectionType":"section","heading":"Reserve power of shareholding Ministers to direct that asset not be disposed of","content":"### sch.4-sec.138 Reserve power of shareholding Ministers to direct that asset not be disposed of\n\nThis section applies if, under section 138 (as it applies to GOCs), the shareholding Ministers of a shareholding GOC of a prescribed GOC subsidiary give the GOC’s board a written direction requiring the subsidiary not to dispose of a specified asset .\nThe GOC must notify the subsidiary of the direction .\nThe subsidiary’s board must ensure the direction is complied with in relation to the subsidiary .\n( omitted )\nsch 4 pt 2 ch 3 pt 15 s 138 ins 1998 No. 21 s 3 sch 1\namd 2009 No. 9 s 131\n(sch.4-sec.138-ssec.1) This section applies if, under section 138 (as it applies to GOCs), the shareholding Ministers of a shareholding GOC of a prescribed GOC subsidiary give the GOC’s board a written direction requiring the subsidiary not to dispose of a specified asset .\n(sch.4-sec.138-ssec.1A) The GOC must notify the subsidiary of the direction .\n(sch.4-sec.138-ssec.2) The subsidiary’s board must ensure the direction is complied with in relation to the subsidiary .\n(sch.4-sec.138-ssec.3) ( omitted )","sortOrder":384},{"sectionNumber":"sch.4-sec.139","sectionType":"section","heading":"Disposal of main undertakings","content":"### sch.4-sec.139 Disposal of main undertakings\n\n( omitted )\nSection 139 is not applied. The section applies to subsidiaries under its own force.\nsch 4 pt 2 ch 3 pt 15 s 139 ins 1998 No. 21 s 3 sch 1\namd 2007 No. 10 s 61 (22)","sortOrder":385},{"sectionNumber":"sch.4-sec.140","sectionType":"section","heading":"Acquiring and disposing of subsidiaries","content":"### sch.4-sec.140 Acquiring and disposing of subsidiaries\n\n( omitted )\nSection 140 is not applied. The section applies to subsidiaries under its own force.\nsch 4 pt 2 ch 3 pt 15 s 140 ins 1998 No. 21 s 3 sch 1\namd 2007 No. 10 s 61 (23)","sortOrder":386},{"sectionNumber":"sch.4-pt.16","sectionType":"part","heading":"GOCs and GOC subsidiaries becoming and retiring as trustees ( omitted )","content":"# GOCs and GOC subsidiaries becoming and retiring as trustees ( omitted )","sortOrder":387},{"sectionNumber":"sch.4-pt.17","sectionType":"part","heading":"Employees ( omitted )","content":"# Employees ( omitted )","sortOrder":388},{"sectionNumber":"sch.4-pt.18","sectionType":"part","heading":"Other matters","content":"# Other matters","sortOrder":389},{"sectionNumber":"sch.4-sec.154","sectionType":"section","heading":"Relationship of prescribed GOC subsidiaries with the State","content":"### sch.4-sec.154 Relationship of prescribed GOC subsidiaries with the State\n\nA prescribed GOC subsidiary does not represent, and has never represented, the State.\nSubsection (1) does not apply to the extent an Act expressly provides, or did provide, otherwise.\nsch 4 pt 2 ch 3 pt 18 s 154 ins 2007 No. 10 s 61 (26)\namd 2007 No. 10 s 62 sch ; 2009 No. 9 s 132\n(sch.4-sec.154-ssec.1) A prescribed GOC subsidiary does not represent, and has never represented, the State.\n(sch.4-sec.154-ssec.2) Subsection (1) does not apply to the extent an Act expressly provides, or did provide, otherwise.","sortOrder":390},{"sectionNumber":"sch.4-sec.155","sectionType":"section","heading":"Application of chapter to certain GOC subsidiaries","content":"### sch.4-sec.155 Application of chapter to certain GOC subsidiaries\n\n( omitted )\nSection 155 provides for the application of chapter 3 of the Act with the changes in this schedule to prescribed GOC subsidiaries.\nsch 4 pt 2 ch 3 pt 18 s 155 ins 2007 No. 10 ss 61(26), 62 sch\namd 2009 No. 9 s 133","sortOrder":391},{"sectionNumber":"sch.4-sec.156","sectionType":"section","heading":"Application of Crime and Corruption Act","content":"### sch.4-sec.156 Application of Crime and Corruption Act\n\nSubsection (2) applies if the chief executive officer of a prescribed GOC subsidiary suspects that a complaint, or information or matter (also a complaint ), relating to the subsidiary involves, or may involve, something that would be corrupt conduct under the Crime and Corruption Act 2001 if the subsidiary were a unit of public administration.\nThe chief executive officer must notify the CCC of the complaint under the Crime and Corruption Act 2001 , section 38 as if the prescribed GOC subsidiary were a unit of public administration and the chief executive officer were a public official.\nSubsection (4) applies if the chief executive of the department in which this Act is administered reasonably suspects that—\na complaint, or information or matter (also a complaint ), relating to a prescribed GOC subsidiary involves, or may involve, something that would be corrupt conduct under the Crime and Corruption Act 2001 if the subsidiary were a unit of public administration; and\nthe chief executive officer for the subsidiary has not notified the CCC of the complaint as required under subsection (2) .