{"id":"qld:act-1991-035","name":"Queensland Investment Corporation Act 1991","slug":"queensland-investment-corporation-act-1991","collection":"act","jurisdiction":"qld","status":"in_force","isInForce":true,"actNumber":"35 of 1991","makingDate":null,"administeringDepartment":null,"currentVersion":{"id":104832,"registerId":"qld-act-1991-035-current","compilationNumber":null,"startDate":"2026-04-03","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"pt.1","sectionType":"part","heading":"Preliminary","content":"# Preliminary","sortOrder":0},{"sectionNumber":"sec.1","sectionType":"section","heading":"Short title","content":"### sec.1 Short title\n\nThis Act may be cited as the Queensland Investment Corporation Act 1991 .","sortOrder":1},{"sectionNumber":"sec.2","sectionType":"section","heading":"Commencement","content":"### sec.2 Commencement\n\nSection 1 and this section commence on the day this Act is assented to for and on behalf of Her Majesty.\nThe remaining provisions of this Act, commence on 1 July 1991.\ns 2 amd 1994 No. 38 s 3 sch\n(sec.2-ssec.1) Section 1 and this section commence on the day this Act is assented to for and on behalf of Her Majesty.\n(sec.2-ssec.2) The remaining provisions of this Act, commence on 1 July 1991.","sortOrder":2},{"sectionNumber":"sec.3","sectionType":"section","heading":"Definitions","content":"### sec.3 Definitions\n\nIn this Act—\nassets means any legal or equitable right, title, estate or interest (whether present or future and whether vested or contingent) in real or personal property of any description and includes, without limitation, money, liquidated and unliquidated claims, securities, choses in action and documents, instruments or other mercantile indicia or tokens of title.\nbank includes an entity that carries on banking business outside Australia and is approved by the Treasurer.\ns 3 def “bank” sub 1997 No. 17 s 32\nbenefit means a financial or other benefit, and includes a benefit that does not involve the payment of cash.\ns 3 def benefit ins 1994 No. 38 s 4 (2)\nboard means the Corporation’s board of directors.\ns 3 def board sub 1994 No. 38 s 4\nchairperson ...\ns 3 def chairperson om 1994 No. 38 s 4 (1)\nchief executive officer means the chief executive officer of the Corporation.\ncontracts includes deeds, covenants, contracts, agreements, arrangements and undertakings.\nCorporation means Queensland Investment Corporation.\nThe Corporation is a government owned corporation.\ns 3 def Corporation sub 1994 No. 38 s 4\namd 2007 No. 10 s 62 sch\nCorporation as trustee of the Investment Trust means the Corporation in its capacity as trustee of the Investment Trust only.\ndirector means a director of the Corporation.\ns 3 def director sub 1994 No. 38 s 4\nfinancial year ...\ns 3 def financial year om 1994 No. 38 s 4 (1)\nGOC ...\ns 3 def GOC ins 1994 No. 38 s 4 (2)\nom 2007 No. 10 s 62 sch\nGOC Act means the Government Owned Corporations Act 1993 .\ns 3 def GOC Act ins 1994 No. 38 s 4 (2)\nholding company ...\ns 3 def holding company ins 1994 No. 38 s 4 (2)\namd 2001 No. 45 s 29 sch 3\nom 2007 No. 10 s 62 sch\nInvestment Trust means the trust established on 1 July 1988 known as the ‘Queensland Treasury Corporation Investment Trust’ and which after the commencement of this Act is known as the ‘Queensland Investment Corporation Investment Trust’.\nliabilities means liabilities, debts and obligations (whether present or future and whether vested or contingent) and includes, without limitation, moneys payable, securities and liquidated and unliquidated claims and documents or instruments.\nminor interest ...\ns 3 def minor interest ins 1994 No. 38 s 4 (2)\nom 2007 No. 10 s 62 sch\nmoney means the lawful currency of Australia or any other country.\nperson includes an unincorporated body.\ns 3 def person sub 1994 No. 38 s 4\nprescribed interest ...\ns 3 def prescribed interest om 1994 No. 38 s 4 (1)\npublic company ...\ns 3 def public company ins 1994 No. 38 s 4 (2)\namd 2001 No. 45 s 29 sch 3\nom 2007 No. 10 s 62 sch\nPublic Finance Standards ...\ns 3 def Public Finance Standards om 1994 No. 38 s 4 (1)\npublic service ...\ns 3 def public service om 1993 No. 76 s 3 sch 2\nQTC means Queensland Treasury Corporation.\ns 3 def QTC sub 1994 No. 38 s 4\nQTC as trustee of the Investment Trust means QTC in its capacity as trustee of the Investment Trust only.\nrelated body corporate ...\ns 3 def related body corporate sub 1994 No. 38 s 4\namd 2001 No. 31 s 48 sch ; 2001 No. 45 s 29 sch 3\nom 2007 No. 10 s 62 sch\nrelative , of a person, means the person’s—\nspouse; or\nparent or remoter lineal ancestor; or\nchild or remoter issue; or\nbrother or sister.\ns 3 def relative ins 1994 No. 38 s 4 (2)\namd 2001 No. 31 s 48 sch\nrelevant interest ...\ns 3 def relevant interest sub 1994 No. 38 s 4 ; 2003 No. 19 s 3 sch\nom 2007 No. 10 s 62 sch\nrelevant particulars ...\ns 3 def relevant particulars ins 1994 No. 38 s 4 (2)\nom 2007 No. 10 s 62 sch\nshareholding Ministers means the Ministers who are the Corporation’s shareholding Ministers under the GOC Act .\ns 3 def shareholding Ministers ins 1994 No. 38 s 4 (2)\nspouse ...\ns 3 def spouse ins 1994 No. 38 s 4 (2)\nom 2002 No. 74 s 90 sch\nstatutory body ...\ns 3 def statutory body om 2007 No. 10 s 62 sch\nstatutory GOC ...\ns 3 def statutory GOC ins 1994 No. 38 s 4 (2)\nom 2007 No. 10 s 62 sch\nsubsidiary ...\ns 3 def subsidiary ins 1994 No. 38 s 4 (2)\namd 2001 No. 45 s 29 sch 3\nom 2007 No. 10 s 62 sch\ntransaction includes contract.\ns 3 def transaction ins 1994 No. 38 s 4 (2)\nTreasurer ...\ns 3 def Treasurer om 1994 No. 38 s 4 (1)\nUnder Treasurer ...\ns 3 def Under Treasurer om 1994 No. 38 s 4 (1)\nwriting ...\ns 3 def writing om 1994 No. 38 s 4 (1)\ns 3 amd 1994 No. 38 s 3 sch\n- (a) spouse; or\n- (b) parent or remoter lineal ancestor; or\n- (c) child or remoter issue; or\n- (d) brother or sister.","sortOrder":3},{"sectionNumber":"sec.4","sectionType":"section","heading":"Entitlement of trustee to be indemnified","content":"### sec.4 Entitlement of trustee to be indemnified\n\nFor the purposes of this Act, a trustee, merely because the relevant trust has no assets, or the assets of the relevant trust are insufficient to indemnify the trustee in respect of the liability concerned, does not cease to be entitled to be fully indemnified out of the assets of the relevant trust in respect of the liability.\ns 4 amd 1994 No. 38 s 3\n(prev s 1.3(2)) renum 1994 No. 38 s 3 sch","sortOrder":4},{"sectionNumber":"sec.5","sectionType":"section","heading":null,"content":"### Section sec.5\n\ns 5 amd 1994 No. 38 s 3 sch\nom 2007 No. 10 s 62 sch","sortOrder":5},{"sectionNumber":"sec.2.2","sectionType":"section","heading":null,"content":"### Section sec.2.2\n\ns 2.2 om 1994 No. 38 s 3 sch","sortOrder":6},{"sectionNumber":"pt.2","sectionType":"part","heading":"Queensland Investment Corporation","content":"# Queensland Investment Corporation","sortOrder":7},{"sectionNumber":"sec.6","sectionType":"section","heading":"Change of trustee of Investment Trust","content":"### sec.6 Change of trustee of Investment Trust\n\nOn and from the commencement of this Act—\nQTC is removed as trustee of the Investment Trust and the Corporation is appointed as the trustee of the Investment Trust to act in the execution of the trusts of the Investment Trust in the place of QTC and—\nhas and may exercise all the powers; and\nenjoys all the rights; and\nis subject to all the duties; and\nis to carry out all the obligations;\nof QTC as trustee of the Investment Trust as fully as though it had originally been named as trustee of the Investment Trust; and\nfor all purposes QTC is to be taken to have duly retired, and the Corporation is to be taken to have been duly appointed, as trustee in accordance with the provisions of the deed recording the terms of the Investment Trust in all respects, despite any provisions of that deed relating to the requirements for the valid retirement or appointment of trustees or any law, so as to enable the Investment Trust to continue and the Corporation to act as trustee of the Investment Trust in place of QTC; and\nall assets and rights and all management or control of anything which, immediately prior to that commencement were vested in, payable to, recoverable by, or which belonged to, QTC as trustee of the Investment Trust are transferred to and vested in, payable to or recoverable by and belong to the Corporation as trustee of the Investment Trust without any transfer, assignment, notice or assurance other than this Act and despite any other Act or law; and\nall suits, actions and proceedings commenced and pending immediately prior to that commencement by or against QTC as trustee of the Investment Trust are to be taken to be pending and may be carried and prosecuted by or against the Corporation as trustee of the Investment Trust, and no such suit, action or proceeding is abated or prejudicially affected by this Act; and\nall liabilities of QTC as trustee of the Investment Trust in respect of which (and only to the extent that) QTC is entitled to be fully indemnified out of the assets of the Investment Trust immediately prior to that commencement are liabilities of the Corporation as trustee of the Investment Trust; and\nall contracts entered into by or with QTC as trustee of the Investment Trust and in force immediately prior to that commencement are to be taken to be contracts entered into by or with the Corporation as trustee of the Investment Trust.\nOn and from the commencement of this Act the name by which the Investment Trust is known is changed to the ‘Queensland Investment Corporation Investment Trust’.\nThis section, other than subsection (4) , does not affect assets, liabilities, rights, suits, actions proceedings, contracts or any other matter or thing, whether specifically mentioned in subsection (1) or not, of or relating to QTC otherwise than in its capacity as trustee of the Investment Trust.\nIn the event that any question or dispute arises as to whether or not any matter or thing, whether specifically mentioned in subsection (1) or not, is a matter or thing of or relating to QTC as trustee of the Investment Trust or QTC in some other capacity then the question or dispute is to be determined in writing by the chief executive of the department whose determination of the question or dispute is final and binding upon all persons (whether or not party to the question or dispute).