\nThe chief executive must notify the CCC of the complaint under the Crime and Corruption Act 2001 , section 38 as if the prescribed GOC subsidiary were a unit of public administration and the chief executive were a public official.\nThe Crime and Corruption Act 2001 , sections 39 and 40 apply in relation to the duty imposed by subsection (2) or (4) .\nOn notification under subsection (2) or (4) , the Crime and Corruption Act 2001 applies in relation to the prescribed GOC subsidiary for the purposes of the complaint as if—\nthe subsidiary were a unit of public administration; and\nthe chief executive of the department in which this Act is administered were a public official or relevant public official; and\nthe reference to the chief executive officer of a unit of public administration in the Crime and Corruption Act 2001 , sections 49 (2) (f) and 50 (1) were a reference to the chief executive of the department in which this Act is administered.\nThis section does not affect the operation of section 154 .\nIn this section—\nCCC means the Crime and Corruption Commission.\nprescribed GOC subsidiary does not include a prescribed GOC subsidiary that is a declared entity under the Infrastructure Investment (Asset Restructuring and Disposal) Act 2009 in relation to those parts of the entity’s businesses, assets and liabilities that are being disposed of in a declared project under that Act.\nunit of public administration means a unit of public administration under the Crime and Corruption Act 2001 .\nsch 4 pt 2 ch 3 pt 18 s 156 ins 1998 No. 21 s 3 sch 1\nsub 2001 No. 69 s 378 sch 1\namd 2007 No. 36 s 2 sch ; 2007 No. 10 s 62 sch ; 2009 No. 9 s 134\nsub 2009 No. 52 s 104\namd 2010 No. 37 s 31 ; 2014 No. 21 s 94 (2) sch 2\n(sch.4-sec.156-ssec.1) Subsection (2) applies if the chief executive officer of a prescribed GOC subsidiary suspects that a complaint, or information or matter (also a complaint ), relating to the subsidiary involves, or may involve, something that would be corrupt conduct under the Crime and Corruption Act 2001 if the subsidiary were a unit of public administration.\n(sch.4-sec.156-ssec.2) The chief executive officer must notify the CCC of the complaint under the Crime and Corruption Act 2001 , section 38 as if the prescribed GOC subsidiary were a unit of public administration and the chief executive officer were a public official.\n(sch.4-sec.156-ssec.3) Subsection (4) applies if the chief executive of the department in which this Act is administered reasonably suspects that— a complaint, or information or matter (also a complaint ), relating to a prescribed GOC subsidiary involves, or may involve, something that would be corrupt conduct under the Crime and Corruption Act 2001 if the subsidiary were a unit of public administration; and the chief executive officer for the subsidiary has not notified the CCC of the complaint as required under subsection (2) .\n(sch.4-sec.156-ssec.4) The chief executive must notify the CCC of the complaint under the Crime and Corruption Act 2001 , section 38 as if the prescribed GOC subsidiary were a unit of public administration and the chief executive were a public official.\n(sch.4-sec.156-ssec.5) The Crime and Corruption Act 2001 , sections 39 and 40 apply in relation to the duty imposed by subsection (2) or (4) .\n(sch.4-sec.156-ssec.6) On notification under subsection (2) or (4) , the Crime and Corruption Act 2001 applies in relation to the prescribed GOC subsidiary for the purposes of the complaint as if— the subsidiary were a unit of public administration; and the chief executive of the department in which this Act is administered were a public official or relevant public official; and the reference to the chief executive officer of a unit of public administration in the Crime and Corruption Act 2001 , sections 49 (2) (f) and 50 (1) were a reference to the chief executive of the department in which this Act is administered.\n(sch.4-sec.156-ssec.7) This section does not affect the operation of section 154 .\n(sch.4-sec.156-ssec.8) In this section— CCC means the Crime and Corruption Commission. prescribed GOC subsidiary does not include a prescribed GOC subsidiary that is a declared entity under the Infrastructure Investment (Asset Restructuring and Disposal) Act 2009 in relation to those parts of the entity’s businesses, assets and liabilities that are being disposed of in a declared project under that Act. unit of public administration means a unit of public administration under the Crime and Corruption Act 2001 .\n- (a) a complaint, or information or matter (also a complaint ), relating to a prescribed GOC subsidiary involves, or may involve, something that would be corrupt conduct under the Crime and Corruption Act 2001 if the subsidiary were a unit of public administration; and\n- (b) the chief executive officer for the subsidiary has not notified the CCC of the complaint as required under subsection (2) .\n- (a) the subsidiary were a unit of public administration; and\n- (b) the chief executive of the department in which this Act is administered were a public official or relevant public official; and\n- (c) the reference to the chief executive officer of a unit of public administration in the Crime and Corruption Act 2001 , sections 49 (2) (f) and 50 (1) were a reference to the chief executive of the department in which this Act is administered.","sortOrder":392},{"sectionNumber":"sch.4-sec.157","sectionType":"section","heading":"Application of Ombudsman Act 2001","content":"### sch.4-sec.157 Application of Ombudsman Act 2001\n\nA prescribed GOC subsidiary is not a public authority under the Ombudsman Act 2001 .\nsch 4 pt 2 ch 3 pt 18 s 157 ins 1998 No. 21 s 3 sch 1\namd 2001 No. 73 s 96 sch 1\nsub 2007 No. 10 s 61 (27)\namd 2007 No. 10 s 62 sch ; 2009 No. 9 s 135","sortOrder":393}],"analysis":{"flash_summary":{"complexity_score":9,"scope_assessment":{"changed":true,"description":"The original Act focused on a single path for a government entity to become a GOC via a corporatisation charter. Amendments introduced new entities: candidate GOC associates (1994), associate subsidiaries (1994), and prescribed GOC subsidiaries with separate governance rules (1998, 2007). Provisions for interim boards, first CEOs, trustees, and anti-corruption reporting were added later. The scope expanded from a straightforward reform process to a more complex regime covering multiple entity types, subsidiary governance, and detailed accountability mechanisms."},"complexity_factors":["Over 30 defined terms in section 2 alone, many with sub-definitions","Lengthy Act with 157 sections plus 4 detailed schedules","Extensive cross-references between sections (e.g., definitions refer to other sections)","Nested conditional logic (e.g., community service obligations definition references multiple sections)","Multiple overlapping processes (candidate GOC, candidate GOC associate, associate subsidiary)","Exceptions to exceptions (e.g., section 116 on insolvency has multiple sub-conditions)","Amendments over many years have added layers (e.g., 1994, 1998, 2007, 2009)","Schedule 4 applies parts of Chapter 3 to prescribed GOC subsidiaries with modifications, increasing complexity"],"plain_english_summary":"This Act sets up a legal framework for turning Queensland government departments or agencies into publicly-owned, commercial-style businesses called Government Owned Corporations (GOCs). It lays out a step-by-step process – known as 'corporatisation' – for how a government entity can become a GOC, including preparing a plan (a corporatisation charter), setting up a board of directors, and issuing shares owned by two government ministers. Once established, each GOC must operate as a public company limited by shares under the Corporations Act, but with specific rules to keep it under government control. The Act requires each GOC to have a corporate plan and a 'statement of corporate intent' that sets financial and non-financial performance targets. The government ministers (the shareholders) can step in to direct the GOC in the public interest, but otherwise the board has autonomy to run the business. GOCs must pay dividends to the State, equivalent to the taxes they would pay if they were private companies. They also have to report regularly – quarterly and annually – and their reports must compare actual performance against targets. The Act covers subsidiaries of GOCs, staff arrangements (including preserving leave entitlements for former public servants), and rules about buying and selling assets. Its stated aim is to make government services more efficient and accountable while keeping them in public hands. It affects the government entities that become GOCs (like utilities, transport, or infrastructure bodies), their employees, and the public who use their services."},"kimi_summary":{"_metrics":{"source":"grok-batch-everything"},"content_quality":"ok","complexity_score":8,"scope_assessment":{"changed":true,"description":"The original 1993 Act focused on a structural reform process (corporatisation) for nominated government entities under ch.2, with transitional corporatisation charters. Amendments, particularly the 2007 No. 10 changes that removed the concept of statutory GOCs, mandated company limited by shares form (s.75), expanded the treatment of subsidiaries and associates (ss.22–26, 53–54, sch.4), and added detailed ongoing governance, employment plans (s.149) and Crime and Corruption Act notification rules (s.156), have significantly broadened the legislation beyond the initial transitional reform purpose into a comprehensive standing regime for the commercial operation, accountability and ministerial oversight of all GOCs."