\nThe Corporation is prohibited from becoming a beneficiary of the Investment Trust.\nExcept as modified or excluded by this Act, the law of trusts and the terms and conditions of the Investment Trust apply to the change of trustee effected by this Act.\ns 6 amd 1994 No. 38 s 3 sch\n(sec.6-ssec.1) On and from the commencement of this Act— QTC is removed as trustee of the Investment Trust and the Corporation is appointed as the trustee of the Investment Trust to act in the execution of the trusts of the Investment Trust in the place of QTC and— has and may exercise all the powers; and enjoys all the rights; and is subject to all the duties; and is to carry out all the obligations; of QTC as trustee of the Investment Trust as fully as though it had originally been named as trustee of the Investment Trust; and for all purposes QTC is to be taken to have duly retired, and the Corporation is to be taken to have been duly appointed, as trustee in accordance with the provisions of the deed recording the terms of the Investment Trust in all respects, despite any provisions of that deed relating to the requirements for the valid retirement or appointment of trustees or any law, so as to enable the Investment Trust to continue and the Corporation to act as trustee of the Investment Trust in place of QTC; and all assets and rights and all management or control of anything which, immediately prior to that commencement were vested in, payable to, recoverable by, or which belonged to, QTC as trustee of the Investment Trust are transferred to and vested in, payable to or recoverable by and belong to the Corporation as trustee of the Investment Trust without any transfer, assignment, notice or assurance other than this Act and despite any other Act or law; and all suits, actions and proceedings commenced and pending immediately prior to that commencement by or against QTC as trustee of the Investment Trust are to be taken to be pending and may be carried and prosecuted by or against the Corporation as trustee of the Investment Trust, and no such suit, action or proceeding is abated or prejudicially affected by this Act; and all liabilities of QTC as trustee of the Investment Trust in respect of which (and only to the extent that) QTC is entitled to be fully indemnified out of the assets of the Investment Trust immediately prior to that commencement are liabilities of the Corporation as trustee of the Investment Trust; and all contracts entered into by or with QTC as trustee of the Investment Trust and in force immediately prior to that commencement are to be taken to be contracts entered into by or with the Corporation as trustee of the Investment Trust.\n(sec.6-ssec.2) On and from the commencement of this Act the name by which the Investment Trust is known is changed to the ‘Queensland Investment Corporation Investment Trust’.\n(sec.6-ssec.3) This section, other than subsection (4) , does not affect assets, liabilities, rights, suits, actions proceedings, contracts or any other matter or thing, whether specifically mentioned in subsection (1) or not, of or relating to QTC otherwise than in its capacity as trustee of the Investment Trust.\n(sec.6-ssec.4) In the event that any question or dispute arises as to whether or not any matter or thing, whether specifically mentioned in subsection (1) or not, is a matter or thing of or relating to QTC as trustee of the Investment Trust or QTC in some other capacity then the question or dispute is to be determined in writing by the chief executive of the department whose determination of the question or dispute is final and binding upon all persons (whether or not party to the question or dispute).\n(sec.6-ssec.5) The Corporation is prohibited from becoming a beneficiary of the Investment Trust.\n(sec.6-ssec.6) Except as modified or excluded by this Act, the law of trusts and the terms and conditions of the Investment Trust apply to the change of trustee effected by this Act.\n- (a) QTC is removed as trustee of the Investment Trust and the Corporation is appointed as the trustee of the Investment Trust to act in the execution of the trusts of the Investment Trust in the place of QTC and— (i) has and may exercise all the powers; and (ii) enjoys all the rights; and (iii) is subject to all the duties; and (iv) is to carry out all the obligations; of QTC as trustee of the Investment Trust as fully as though it had originally been named as trustee of the Investment Trust; and\n- (i) has and may exercise all the powers; and\n- (ii) enjoys all the rights; and\n- (iii) is subject to all the duties; and\n- (iv) is to carry out all the obligations;\n- (b) for all purposes QTC is to be taken to have duly retired, and the Corporation is to be taken to have been duly appointed, as trustee in accordance with the provisions of the deed recording the terms of the Investment Trust in all respects, despite any provisions of that deed relating to the requirements for the valid retirement or appointment of trustees or any law, so as to enable the Investment Trust to continue and the Corporation to act as trustee of the Investment Trust in place of QTC; and\n- (c) all assets and rights and all management or control of anything which, immediately prior to that commencement were vested in, payable to, recoverable by, or which belonged to, QTC as trustee of the Investment Trust are transferred to and vested in, payable to or recoverable by and belong to the Corporation as trustee of the Investment Trust without any transfer, assignment, notice or assurance other than this Act and despite any other Act or law; and\n- (d) all suits, actions and proceedings commenced and pending immediately prior to that commencement by or against QTC as trustee of the Investment Trust are to be taken to be pending and may be carried and prosecuted by or against the Corporation as trustee of the Investment Trust, and no such suit, action or proceeding is abated or prejudicially affected by this Act; and\n- (e) all liabilities of QTC as trustee of the Investment Trust in respect of which (and only to the extent that) QTC is entitled to be fully indemnified out of the assets of the Investment Trust immediately prior to that commencement are liabilities of the Corporation as trustee of the Investment Trust; and\n- (f) all contracts entered into by or with QTC as trustee of the Investment Trust and in force immediately prior to that commencement are to be taken to be contracts entered into by or with the Corporation as trustee of the Investment Trust.\n- (i) has and may exercise all the powers; and\n- (ii) enjoys all the rights; and\n- (iii) is subject to all the duties; and\n- (iv) is to carry out all the obligations;","sortOrder":8},{"sectionNumber":"sec.7","sectionType":"section","heading":"Transfer of other investments","content":"### sec.7 Transfer of other investments\n\nFrom time to time the chief executive of the department in consultation with the Corporation may determine that certain assets, liabilities, rights or contracts which are vested in, payable to, recoverable by, or belong to, QTC in a capacity other than as trustee of the Investment Trust and which relate to the investment activities of QTC for the benefit of some other person are to be transferred to and vested in, payable to or recoverable by and belong to the Corporation.\nIn any such case the chief executive of the department is to so certify in writing and on and from the date specified in the relevant certification, the assets, liabilities, rights or contracts the subject of that certification are transferred to and vested in, payable to or recoverable by and belong to the Corporation without any transfer, assignment, notice or assurance other than this Act and despite any other Act or law.\nAny such assets, liabilities, rights or contracts do not form part of the capital of the Corporation.\ns 7 amd 1994 No. 38 s 3 sch\n(sec.7-ssec.1) From time to time the chief executive of the department in consultation with the Corporation may determine that certain assets, liabilities, rights or contracts which are vested in, payable to, recoverable by, or belong to, QTC in a capacity other than as trustee of the Investment Trust and which relate to the investment activities of QTC for the benefit of some other person are to be transferred to and vested in, payable to or recoverable by and belong to the Corporation.\n(sec.7-ssec.2) In any such case the chief executive of the department is to so certify in writing and on and from the date specified in the relevant certification, the assets, liabilities, rights or contracts the subject of that certification are transferred to and vested in, payable to or recoverable by and belong to the Corporation without any transfer, assignment, notice or assurance other than this Act and despite any other Act or law.\n(sec.7-ssec.3) Any such assets, liabilities, rights or contracts do not form part of the capital of the Corporation.","sortOrder":9},{"sectionNumber":"sec.2.5","sectionType":"section","heading":null,"content":"### Section sec.2.5\n\ns 2.5 om 1994 No. 38 s 3 sch","sortOrder":10},{"sectionNumber":"sec.2.6","sectionType":"section","heading":null,"content":"### Section sec.2.6\n\ns 2.6 om 1994 No. 38 s 3 sch","sortOrder":11},{"sectionNumber":"sec.8","sectionType":"section","heading":"Existing legal relationships not affected","content":"### sec.8 Existing legal relationships not affected\n\nThe operation of this part, part 5 and sections 40 and 44 , an amendment of this Act or the Corporation becoming a GOC—\ndoes not place the Corporation in breach of a contract or confidence or otherwise make it guilty of a civil wrong; and\ndoes not make the Corporation in breach of an instrument, including, for example, an instrument prohibiting, restricting or regulating the assignment or transfer of a right or liability or the disclosure of information; and\nis taken not to fulfil a condition—\nallowing a person to end an instrument or obligation or change the operation or effect of an instrument or obligation; or\nrequiring an amount to be paid before its stated maturity; and\ndoes not release a surety or other obligee (in whole or part) from an obligation; and\ndoes not require any attornment to the Corporation by a lessee from QTC.\nIn this section—\ninstrument has the same meaning as in the GOC Act .