},"complexity_factors":["Section 2 contains over 40 defined terms, many of which have been omitted, inserted or substituted by amendments (e.g. 'statutory GOC' omitted by 2007 No. 10, 'associate of a candidate GOC' inserted by 1994 No. 31)","Heavy cross-referencing to the Corporations Act (e.g. ss.5, 10, 31, 56, 65, 75–77, 83, 87, 123–124) and to other parts of the Act (e.g. statements of corporate intent defined by reference to ch.3 pt.8)","Multi-stage corporatisation process in ch.2 with conditional pathways for candidate GOCs, associates, subsidiaries and GOC Act entities declared by regulation (ss.20–26, 50–67)","Nested ministerial reserve powers and notice requirements (ss.114–117, 138) that interact with insolvency notification rules (ss.116, 125)","Detailed financial rules in pt.14 (tax equivalents manual, dividend recommendations by 1 May each year under s.131, interim dividends under s.133) with strict timelines and gazettal obligations"],"plain_english_summary":"**The Government Owned Corporations Act 1993** creates a framework for turning Queensland government bodies (like departments or agencies) into **Government Owned Corporations (GOCs)**. A GOC is a company set up under the Corporations Act that is fully owned by the State but runs on commercial lines, competing with private businesses where possible.\n\nThe Act sets out a step-by-step **corporatisation** process (see s.13): government entities first become 'candidate GOCs', prepare a corporatisation charter outlining how they will adopt commercial practices, then are declared GOCs by regulation. Once established, GOCs must follow four **key principles** (s.16): clear non-conflicting objectives with specific performance targets; management autonomy for the board; strict accountability via a statement of corporate intent; and competitive neutrality so public ownership does not distort markets.\n\nGOCs must produce annual corporate plans and statements of corporate intent (chapters 3 parts 7–8) that set financial and non-financial targets, identify community service obligations (CSOs – public tasks that are not commercial, s.112), and explain how those CSOs will be funded. Shareholding Ministers (usually the Treasurer and portfolio Minister, s.78) oversee performance, can issue public interest directions (s.115), and approve dividends (s.131). Boards owe duties of care that take account of CSOs and ministerial notifications (s.123). The Act also deals with tax equivalents, guarantees, asset transfers, employee transitions and reporting.\n\nIt affects government entities moving to corporate form, their boards and senior executives, shareholding Ministers, and the public who rely on continued services. It matters because it aims to improve efficiency and accountability of public businesses while protecting public ownership and non-commercial services."},"issue_detection":{"absurdities":[{"type":"circular_definition","section":"sec.2 (definition of 'State tax') vs sec.2 (definition of 'Commonwealth tax')","severity":"medium","reasoning":"The term 'Act' without qualification in Queensland legislation ordinarily refers to any Act including Commonwealth Acts unless expressly limited. The definition of 'State tax' should have been confined to 'a State Act' or 'an Act of the Queensland Parliament' to exclude Commonwealth Acts. As drafted, every Commonwealth tax is simultaneously a 'State tax' under the definition.","confidence":0.72,"description":"The definition of 'State tax' is defined as 'tax imposed under an Act' without qualification, while 'Commonwealth tax' is defined as 'tax imposed under a Commonwealth Act'. Since a Commonwealth Act is still an 'Act', the definition of 'State tax' literally encompasses Commonwealth taxes as well, making the distinction between the two definitions meaningless."},{"type":"self_contradicting","section":"sec.28","severity":"medium","reasoning":"Subsection (1) frames the corporatisation charter as the mechanism by which a candidate GOC becomes a GOC. Subsection (2)(c) then expressly allows a candidate GOC to become a GOC without ever preparing or implementing a charter. The statutory framework thus creates a mandatory process and immediately nullifies it. While legislative flexibility is a stated goal (sec.18), the result is that no minimum standard is imposed at all.","confidence":0.78,"description":"Section 28 establishes the corporatisation charter process in subsection (1) as the pathway for a candidate GOC to become a GOC, but subsection (2) immediately provides that a candidate GOC may become a GOC without preparing, implementing, or even partially preparing a corporatisation charter. The section renders the primary pathway entirely optional and the charter process effectively meaningless as a requirement."},{"type":"self_contradicting","section":"sec.6(3)(b) and sec.6(3)(c)","severity":"low","reasoning":"The trigger in sec.6(3)(b) is that the portfolio Minister IS the GOC Minister, requiring a different nomination. But sec.6(5) allows the Premier to be nominated as portfolio Minister, and sec.6(1) makes the Minister (presumably including the Premier if they hold that portfolio) the GOC Minister of every GOC. If the Premier is both, the statutory conflict re-emerges with no resolution mechanism.","confidence":0.62,"description":"Section 6(3) provides that the Premier nominates a portfolio Minister where (b) the portfolio Minister under subsection (2) is the GOC Minister, or (c) the Premier is of the opinion that another Minister should be the portfolio Minister. Subsection (5) then allows the Premier to nominate themselves as portfolio Minister under subsection (3). If the Premier nominates themselves and is also the GOC Minister, this recreates the very situation (b) was designed to avoid, but with no further fallback mechanism."},{"type":"impossible_compliance","section":"sec.16 (Principle 1) and sec.16 (Principle 4)","severity":"medium","reasoning":"A GOC required to deliver community service obligations at below-market cost simultaneously cannot compete on 'equal terms' with private entities. The Act acknowledges CSOs are to be 'separately costed' and the GOC 'appropriately compensated', but does not resolve the fundamental structural tension between being commercially successful (sec.17), delivering CSOs efficiently (sec.17), and having all public ownership advantages removed (Principle 4).","confidence":0.65,"description":"Principle 1 requires each GOC to have 'clear, non-conflicting objectives' and to be set specific performance targets for commercial activities. Principle 4 requires removal or minimisation of any special advantages due to public ownership to ensure competitive neutrality. These principles are internally coherent individually but create an impossible compliance tension: a GOC with community service obligations (Principle 1) necessarily has non-commercial obligations that constitute special advantages or special disadvantages relative to private competitors, which Principle 4 simultaneously requires to be 'removed, minimised or made apparent'. The Act provides no resolution mechanism for when these principles directly conflict."},{"type":"retroactive_impossibility","section":"sec.55","severity":"medium","reasoning":"Shareholding Ministers are defined in sec.2 by reference to sec.78, which applies to GOCs. At the point when sec.54 and sec.55 operate, the entity is still a candidate GOC or entity TO BECOME a GOC. Debt cannot be held by shareholding Ministers who do not yet exist for that entity. Section 54(1)(e) itself acknowledges this by referring to 'the shareholding Ministers of the GOC that the entity is to become', but sec.55 simply states the debt IS held by the shareholding Ministers in present tense, creating a logical impossibility.","confidence":0.7,"description":"Section 55 states that a debt mentioned in section 54(1)(e) 'is owned by the State and held by the shareholding Ministers for the State.' At the time a section 54 transfer occurs, the entity is a candidate GOC or government entity that is to BECOME a GOC — it does not yet have 'shareholding Ministers' as that concept is defined in section 78 which applies to GOCs, not candidate GOCs. The provision anticipates the existence of shareholding Ministers before they legally exist in relation to the entity."},{"type":"other","section":"sec.13 (definition of corporatisation) and sec.13(b)","severity":"low","reasoning":"While not a direct logical contradiction within the provided text, the definitional commitment to 'continued public ownership' as a key element of 'corporatisation' means any subsequent privatisation would fall outside the Act's defined purpose. This is a structural absurdity since the commercial efficiency goals of the Act are widely understood as precursors to potential privatisation.","confidence":0.5,"description":"Section 13 defines corporatisation as a process that 'provides for the continued public ownership of the entities as part of the process', yet the overall Act framework is clearly designed to ultimately transform government entities into corporations that can operate competitively and commercially. The commitment to 'continued public ownership' as a definitional element of corporatisation creates an internal tension: the process cannot also be a pathway toward any future privatisation without ceasing to be 'corporatisation' as defined."}],"contradictions":[{"severity":"low","section_a":"sec.10(1) and sec.10(2)","section_b":"sec.11(1) and sec.11(2)","confidence":0.55,"description":"Sections 10 and 11 are substantively identical in structure and effect but apply to different entities (GOCs under sec.10, candidate GOCs under sec.11). Both provide that the Act/Chapter 2 prevails over pre-commencement Acts. The existence of two parallel provisions for what should be a single rule creates redundancy, but more significantly, if a candidate GOC transitions to a GOC mid-process, it is unclear whether sec.10 or sec.11 governs during the transition period, as the entity simultaneously satisfies both definitions."