\ns 8 sub 1994 No. 38 s 5\n(sec.8-ssec.1) The operation of this part, part 5 and sections 40 and 44 , an amendment of this Act or the Corporation becoming a GOC— does not place the Corporation in breach of a contract or confidence or otherwise make it guilty of a civil wrong; and does not make the Corporation in breach of an instrument, including, for example, an instrument prohibiting, restricting or regulating the assignment or transfer of a right or liability or the disclosure of information; and is taken not to fulfil a condition— allowing a person to end an instrument or obligation or change the operation or effect of an instrument or obligation; or requiring an amount to be paid before its stated maturity; and does not release a surety or other obligee (in whole or part) from an obligation; and does not require any attornment to the Corporation by a lessee from QTC.\n(sec.8-ssec.2) In this section— instrument has the same meaning as in the GOC Act .\n- (a) does not place the Corporation in breach of a contract or confidence or otherwise make it guilty of a civil wrong; and\n- (b) does not make the Corporation in breach of an instrument, including, for example, an instrument prohibiting, restricting or regulating the assignment or transfer of a right or liability or the disclosure of information; and\n- (c) is taken not to fulfil a condition— (i) allowing a person to end an instrument or obligation or change the operation or effect of an instrument or obligation; or (ii) requiring an amount to be paid before its stated maturity; and\n- (i) allowing a person to end an instrument or obligation or change the operation or effect of an instrument or obligation; or\n- (ii) requiring an amount 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; and\n- (e) does not require any attornment to the Corporation by a lessee from QTC.\n- (i) allowing a person to end an instrument or obligation or change the operation or effect of an instrument or obligation; or\n- (ii) requiring an amount to be paid before its stated maturity; and","sortOrder":12},{"sectionNumber":"sec.9","sectionType":"section","heading":"State charges","content":"### sec.9 State charges\n\nIn respect of any determination by the chief executive of the department under section 6 , or the transfer to, acquisition by, vesting in or entry into by the Corporation of any assets, liabilities, rights, contracts or other matters or things under this part or the change of trustee effected by this part any registration, lodgement or other fees or amounts of any description which might be payable under any Act (other than this Act) are not payable.\ns 9 amd 1994 No. 38 s 3 sch","sortOrder":13},{"sectionNumber":"sec.10","sectionType":"section","heading":"Duty to assist transfer of property","content":"### sec.10 Duty to assist transfer of property\n\nThe registrar of titles and all other persons who are required or authorised to keep a register or other record about dealings in property must, if asked by the Corporation or QTC, make in the register or other record all entries necessary to record a transfer, acquisition, or vesting of property to, by or in the Corporation under this part or because of the change of trustee effected by this Act.\nIn this section—\nproperty includes assets, liabilities, rights and contracts.\ns 10 sub 1994 No. 38 s 3 sch\n(sec.10-ssec.1) The registrar of titles and all other persons who are required or authorised to keep a register or other record about dealings in property must, if asked by the Corporation or QTC, make in the register or other record all entries necessary to record a transfer, acquisition, or vesting of property to, by or in the Corporation under this part or because of the change of trustee effected by this Act.\n(sec.10-ssec.2) In this section— property includes assets, liabilities, rights and contracts.","sortOrder":14},{"sectionNumber":"sec.11","sectionType":"section","heading":"Corporation represents State","content":"### sec.11 Corporation represents State\n\nThe Corporation represents the State.\nThe Corporation has all the powers, immunities, privileges, rights and remedies of the State.\ns 11 sub 1994 No. 38 s 3 sch\n(sec.11-ssec.1) The Corporation represents the State.\n(sec.11-ssec.2) The Corporation has all the powers, immunities, privileges, rights and remedies of the State.","sortOrder":15},{"sectionNumber":"sec.2.11","sectionType":"section","heading":null,"content":"### Section sec.2.11\n\ns 2.11 om 1994 No. 38 s 3 sch","sortOrder":16},{"sectionNumber":"sec.12","sectionType":"section","heading":null,"content":"### Section sec.12\n\ns 12 sub 1994 No. 38 s 6\nom 2007 No. 10 s 62 sch","sortOrder":17},{"sectionNumber":"sec.2.13","sectionType":"section","heading":null,"content":"### Section sec.2.13\n\ns 2.13 om 1994 No. 38 s 3 sch","sortOrder":18},{"sectionNumber":"sec.2.15","sectionType":"section","heading":null,"content":"### Section sec.2.15\n\ns 2.15 om 1994 No. 38 s 3 sch","sortOrder":19},{"sectionNumber":"sec.13","sectionType":"section","heading":"Offices of Corporation","content":"### sec.13 Offices of Corporation\n\nThe Corporation may establish and maintain offices at any place in or outside Queensland and may discontinue offices maintained at any place by it.\nThe Corporation is to designate 1 of its offices (where it maintains more than 1) as its principal office.\n(sec.13-ssec.1) The Corporation may establish and maintain offices at any place in or outside Queensland and may discontinue offices maintained at any place by it.\n(sec.13-ssec.2) The Corporation is to designate 1 of its offices (where it maintains more than 1) as its principal office.","sortOrder":20},{"sectionNumber":"sec.3.3","sectionType":"section","heading":null,"content":"### Section sec.3.3\n\ns 3.3 om 1994 No. 38 s 3 sch","sortOrder":21},{"sectionNumber":"pt.3","sectionType":"part","heading":null,"content":"","sortOrder":22},{"sectionNumber":"sec.14","sectionType":"section","heading":null,"content":"### Section sec.14\n\ns 14 om 2007 No. 10 s 62 sch","sortOrder":23},{"sectionNumber":"sec.15","sectionType":"section","heading":null,"content":"### Section sec.15\n\ns 15 sub 1994 No. 38 s 7\namd 1997 No. 17 s 33 ; 2001 No. 31 s 48 sch\nom 2007 No. 10 s 62 sch","sortOrder":24},{"sectionNumber":"pt.4","sectionType":"part","heading":null,"content":"","sortOrder":25},{"sectionNumber":"pt.4-div.1","sectionType":"division","heading":null,"content":"","sortOrder":26},{"sectionNumber":"sec.4.1","sectionType":"section","heading":null,"content":"### Section sec.4.1\n\ns 4.1 om 1994 No. 38 s 3 sch","sortOrder":27},{"sectionNumber":"sec.4.2","sectionType":"section","heading":null,"content":"### Section sec.4.2\n\ns 4.2 om 1994 No. 38 s 3 sch","sortOrder":28},{"sectionNumber":"sec.4.3","sectionType":"section","heading":null,"content":"### Section sec.4.3\n\ns 4.3 om 1994 No. 38 s 3 sch","sortOrder":29},{"sectionNumber":"sec.4.4","sectionType":"section","heading":null,"content":"### Section sec.4.4\n\ns 4.4 om 1994 No. 38 s 3 sch","sortOrder":30},{"sectionNumber":"sec.4.5","sectionType":"section","heading":null,"content":"### Section sec.4.5\n\ns 4.5 om 1994 No. 38 s 3 sch","sortOrder":31},{"sectionNumber":"sec.4.6","sectionType":"section","heading":null,"content":"### Section sec.4.6\n\ns 4.6 om 1994 No. 38 s 3 sch","sortOrder":32},{"sectionNumber":"sec.4.7","sectionType":"section","heading":null,"content":"### Section sec.4.7\n\ns 4.7 om 1994 No. 38 s 3 sch","sortOrder":33},{"sectionNumber":"sec.16","sectionType":"section","heading":null,"content":"### Section sec.16\n\ns 16 sub 1994 No. 38 s 8\nom 2007 No. 10 s 62 sch","sortOrder":34},{"sectionNumber":"sec.17","sectionType":"section","heading":null,"content":"### Section sec.17\n\ns 17 sub 1994 No. 38 s 8\nom 2007 No. 10 s 62 sch","sortOrder":35},{"sectionNumber":"sec.18","sectionType":"section","heading":null,"content":"### Section sec.18\n\ns 18 prev s 18 om 1994 No. 38 s 3 sch\npres s 18 ins 1994 No. 38 s 8\nom 2007 No. 10 s 62 sch","sortOrder":36},{"sectionNumber":"sec.19","sectionType":"section","heading":null,"content":"### Section sec.19\n\ns 19 prev s 19 om 1994 No. 38 s 3 sch\npres s 19 ins 1994 No. 38 s 8\nom 2007 No. 10 s 62 sch","sortOrder":37},{"sectionNumber":"sec.20","sectionType":"section","heading":null,"content":"### Section sec.20\n\ns 20 prev s 20 om 1994 No. 38 s 3 sch\npres s 20 ins 1994 No. 38 s 8\nom 2007 No. 10 s 62 sch","sortOrder":38},{"sectionNumber":"sec.21","sectionType":"section","heading":null,"content":"### Section sec.21\n\ns 21 prev s 21 om 1994 No. 38 s 3 sch\npres s 21 ins 1994 No. 38 s 8\nom 2007 No. 10 s 62 sch","sortOrder":39},{"sectionNumber":"sec.22","sectionType":"section","heading":null,"content":"### Section sec.22\n\ns 22 prev s 22 om 1994 No. 38 s 3 sch\npres s 22 ins 1994 No. 38 s 8\nom 2007 No. 10 s 62 sch","sortOrder":40},{"sectionNumber":"sec.23","sectionType":"section","heading":null,"content":"### Section sec.23\n\ns 23 prev s 23 om 1994 No. 38 s 3 sch\npres s 23 ins 1994 No. 38 s 8\nom 2007 No. 10 s 62 sch","sortOrder":41},{"sectionNumber":"sec.24","sectionType":"section","heading":null,"content":"### Section sec.24\n\ns 24 prev s 24 om 1994 No. 38 s 3 sch\npres s 24 ins 1994 No. 38 s 8\nom 2007 No. 10 s 62 sch","sortOrder":42},{"sectionNumber":"pt.4-div.2","sectionType":"division","heading":null,"content":"","sortOrder":43},{"sectionNumber":"sec.25","sectionType":"section","heading":null,"content":"### Section sec.25\n\ns 25 prev s 25 om 1994 No. 38 s 3 sch\npres s 25 ins 1994 No. 38 s 8\nom 2007 No. 10 s 62 sch","sortOrder":44},{"sectionNumber":"sec.26","sectionType":"section","heading":null,"content":"### Section sec.26\n\ns 26 prev s 26 om 1994 No. 38 s 3 sch\npres s 26 ins 1994 No. 38 s 8\namd 2001 No. 45 s 29 sch 3\nom 2007 No. 10 s 62 sch","sortOrder":45},{"sectionNumber":"sec.27","sectionType":"section","heading":null,"content":"### Section sec.27\n\ns 27 ins 1994 No. 38 s 8\nom 2007 No. 10 s 62 sch","sortOrder":46},{"sectionNumber":"pt.4-div.3","sectionType":"division","heading":null,"content":"","sortOrder":47},{"sectionNumber":"sec.29","sectionType":"section","heading":null,"content":"### Section sec.29\n\ns 29 sub 1994 No. 38 s 9\nom 2007 No. 10 s 62 sch","sortOrder":48},{"sectionNumber":"sec.5.1","sectionType":"section","heading":null,"content":"### Section sec.5.1\n\ns 5.1 om 1994 No. 38 s 3 sch","sortOrder":49},{"sectionNumber":"sec.5.2","sectionType":"section","heading":null,"content":"### Section sec.5.2\n\ns 5.2 om 1994 No. 38 s 3 sch","sortOrder":50},{"sectionNumber":"sec.5.3","sectionType":"section","heading":null,"content":"### Section sec.5.3\n\ns 5.3 om 1994 No. 38 s 3 sch","sortOrder":51},{"sectionNumber":"sec.5.4","sectionType":"section","heading":null,"content":"### Section sec.5.4\n\ns 5.4 om 1994 No. 38 s 3 sch","sortOrder":52},{"sectionNumber":"sec.5.6","sectionType":"section","heading":null,"content":"### Section sec.5.6\n\ns 5.6 om 1994 No. 38 s 3 sch","sortOrder":53},{"sectionNumber":"pt.5","sectionType":"part","heading":"Officers of Corporation","content":"# Officers of Corporation","sortOrder":54},{"sectionNumber":"sec.30","sectionType":"section","heading":"Rights of officers previously employed in the public service or by QTC","content":"### sec.30 Rights of officers previously employed in the public service or by QTC\n\nA person who, immediately prior to being employed as an officer or employee of the Corporation in a permanent or full-time capacity, was employed in the public service, or engaged or employed by QTC (whether or not an officer of the public service) in a permanent or full-time capacity, for so long as that person continues in the employment of the Corporation, in a permanent or full-time capacity, may claim against the Corporation leave and all other entitlements equivalent to those that had accrued to that person by virtue of employment in the public service or with QTC and had not been taken or claimed and paid. For the purpose of the accrual of long service leave and other relevant purposes the immediately prior service in employment with the public service or QTC is taken to be service as an officer of the Corporation but allowance is to be made for any leave taken.\nThe Corporation may request that the Treasurer pay to the Corporation from the consolidated fund a sum calculated on an actuarial basis representing a fair value for long service leave, sick leave and recreation and other leave and other relevant entitlements of such person calculated as at the date of the person becoming a permanent or full-time officer or employee of the Corporation, which request may be agreed to by the Treasurer.\nNothing in this section allows a person to claim, or receive benefits, twice in respect of the same entitlement.\n(sec.30-ssec.1) A person who, immediately prior to being employed as an officer or employee of the Corporation in a permanent or full-time capacity, was employed in the public service, or engaged or employed by QTC (whether or not an officer of the public service) in a permanent or full-time capacity, for so long as that person continues in the employment of the Corporation, in a permanent or full-time capacity, may claim against the Corporation leave and all other entitlements equivalent to those that had accrued to that person by virtue of employment in the public service or with QTC and had not been taken or claimed and paid. For the purpose of the accrual of long service leave and other relevant purposes the immediately prior service in employment with the public service or QTC is taken to be service as an officer of the Corporation but allowance is to be made for any leave taken.\n(sec.30-ssec.2) The Corporation may request that the Treasurer pay to the Corporation from the consolidated fund a sum calculated on an actuarial basis representing a fair value for long service leave, sick leave and recreation and other leave and other relevant entitlements of such person calculated as at the date of the person becoming a permanent or full-time officer or employee of the Corporation, which request may be agreed to by the Treasurer.\n(sec.30-ssec.3) Nothing in this section allows a person to claim, or receive benefits, twice in respect of the same entitlement.","sortOrder":55},{"sectionNumber":"sec.31","sectionType":"section","heading":null,"content":"### Section sec.31\n\ns 31 sub 1994 No. 38 s 10\nom 2016 No. 64 s 79 sch 1","sortOrder":56},{"sectionNumber":"sec.32","sectionType":"section","heading":"Disclosure of interest by officers of Corporation","content":"### sec.32 Disclosure of interest by officers of Corporation\n\nThe chief executive officer and any other officer or employee of the Corporation nominated by the board must disclose all interests not otherwise disclosed by that person under this Act (including, without limitation, securities of any description) which may be required to be disclosed by the board from time to time and they are to be recorded by the Corporation in a register of such interests.\nNomination by the board may limit the disclosure of interests that is required in any particular case.\nThe chief executive officer and any other officer or employee nominated as provided in subsection (1) must disclose any material change to the interests of that officer as recorded in the register of interests referred to in subsection (1) .\nIn subsections (1) and (3) , an interest which is notifiable—\ndoes not include an interest an officer or employee may have in a matter in common with members of the public or as a contributor to any superannuation scheme the Corporation maintains or participates in; but\nincludes an interest of the officer or employee or a relative of the officer or employee or of the spouse of an officer or employee of which the officer or employee has knowledge which if it had been an interest of the officer or employee would have been liable to be disclosed by the officer or employee.\nThe board may cause written directions to be given to officers or employees employed by the Corporation which set out the procedure to be followed where an officer or employee is in a position where duties and interests are in conflict whether directly or indirectly in respect of any matter with which the Corporation is concerned.\nThese directions may preclude an officer or employee from dealing with or being involved in discussions concerning the matter in any way.\nAn officer or employee must not fail to comply with this section or a written direction referred to in subsection (5) .\nMaximum penalty—50 penalty units.\nThe register maintained under this section must be open and available for inspection by the directors, the chief executive officer or the auditor-general or any nominee of the auditor-general for the purposes of this Act generally and at meetings of the board and must be kept in the custody and under the control of the chief executive officer or a director nominated for that purpose by the board.\nA contravention of this section does not invalidate any decision of the board or the discharge of a function, exercise of power or the performance of a duty by the Corporation or the board.\ns 32 amd 1994 No. 38 s 3 sch ; 2000 No. 52 s 48 sch ; 2016 No. 64 s 79 sch 1\n(sec.32-ssec.1) The chief executive officer and any other officer or employee of the Corporation nominated by the board must disclose all interests not otherwise disclosed by that person under this Act (including, without limitation, securities of any description) which may be required to be disclosed by the board from time to time and they are to be recorded by the Corporation in a register of such interests.\n(sec.32-ssec.2) Nomination by the board may limit the disclosure of interests that is required in any particular case.\n(sec.32-ssec.3) The chief executive officer and any other officer or employee nominated as provided in subsection (1) must disclose any material change to the interests of that officer as recorded in the register of interests referred to in subsection (1) .\n(sec.32-ssec.4) In subsections (1) and (3) , an interest which is notifiable— does not include an interest an officer or employee may have in a matter in common with members of the public or as a contributor to any superannuation scheme the Corporation maintains or participates in; but includes an interest of the officer or employee or a relative of the officer or employee or of the spouse of an officer or employee of which the officer or employee has knowledge which if it had been an interest of the officer or employee would have been liable to be disclosed by the officer or employee.\n(sec.32-ssec.5) The board may cause written directions to be given to officers or employees employed by the Corporation which set out the procedure to be followed where an officer or employee is in a position where duties and interests are in conflict whether directly or indirectly in respect of any matter with which the Corporation is concerned.\n(sec.32-ssec.6) These directions may preclude an officer or employee from dealing with or being involved in discussions concerning the matter in any way.\n(sec.32-ssec.7) An officer or employee must not fail to comply with this section or a written direction referred to in subsection (5) . Maximum penalty—50 penalty units.\n(sec.32-ssec.8) The register maintained under this section must be open and available for inspection by the directors, the chief executive officer or the auditor-general or any nominee of the auditor-general for the purposes of this Act generally and at meetings of the board and must be kept in the custody and under the control of the chief executive officer or a director nominated for that purpose by the board.\n(sec.32-ssec.9) A contravention of this section does not invalidate any decision of the board or the discharge of a function, exercise of power or the performance of a duty by the Corporation or the board.\n- (a) does not include an interest an officer or employee may have in a matter in common with members of the public or as a contributor to any superannuation scheme the Corporation maintains or participates in; but\n- (b) includes an interest of the officer or employee or a relative of the officer or employee or of the spouse of an officer or employee of which the officer or employee has knowledge which if it had been an interest of the officer or employee would have been liable to be disclosed by the officer or employee.","sortOrder":57},{"sectionNumber":"pt.6","sectionType":"part","heading":"Finance","content":"# Finance","sortOrder":58},{"sectionNumber":"sec.6.1","sectionType":"section","heading":null,"content":"### Section sec.6.1\n\ns 6.1 om 1994 No. 38 s 3 sch","sortOrder":59},{"sectionNumber":"sec.6.2","sectionType":"section","heading":null,"content":"### Section sec.6.2\n\ns 6.2 om 1994 No. 38 s 3 sch","sortOrder":60},{"sectionNumber":"sec.33","sectionType":"section","heading":"Guarantee of Corporation’s obligations","content":"### sec.33 Guarantee of Corporation’s obligations\n\nWith the prior approval of the Governor in Council, the Treasurer may, on behalf of the State, agree with the Corporation or any other person to guarantee the payment of any moneys payable by, or the discharge of any liability of, or to indemnify the Corporation on such terms as the Treasurer agrees with the Corporation or such other person (including payment of fees and charges).