},{"severity":"medium","section_a":"sec.56(2)","section_b":"sec.56(3) and sec.56(5)","confidence":0.73,"description":"Section 56(2) requires that the constitution must not be inconsistent with 'this Act or the Corporations Act'. Section 56(3) then provides that if there is inconsistency between this Act and the Corporations Act regarding the constitution, this Act prevails. Section 56(5) provides that if there is inconsistency between the Corporations Act and the constitution, the Corporations Act prevails (subject to sec.56(3)). The combined effect is circular and potentially irresolvable: the constitution cannot be inconsistent with either Act (sec.56(2)), yet provisions are needed to resolve inconsistencies between the two Acts that affect the constitution (sec.56(3)), and between the Corporations Act and the constitution (sec.56(5)). If the constitution cannot be inconsistent with either Act, secs.56(3) and (5) should never need to operate."},{"severity":"medium","section_a":"sec.16 (Principle 2 – 'board will be given the autonomy and authority to make commercial decisions')","section_b":"sec.16 (Principle 3 – 'performance will be monitored by the Government against performance targets')","confidence":0.67,"description":"Principle 2 provides that existing detailed controls over management decision making will be replaced with strategic monitoring procedures and that the board will have autonomy to make commercial decisions. Principle 3 provides for strict accountability and government monitoring. These principles are stated to be co-equal key principles, but they are in structural tension: meaningful management autonomy is inconsistent with strict government performance monitoring against government-set targets. The Act provides no hierarchy or reconciliation mechanism between these two principles."},{"severity":"low","section_a":"sec.39(2) (charter preparation committee – removal 'for any reason or none')","section_b":"sec.46(2) (charter administration committee – removal 'for any reason or none')","confidence":0.52,"description":"While not a direct contradiction between the two sections, both allow termination of committee members 'for any reason or none', which contradicts the broader Act objective (sec.16, Principle 2) that management autonomy should be preserved and that the role of Ministers should be 'clearly defined'. Unlimited ministerial power to remove committee members for no reason is inconsistent with the principle that ministerial reserve powers 'will be required to be exercised in an open way'."},{"severity":"medium","section_a":"sec.7(2)","section_b":"sec.16 (Principle 3) and sec.17(2)","confidence":0.68,"description":"Section 7(2) states it is 'intended' that the statement of corporate intent 'should represent an agreement' between the board and shareholding Ministers, implying a voluntary, negotiated instrument. However, Principle 3 of sec.16 states performance will be 'monitored by the Government against performance targets specified in the statement of corporate intent', and sec.17(2) states commercial success is 'measured against its financial and non-financial performance targets'. If the statement is merely an intended agreement that may not be finalised or may be disputed, using it as the binding accountability baseline (Principle 3, sec.17) creates an irresolvable conflict between its contractual and regulatory natures."}]},"summary":{"complexity_score":8,"scope_assessment":{"changed":true,"description":"The original 1993 Act contemplated two types of GOCs — statutory GOCs (created by specific legislation) and company GOCs (incorporated under the Corporations Act). The 2007 amendments abolished the statutory GOC category entirely (the 'statutory GOC closing time'), collapsing all GOCs into a single company-based model under the Corporations Act. This was a material narrowing and simplification of the original dual-structure design, though the overall purpose — managing government-owned corporations on commercial principles — remained unchanged."