\nThe Treasurer is authorised without further appropriation, to pay out of the consolidated fund any amount required to satisfy a liability under a guarantee or indemnity under subsection (1) and any sums received or recovered by the Treasurer from the Corporation or otherwise in respect of any sums so paid by the Treasurer (including fees or charges payable by the Corporation) are to be paid into the consolidated fund.\ns 33 amd 1994 No. 38 s 3 sch\n(sec.33-ssec.1) With the prior approval of the Governor in Council, the Treasurer may, on behalf of the State, agree with the Corporation or any other person to guarantee the payment of any moneys payable by, or the discharge of any liability of, or to indemnify the Corporation on such terms as the Treasurer agrees with the Corporation or such other person (including payment of fees and charges).\n(sec.33-ssec.2) The Treasurer is authorised without further appropriation, to pay out of the consolidated fund any amount required to satisfy a liability under a guarantee or indemnity under subsection (1) and any sums received or recovered by the Treasurer from the Corporation or otherwise in respect of any sums so paid by the Treasurer (including fees or charges payable by the Corporation) are to be paid into the consolidated fund.","sortOrder":61},{"sectionNumber":"sec.34","sectionType":"section","heading":"Restriction on reserve powers of shareholding Ministers","content":"### sec.34 Restriction on reserve powers of shareholding Ministers\n\nThe shareholding Ministers of the Corporation may not notify, or give directions to, the Corporation’s board under the GOC Act about the Corporation’s—\ndecision making generally about investments; or\ndealing in, or exercising voting rights attached to, securities of a corporation; or\notherwise dealing with assets or liabilities; or\ncontrol, or conduct of affairs, of an entity (including a business undertaking or trust) in which the Corporation has an investment.\nSubsection (1) does not affect section 133 of the GOC Act (Board to keep shareholding Ministers informed).\nSubsection (1) applies despite the following sections of the GOC Act —\nsection 123 (Reserve power of shareholding Ministers to notify board of public sector policies)\nsection 124 (Reserve power of shareholding Ministers to give directions in public interest)\nsection 161 (Reserve power of shareholding Ministers to direct that asset not be disposed of).\ns 34 sub 1994 No. 38 s 11\n(sec.34-ssec.1) The shareholding Ministers of the Corporation may not notify, or give directions to, the Corporation’s board under the GOC Act about the Corporation’s— decision making generally about investments; or dealing in, or exercising voting rights attached to, securities of a corporation; or otherwise dealing with assets or liabilities; or control, or conduct of affairs, of an entity (including a business undertaking or trust) in which the Corporation has an investment.\n(sec.34-ssec.2) Subsection (1) does not affect section 133 of the GOC Act (Board to keep shareholding Ministers informed).\n(sec.34-ssec.3) Subsection (1) applies despite the following sections of the GOC Act — section 123 (Reserve power of shareholding Ministers to notify board of public sector policies) section 124 (Reserve power of shareholding Ministers to give directions in public interest) section 161 (Reserve power of shareholding Ministers to direct that asset not be disposed of).\n- (a) decision making generally about investments; or\n- (b) dealing in, or exercising voting rights attached to, securities of a corporation; or\n- (c) otherwise dealing with assets or liabilities; or\n- (d) control, or conduct of affairs, of an entity (including a business undertaking or trust) in which the Corporation has an investment.\n- • section 123 (Reserve power of shareholding Ministers to notify board of public sector policies)\n- • section 124 (Reserve power of shareholding Ministers to give directions in public interest)\n- • section 161 (Reserve power of shareholding Ministers to direct that asset not be disposed of).","sortOrder":62},{"sectionNumber":"sec.35","sectionType":"section","heading":"Certain dealings must be made public","content":"### sec.35 Certain dealings must be made public\n\nIf a member of the Legislative Assembly makes a direct or indirect representation to the Corporation or a director about an asset and the Corporation later acquires or disposes of the asset, the Corporation must, either at or before the acquisition or disposal, make details of the representation public.\ns 35 sub 1994 No. 38 s 11","sortOrder":63},{"sectionNumber":"sec.6.6","sectionType":"section","heading":null,"content":"### Section sec.6.6\n\ns 6.6 om 1994 No. 38 s 11","sortOrder":64},{"sectionNumber":"pt.7","sectionType":"part","heading":"Miscellaneous provisions","content":"# Miscellaneous provisions","sortOrder":65},{"sectionNumber":"sec.36","sectionType":"section","heading":"Nonapplication of certain provisions of GOC Act to Corporation","content":"### sec.36 Nonapplication of certain provisions of GOC Act to Corporation\n\nDespite section 12 of the GOC Act (Application of other laws to GOCs)—\nthe GOC Act , section 174 (Preservation of leave entitlements of certain former officers and employees of government entities) does not apply to the Corporation as a GOC; and\nthe following provisions of this Act do apply—\nsection 30 (Rights of officers previously employed in the public service or by QTC)\nsection 38 (Taxation).\ns 36 sub 1994 No. 38 s 12\namd 2000 No. 52 s 48 sch ; 2001 No. 71 s 551 sch 1 ; 2007 No. 10 s 62 sch\n- (a) the GOC Act , section 174 (Preservation of leave entitlements of certain former officers and employees of government entities) does not apply to the Corporation as a GOC; and\n- (b) the following provisions of this Act do apply— • section 30 (Rights of officers previously employed in the public service or by QTC) • section 38 (Taxation).\n- • section 30 (Rights of officers previously employed in the public service or by QTC)\n- • section 38 (Taxation).\n- • section 30 (Rights of officers previously employed in the public service or by QTC)\n- • section 38 (Taxation).","sortOrder":66},{"sectionNumber":"sec.37","sectionType":"section","heading":"Application of Judicial Review Act","content":"### sec.37 Application of Judicial Review Act\n\nIn this section—\ncommercial activities means activities conducted on a commercial basis.\nSection 13 of the GOC Act (Meaning of corporatisation ) defines corporatisation as a structural reform process for nominated government entities that, among other things, 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 (emphasis added).\ncommunity service obligations has the same meaning as in the GOC Act .\nexcluded activities means—\ncommercial activities; or\ncommunity service obligations prescribed by regulation.\nA regulation may declare the activities of the Corporation that are taken to be, or are taken not to be, activities conducted on a commercial basis.\nThe Judicial Review Act 1991 does not apply to a decision of the Corporation made in carrying out its excluded activities.\ns 37 ins 1994 No. 38 s 12\namd 2009 No. 13 s 213 sch 5\n(sec.37-ssec.1) In this section— commercial activities means activities conducted on a commercial basis. Section 13 of the GOC Act (Meaning of corporatisation ) defines corporatisation as a structural reform process for nominated government entities that, among other things, 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 (emphasis added). community service obligations has the same meaning as in the GOC Act . excluded activities means— commercial activities; or community service obligations prescribed by regulation.\n(sec.37-ssec.2) A regulation may declare the activities of the Corporation that are taken to be, or are taken not to be, activities conducted on a commercial basis.\n(sec.37-ssec.3) The Judicial Review Act 1991 does not apply to a decision of the Corporation made in carrying out its excluded activities.\n- (a) commercial activities; or\n- (b) community service obligations prescribed by regulation.","sortOrder":67},{"sectionNumber":"sec.37A","sectionType":"section","heading":"Liability of Corporation and directors for debts incurred when acting as trustee","content":"### sec.37A Liability of Corporation and directors for debts incurred when acting as trustee\n\nWhere—\nthe Corporation while acting or purporting to act in the capacity of trustee of a trust, incurs a liability, whether in Australia or overseas; and\nthe Corporation is for any reason not entitled to be fully indemnified out of the assets of the trust in respect of the liability; and\nthe Corporation has not discharged, and is unable to discharge, the liability or a part of the liability out of its own funds;\nthe State is to discharge the relevant liability or relevant part of the liability and may recover the amount paid by the State and any loss or damage suffered by the State as a result of that discharge from the persons who were directors of the Corporation when the liability was incurred and were not innocent directors in relation to the incurring of the liability, which persons are jointly and severally liable to the State for that amount and such loss or damage, without prejudice to the operation of section 42 .\nIn this section, a reference to an innocent director means a person who—\nwas a director at the time when the liability was incurred; and\nif the persons who were directors at that time had been at that time the trustees of the relevant trust and had incurred the liability, would have been entitled to be fully indemnified in respect of the liability by 1 or more of the other trustees.