},"complexity_factors":["Multiple overlapping layers of entities — GOCs, candidate GOCs, candidate GOC associates, associate subsidiaries, proposed subsidiaries — each with distinct legal statuses and rules","Dual (and sometimes triple) Ministerial oversight structure — GOC Minister, Portfolio Minister, Responsible Ministers, Shareholding Ministers — with different powers at different stages","Heavy reliance on regulations (delegated legislation) to activate or modify core provisions, meaning the Act alone does not tell the full story","Interaction with the federal Corporations Act throughout, including hierarchy of laws provisions and specific carve-outs","Complex transitional mechanics — conversion of unincorporated entities, transfer of assets/liabilities/instruments/employees, share capital creation and variation all governed by regulation","Multi-stage corporatisation process (nomination → charter preparation → charter implementation → GOC status) with flexibility provisions allowing stages to be skipped","Extensive cross-referencing between sections and schedules, making linear reading difficult","Significant amendment history (1994, 1998, 2001, 2007, 2008, 2022) with definitions added, removed, and substituted, creating interpretive complexity","Community service obligation framework requires separate costing and compensation mechanisms alongside commercial operation requirements","Extraterritorial application provisions and conflict-of-laws rules add additional legal complexity"],"plain_english_summary":"## Queensland Government Owned Corporations Act 1993 — What It Does\n\n### The Big Picture\nThis Queensland law sets up a framework for turning government-owned organisations (like utilities, transport bodies, or other public services) into **government owned corporations (GOCs)** — that is, companies that are still owned by the State but run more like private businesses.\n\nThis process is called **\"corporatisation\"** — think of it as the government putting its agencies in a business suit without actually selling them off.\n\n---\n\n### Who Is Affected?\n\n- **Queensland taxpayers and the public** — GOCs deliver services like electricity, water, and ports. How these are run affects prices, service quality, and accountability.\n- **Employees of government agencies** being converted — their jobs, pay, and entitlements are covered during the transition.\n- **GOC board members and executives** — they have defined responsibilities and accountability requirements.\n- **Government ministers** — particularly the GOC Minister (the Minister responsible for the whole framework) and Portfolio Ministers (the minister responsible for the specific sector), who jointly oversee GOCs.\n\n---\n\n### What the Law Actually Does\n\n**1. Converts government agencies into commercial corporations (still government-owned)**\nThe law creates a step-by-step process: a government agency first becomes a \"candidate GOC\" (a candidate for conversion), then follows a \"corporatisation charter\" (a detailed transition plan), and eventually becomes a fully-fledged GOC — a body corporate (a legally recognised company) that is still 100% owned by the State.\n\n**2. Sets commercial operating principles**\nGOCs must:\n- Have clear, non-conflicting goals\n- Operate commercially and competitively\n- Meet financial and non-financial performance targets\n- Not have an unfair advantage over private competitors just because they're government-owned\n\n**3. Keeps the Government in control — but at arm's length**\nMinisters don't run the day-to-day business, but they:\n- Appoint board members\n- Set performance targets through a \"statement of corporate intent\" (essentially a negotiated business plan between the board and ministers)\n- Can give directions in special circumstances\n- Receive dividends (a share of profits) on behalf of Queensland taxpayers\n\n**4. Requires community service obligations (CSOs) to be transparent**\nIf a GOC is required to provide services that aren't commercially viable (e.g., keeping a bus route open in a remote area), these must be:\n- Clearly identified\n- Separately costed\n- Compensated by government funding\n\n**5. Handles the legal plumbing of conversion**\nThe law manages the complex legal details of conversion — transferring assets, liabilities, contracts, employees, and legal identity from the old government body to the new corporate structure.\n\n**6. Financial obligations**\nGOCs must pay taxes, dividends, and \"community service obligation\" payments — removing financial advantages they'd otherwise have over private competitors.\n\n---\n\n### Why It Matters\nThis law governs some of Queensland's largest and most important organisations — historically including entities like Energex, Ergon Energy, Queensland Rail, and port authorities. The decisions made under this framework affect electricity prices, infrastructure quality, and how public money is managed."}},"importantCases":[],"_links":{"self":"/api/acts/government-owned-corporations-act-1993","history":"/api/acts/government-owned-corporations-act-1993/history","analysis":"/api/acts/government-owned-corporations-act-1993/analysis","conflicts":"/api/acts/government-owned-corporations-act-1993/conflicts","importantCases":"/api/acts/government-owned-corporations-act-1993/important-cases","documents":"/api/acts/government-owned-corporations-act-1993/documents"}}