\ns 37A (prev s 28) renum and reloc 2007 No. 10 s 62 sch\n(sec.37A-ssec.1) Where— the Corporation while acting or purporting to act in the capacity of trustee of a trust, incurs a liability, whether in Australia or overseas; and the Corporation is for any reason not entitled to be fully indemnified out of the assets of the trust in respect of the liability; and the Corporation has not discharged, and is unable to discharge, the liability or a part of the liability out of its own funds; the State is to discharge the relevant liability or relevant part of the liability and may recover the amount paid by the State and any loss or damage suffered by the State as a result of that discharge from the persons who were directors of the Corporation when the liability was incurred and were not innocent directors in relation to the incurring of the liability, which persons are jointly and severally liable to the State for that amount and such loss or damage, without prejudice to the operation of section 42 .\n(sec.37A-ssec.2) In this section, a reference to an innocent director means a person who— was a director at the time when the liability was incurred; and if the persons who were directors at that time had been at that time the trustees of the relevant trust and had incurred the liability, would have been entitled to be fully indemnified in respect of the liability by 1 or more of the other trustees.\n- (a) the Corporation while acting or purporting to act in the capacity of trustee of a trust, incurs a liability, whether in Australia or overseas; and\n- (b) the Corporation is for any reason not entitled to be fully indemnified out of the assets of the trust in respect of the liability; and\n- (c) the Corporation has not discharged, and is unable to discharge, the liability or a part of the liability out of its own funds;\n- (a) was a director at the time when the liability was incurred; and\n- (b) if the persons who were directors at that time had been at that time the trustees of the relevant trust and had incurred the liability, would have been entitled to be fully indemnified in respect of the liability by 1 or more of the other trustees.","sortOrder":68},{"sectionNumber":"sec.38","sectionType":"section","heading":"Taxation","content":"### sec.38 Taxation\n\nThe Corporation is to pay to the Treasurer sums of money at such times as determined by the Treasurer in consultation with the Corporation.\nEach sum determined by the Treasurer is to be an amount that reasonably reflects the amount that the Corporation, if it did not represent the State, would have been liable to pay in respect of any tax, duty, charge, levy, rates or fee or other similar amount under any Act of this, another State or a Territory.\nIf the Corporation is or becomes liable for any payment referred to in subsection (2) then it is not required to make payments to the Treasurer under this section to that extent.\ns 38 amd 1994 No. 38 s 3 sch ; 2001 No. 71 s 551 sch 1\n(sec.38-ssec.1) The Corporation is to pay to the Treasurer sums of money at such times as determined by the Treasurer in consultation with the Corporation.\n(sec.38-ssec.2) Each sum determined by the Treasurer is to be an amount that reasonably reflects the amount that the Corporation, if it did not represent the State, would have been liable to pay in respect of any tax, duty, charge, levy, rates or fee or other similar amount under any Act of this, another State or a Territory.\n(sec.38-ssec.3) If the Corporation is or becomes liable for any payment referred to in subsection (2) then it is not required to make payments to the Treasurer under this section to that extent.","sortOrder":69},{"sectionNumber":"sec.39","sectionType":"section","heading":"Fees or charges for State services etc.","content":"### sec.39 Fees or charges for State services etc.\n\nThe Treasurer may, in consultation with the Corporation, determine amounts to be paid by the Corporation by way of fees or charges for any services, facilities or support provided by the State to the Corporation, and the Corporation is to pay such amounts to the Treasurer.","sortOrder":70},{"sectionNumber":"sec.40","sectionType":"section","heading":"Fees and commissions","content":"### sec.40 Fees and commissions\n\nThe Corporation may charge any person any commissions, fees or charges in respect of the conduct of its operations or otherwise performing its functions or exercising its powers.\nThe Corporation may pay moneys by way of commissions, fees or charges in respect of the conduct of its operations or otherwise performing its functions or exercising its powers, despite the provisions of any Act to the contrary.\nDespite the terms and conditions of the Investment Trust prior to the commencement of this Act, the Corporation is required to charge fees to members of the Investment Trust by way of remuneration for acting as trustee of the Investment Trust so as to entitle the Corporation to derive a total fee in excess of the total of all costs, charges and expenses incurred in the course of operation and administration of the Investment Trust on the basis as set out in the schedule, sections 11 , 15 and 16 as from the commencement of this Act.\ns 40 amd 1994 No. 38 s 3 sch\n(sec.40-ssec.1) The Corporation may charge any person any commissions, fees or charges in respect of the conduct of its operations or otherwise performing its functions or exercising its powers.\n(sec.40-ssec.2) The Corporation may pay moneys by way of commissions, fees or charges in respect of the conduct of its operations or otherwise performing its functions or exercising its powers, despite the provisions of any Act to the contrary.\n(sec.40-ssec.3) Despite the terms and conditions of the Investment Trust prior to the commencement of this Act, the Corporation is required to charge fees to members of the Investment Trust by way of remuneration for acting as trustee of the Investment Trust so as to entitle the Corporation to derive a total fee in excess of the total of all costs, charges and expenses incurred in the course of operation and administration of the Investment Trust on the basis as set out in the schedule, sections 11 , 15 and 16 as from the commencement of this Act.","sortOrder":71},{"sectionNumber":"sec.41","sectionType":"section","heading":null,"content":"### Section sec.41\n\ns 41 om 1999 No. 69 s 7 sch","sortOrder":72},{"sectionNumber":"sec.42","sectionType":"section","heading":"Indemnity","content":"### sec.42 Indemnity\n\nEvery director and every officer, employee or agent of the Corporation is indemnified and held harmless by the Corporation against all actions, proceedings, suits, claims or demands arising out of anything done by the director, officer, employee or agent for the purpose of carrying out or giving effect to this Act or done without negligence and in good faith purporting to act for the purposes of this Act except where the person has contravened or caused a contravention of a provision of this Act in so doing.\nSubsection (1) applies only for anything done before 1 October 1994.\ns 42 amd 1994 No. 38 s 3 sch ; 2007 No. 10 s 62 sch\n(sec.42-ssec.1) Every director and every officer, employee or agent of the Corporation is indemnified and held harmless by the Corporation against all actions, proceedings, suits, claims or demands arising out of anything done by the director, officer, employee or agent for the purpose of carrying out or giving effect to this Act or done without negligence and in good faith purporting to act for the purposes of this Act except where the person has contravened or caused a contravention of a provision of this Act in so doing.\n(sec.42-ssec.2) Subsection (1) applies only for anything done before 1 October 1994.","sortOrder":73},{"sectionNumber":"sec.43","sectionType":"section","heading":"Notice of trusts not to be received","content":"### sec.43 Notice of trusts not to be received\n\nUnless the Corporation otherwise expressly agrees in a particular case, the Corporation and persons acting on its behalf—\nare not to receive and are to be taken to have not received notice of any trust (express, implied or constructive) in relation to any contract entered into by the Corporation; and\nis not bound to see to the execution of any trust that may affect any such contract.\n- (a) are not to receive and are to be taken to have not received notice of any trust (express, implied or constructive) in relation to any contract entered into by the Corporation; and\n- (b) is not bound to see to the execution of any trust that may affect any such contract.","sortOrder":74},{"sectionNumber":"sec.44","sectionType":"section","heading":"Changes to Investment Trust","content":"### sec.44 Changes to Investment Trust\n\nThe Corporation is required and, despite the provisions of the deed, is authorised to amend the deed which records the terms of the Investment Trust by supplemental deed and to take all such other steps as are otherwise necessary to incorporate and give effect to the changes to the terms of the Investment Trust set out in the schedule.\nThis Act is to be taken to be a statute passed and affecting trusts of the nature of the Investment Trust and the changes to the terms of the Investment Trust set out in the schedule are to be taken to be required to satisfy the requirements of this Act in relation to the Investment Trust.\nNone of the changes to the terms of the Investment Trust required by the schedule affects the terms of an agreement made 30 June 1989 between QTC, QTC as trustee and the Board of Trustees established under the Superannuation (Government and Other Employees) Act 1988 which agreement is to prevail over the terms of the deed recording the terms of the Investment Trust as amended by the schedule with respect to the relationship between the trustee of the Investment Trust from time to time and the Board of Trustees and investment of moneys comprising the Government Officers’ Superannuation Fund in the Investment Trust and, without limitation, the terms of withdrawal of those invested moneys from the Investment Trust.\n(sec.44-ssec.1) The Corporation is required and, despite the provisions of the deed, is authorised to amend the deed which records the terms of the Investment Trust by supplemental deed and to take all such other steps as are otherwise necessary to incorporate and give effect to the changes to the terms of the Investment Trust set out in the schedule.\n(sec.44-ssec.2) This Act is to be taken to be a statute passed and affecting trusts of the nature of the Investment Trust and the changes to the terms of the Investment Trust set out in the schedule are to be taken to be required to satisfy the requirements of this Act in relation to the Investment Trust.\n(sec.44-ssec.3) None of the changes to the terms of the Investment Trust required by the schedule affects the terms of an agreement made 30 June 1989 between QTC, QTC as trustee and the Board of Trustees established under the Superannuation (Government and Other Employees) Act 1988 which agreement is to prevail over the terms of the deed recording the terms of the Investment Trust as amended by the schedule with respect to the relationship between the trustee of the Investment Trust from time to time and the Board of Trustees and investment of moneys comprising the Government Officers’ Superannuation Fund in the Investment Trust and, without limitation, the terms of withdrawal of those invested moneys from the Investment Trust.","sortOrder":75},{"sectionNumber":"sec.45","sectionType":"section","heading":"Regulations","content":"### sec.45 Regulations\n\nThe Governor in Council may make regulations under this Act.\nA regulation may be made about matters that are necessary or convenient to give effect to a transfer, assignment or vesting of assets or liabilities contemplated by this Act.\ns 45 sub 1994 No. 38 s 3 sch\n(sec.45-ssec.1) The Governor in Council may make regulations under this Act.\n(sec.45-ssec.2) A regulation may be made about matters that are necessary or convenient to give effect to a transfer, assignment or vesting of assets or liabilities contemplated by this Act.","sortOrder":76},{"sectionNumber":"pt.8","sectionType":"part","heading":null,"content":"","sortOrder":77},{"sectionNumber":"sec.46","sectionType":"section","heading":null,"content":"### Section sec.46\n\ns 46 ins 1994 No. 38 s 3 sch\nexp 1 April 1995 (see s 49)\nAIA s 20A applies to s 46(1) and (2) (see s 46(3))","sortOrder":78},{"sectionNumber":"sec.47","sectionType":"section","heading":null,"content":"### Section sec.47\n\ns 47 ins 1994 No. 38 s 3 sch\nexp 1 April 1995 (see s 49)","sortOrder":79},{"sectionNumber":"sec.48","sectionType":"section","heading":null,"content":"### Section sec.48\n\ns 48 ins 1994 No. 38 s 3 sch\nexp 1 April 1995 (see s 49)\ns 20A AIA applies to s 48(1) to (5) (see s 48(6))","sortOrder":80},{"sectionNumber":"sec.8.4","sectionType":"section","heading":null,"content":"### Section sec.8.4\n\ns 8.4 ins 1994 No. 38 s 3 sch\nom 1 October 1994 RA s 37","sortOrder":81},{"sectionNumber":"sec.49","sectionType":"section","heading":null,"content":"### Section sec.49\n\ns 49 ins 1994 No. 38 s 3 sch\nexp 1 April 1995 (see s 49)","sortOrder":82},{"sectionNumber":"sch-para1.15-frag-pt.1","sectionType":"part","heading":null,"content":"","sortOrder":83},{"sectionNumber":"sch-para1.15-frag-pt.2","sectionType":"part","heading":null,"content":"","sortOrder":84}],"analysis":{"summary":{"complexity_score":7,"scope_assessment":{"changed":true,"description":"The Act started as a focused transitional instrument to transfer the Investment Trust from QTC to the newly created QIC. Over time — particularly through major 1994 amendments — it expanded significantly to incorporate full corporate governance obligations, director conduct rules, conflict of interest registers, restrictions on Ministerial powers, judicial review exclusions, and tax equivalents provisions. Many of these additions were made to align QIC with the broader Government Owned Corporations framework created in 1993. Conversely, the 2007 amendments stripped out many detailed provisions (relating to share structure, board composition, subsidiary relationships etc.) that had been inserted in 1994, suggesting a narrowing back towards a more skeletal enabling framework as QIC matured as a GOC operating primarily under the GOC Act."},"complexity_factors":["Extensive cross-referencing to the Government Owned Corporations Act 1993, requiring readers to consult a separate major Act to understand key provisions","Multiple layers of legislative amendments over decades (1993, 1994, 1997, 2001, 2002, 2003, 2007, 2009, 2016), resulting in many omitted, substituted and renumbered sections that create gaps in the text","Dual legal personas of QIC — acting both as a government-owned corporation and as trustee of the Investment Trust — with different legal consequences in each capacity","Technical trust law concepts intertwined with corporate governance and public finance law","Director liability provisions (s.37A) involve complex conditional fault-based analysis","The carve-out of Ministerial powers (s.34) requires understanding of which sections of the GOC Act are overridden and which remain active","Tax equivalents regime (s.38) requires hypothetical calculation of what QIC 'would' owe if it were a private entity","Interaction between this Act and a specific 1989 superannuation agreement (s.44(3)) creates a hidden priority rule","Numerous sections omitted or expired, making it difficult to understand the Act's current operative scope without legislative history"],"plain_english_summary":"## Queensland Investment Corporation Act 1991 — What Does It Do?\n\nThis Act sets up the **Queensland Investment Corporation (QIC)** as a Queensland government-owned investment company. Here's what it does and why it matters:\n\n### What is QIC?\nQIC is a government-owned corporation (meaning it's owned by the Queensland State Government) that manages investments. It took over from the **Queensland Treasury Corporation (QTC)** as the manager and trustee (i.e., the legal caretaker and manager) of a large pooled investment fund called the **Queensland Investment Corporation Investment Trust** — originally set up in 1988 to pool and invest government money.\n\n### The Key Things This Law Does:\n\n1. **Transfers the Investment Trust to QIC**: The Act formally hands over the trustee role from QTC to QIC — transferring all assets, contracts, legal proceedings and obligations without needing extra paperwork. This is a 'seamless' legal transfer.\n\n2. **Gives QIC the powers of the State**: QIC legally represents Queensland and gets all the legal powers, immunities and privileges that come with that status.\n\n3. **Shields existing contracts**: The transfer doesn't break any existing contracts, trigger any early repayment clauses, or release any guarantors (people who backed obligations financially).\n\n4. **Limits political interference in investment decisions**: Unusually, the Act **restricts Ministers** from directing QIC's board on investment decisions. This is designed to keep investment decisions commercial and free from political interference.\n\n5. **Transparency requirement**: If a Member of Parliament lobbies QIC about buying or selling an asset, and QIC then does that deal, QIC **must make that lobbying public** before the deal happens.\n\n6. **Employee rights protected**: Staff moving from the public service or QTC to QIC keep their accrued leave and other entitlements.\n\n7. **Tax equivalents**: Even though QIC is a government entity (and would normally be exempt from tax), it is required to pay amounts to the Treasurer equivalent to what it *would* have paid in taxes if it were a private company. This levels the playing field.\n\n8. **State backstop for trustee debts**: If QIC incurs a debt while acting as a trustee and can't pay it, the State covers the debt — but can then recover the money from directors who were responsible (unless those directors were 'innocent', meaning they weren't at fault).\n\n9. **Judicial review excluded for commercial activities**: Courts cannot review QIC's commercial investment decisions under the *Judicial Review Act 1991* — reinforcing QIC's independence as a commercial investor.\n\n### Who Does This Affect?\n- **Queensland Government agencies and superannuation funds** that invest through QIC\n- **QIC's directors, executives and staff**\n- **Members of Parliament** (who face transparency obligations if they lobby QIC)\n- **Beneficiaries of the Investment Trust** (e.g., government employees whose super is invested there)\n- Indirectly, **Queensland taxpayers** (who ultimately back QIC's operations)"},"flash_summary":{"complexity_score":6,"scope_assessment":{"changed":true,"description":"This Act changes the operational scope of QTC’s existing investment arrangements by removing QTC as trustee and appointing the Queensland Investment Corporation as the trustee of the Investment Trust, vesting the trust’s assets, rights, contracts and related liabilities in the Corporation (s 6). It also permits the chief executive, in consultation with the Corporation, to transfer other QTC investment-related assets and liabilities to the Corporation (s 7). The Act authorises amendments to the Investment Trust deed to give effect to specified changes (s 44), exempts certain state charges on those transfers (s 9), requires the Corporation to charge trustee fees (s 40), and modifies application of parts of the Government Owned Corporations Act (notably restricting ministerial reserve powers over investments (s 34) and excluding a GOC Act leave preservation provision while preserving section 30 and s 38 of this Act (s 36)). These provisions collectively broaden the Corporation’s mandate and alter liability, governance and financial arrangements compared with the prior QTC arrangement."},"complexity_factors":["Multiple statutory transfers of trust assets, rights, contracts and liabilities effected by operation of the Act rather than by deed or conveyance (s 6, s 7) — raises practical questions about records and dispute resolution.","Cross-references to the Government Owned Corporations Act and exclusion of specific GOC reserve powers (s 34) create interactional complexity with other legislation.","Significant executive discretion: chief executive determinations on trustee-related disputes and certifications of transfers (s 6(4), s 7); Treasurer and Governor in Council approval for guarantees (s 33); Treasurer sets tax-equivalent payments (s 38).","Mixed public/private law consequences: Corporation represents the State (s 11), indemnities and State-funded guarantees (s 33, s 37A) alter liability and recovery pathways.","Governance and compliance layers: mandated disclosure regimes, board directions on conflicts, open register inspection and a monetary penalty for non-compliance (s 32).","Administrative exclusion of Judicial Review for commercial or prescribed community service activities (s 37) reduces customary review routes and requires careful classification of activities.","Specific transitional and temporal limits (e.g. indemnity in s 42 applying only to acts before 1 Oct 1994) and numerous omitted or renumbered sections in the source indicate legislative history complexity.","Financial flows between the Corporation and the consolidated fund (guarantees, tax equivalents, possible actuarial payments for employee entitlements) create accounting and budget implications (s 30, s 33, s 38)."],"plain_english_summary":"What this law does (mechanically)\n\n- It moves responsibility for an existing investment trust from Queensland Treasury Corporation (QTC) to a new body called the Queensland Investment Corporation (the Corporation). The Corporation becomes the trust's trustee, gets the trust's assets, rights, contracts and liabilities that relate to the trust, and the trust is renamed (s 6).  \n- The Act also allows the chief executive of the relevant department, after consulting the Corporation, to certify transfers of other QTC assets, liabilities, rights or contracts related to QTC’s investment activities so those items become vested in the Corporation (s 7).  \n- Registrars and record-keepers must make entries to reflect transfers on request (s 10).  \n- The Corporation formally “represents the State” and has the State’s powers, immunities and rights (s 11).  \n- The Treasurer may, with Governor in Council approval, give State guarantees or indemnities to back the Corporation’s liabilities and may pay amounts out of the consolidated fund under those guarantees (s 33).  \n- The Corporation must make payments to the Treasurer to reflect amounts the Corporation would have paid in tax or similar charges if it did not represent the State (s 38).  \n- The Corporation may charge and pay fees, commissions and charges in relation to its operations and is required to charge trustee fees to members of the Investment Trust as set out in the Act (s 40).  \n- The shareholding Ministers are prevented from using their reserve powers under the Government Owned Corporations Act to direct the Corporation’s investment decisions, dealings in securities, or control of investee entities (s 34).  \n- Where a member of the Legislative Assembly has directly or indirectly represented to the Corporation about an asset and the Corporation then acquires or disposes of that asset, the Corporation must publish details of that representation at or before the transaction (s 35).  \n- Officers and certain employees of the Corporation who previously had public service or QTC employment can continue to claim equivalent accrued leave and related entitlements; the Corporation may ask the Treasurer for an actuarial payment from consolidated funds to reflect those liabilities (s 30).  \n- The Act requires disclosure of specified interests by the CEO and nominated officers, makes the register of those interests available to directors and the Auditor-General, permits the board to give directions to manage conflicts and carries a penalty for non-compliance (s 32).  \n- Decisions of the Corporation when carrying out “excluded activities” (commercial activities or prescribed community service obligations) are not subject to review under the Judicial Review Act (s 37).  \n- If the Corporation acting as trustee incurs trust liabilities that cannot be met from the trust or by the Corporation, the State will discharge the liability but may recover amounts from directors who were not “innocent directors” at the time the liability was incurred (s 37A).  \n- The Corporation is authorised to amend the trust deed by supplemental deed to give effect to the schedule of changes in the Act (s 44).  \n\nWho is affected and who decides\n\n- The Corporation (the new trustee) receives assets, rights, contracts and duties previously held by QTC as trustee (s 6).  \n- Members of the Investment Trust may pay trustee fees set under the Act (s 40).  \n- The Treasurer and Governor in Council decide whether the State will guarantee or indemnify the Corporation (s 33). The Treasurer also determines amounts the Corporation must pay to the Treasurer to reflect tax equivalents (s 38) and may set fees for State services provided to the Corporation (s 39).  \n- The chief executive of the relevant department has the final, binding written determination in disputes about whether a matter relates to QTC as trustee or to QTC in another capacity (s 6(4)). The same chief executive can, in consultation with the Corporation, certify transfers of other investment-related assets from QTC to the Corporation (s 7).  \n- The Corporation’s board nominates which officers must disclose interests and can give directions about conflict procedures (s 32).  \n\nWhy it matters (stated purpose-claims and practical consequences)\n\n- The Act’s stated structural change is to move trust management and related investment business from QTC to a dedicated Corporation (s 6, s 7). That is implemented by statutory transfer and by authorising amendments to the trust deed (s 6, s 44).  \n- Practical consequences and trade-offs:  \n  - Who pays: If the State guarantees the Corporation, the consolidated fund may be required to pay liabilities under that guarantee (s 33). The Corporation must also pay tax-equivalent amounts to the Treasurer unless it actually becomes liable for those taxes itself (s 38). Members of the Investment Trust will bear trustee fees charged by the Corporation (s 40). Former public servants who transfer to the Corporation can claim accrued entitlements from the Corporation; the Corporation may ask the Treasurer for an actuarial payment to offset that cost (s 30).  \n  - Incentives and costs: The Corporation’s ability to charge and pay fees and commissions (s 40) and its state representation (s 11) change the financial incentives around running the trust and related investments: the Corporation can set charges for services and is treated legally as representing the State. At the same time, shareholding Ministers are restricted from directing investment decisions (s 34), increasing operational autonomy for corporate management but limiting ministerial control over investment choices.  \n  - Compliance burden and disclosure: Selected officers must record and update interests and the board can require procedures to manage conflicts; non-compliance attracts a financial penalty (s 32). Registrars must update titles and records on request, reducing transactional friction for vesting arrangements (s 10).  \n  - Bureaucratic discretion and implementation risk: Several provisions vest decisive powers in executive officers or Ministers — the Treasurer and Governor in Council approve guarantees (s 33), the chief executive has final determinations on trustee-related disputes and can certify additional transfers (s 6(4), s 7), and the Treasurer determines tax-equivalent amounts (s 38). Those discretionary decisions concentrate implementation authority in a small set of officials and can affect fiscal exposure and asset allocation.  \n  - Legal and review environment: The Corporation is treated as representing the State (s 11) and the Judicial Review Act does not apply to decisions taken in excluded (commercial or prescribed CSO) activities (s 37), which narrows avenues for administrative review of some corporate decisions.  \n  - Liability and risk allocation: If trust liabilities cannot be met from trust assets or the Corporation’s funds, the State pays and may seek recovery from non-innocent directors (s 37A). That creates a backstop funded by the public but also a potential source of personal liability for certain directors depending on circumstances.  \n\nConcrete mechanisms that concentrate benefits or costs\n\n- Concentrated benefits: The Corporation (its board and management) gains control of the trust and contractual rights, plus the ability to charge fees and commissions (s 6, s 40).  \n- Diffuse costs: Potential fiscal exposure from guarantees and indemnities (s 33) and from required payments from the consolidated fund to cover tax-equivalents or leave liabilities if the Treasurer agrees to actuarial payments (s 33, s 30, s 38) are borne by the State/ taxpayers.  \n\nImplementation and operational notes\n\n- Transfers are effected by the Act itself without further conveyancing (s 6(1)(c), s 7(2)). That reduces transactional steps but makes administrative records and the chief executive’s certifications important for clarity and dispute resolution (s 6(4), s 7).  \n- The board’s power to nominate which officers must disclose and to issue directions about conflicts gives internal governance tools (s 32).  \n- The Act protects counterparties by stating that the statutory transfers and the Corporation’s change of status do not, by themselves, place the Corporation in breach of contracts or release sureties (s 8).  \n\nKey sections to read for detail: s 6 (change of trustee and transfers), s 7 (transfer of other investments), s 30 (employee entitlements), s 32 (disclosure of interests), s 33 (State guarantees), s 34 (limitations on ministerial directions), s 37 (Judicial Review exclusion), s 37A (liability allocation for trustee debts), s 38 (taxation/tax-equivalent payments), s 40 (fees and commissions), s 44 (authorised changes to the trust deed)."},"kimi_summary":{"content_quality":"ok","complexity_score":6,"scope_assessment":{"changed":true,"description":"The original 1991 Act was primarily focused on the single task of changing the trustee of the Investment Trust from QTC to the new Corporation and establishing the basic entity. However, the legislation has grown significantly through amendments (particularly in 1994 and 2007) to encompass broader governance matters including: director liability protections and indemnities, detailed conflict of interest regimes, taxation-equivalent payment schemes, restrictions on ministerial interference in commercial decisions, and complex transitional arrangements for staff. The Act now functions as a comprehensive governance charter for QIC rather than merely a trustee-transfer mechanism."},"complexity_factors":["Multiple amending acts referenced throughout (1994 No. 38, 2007 No. 10, etc.) with many sections omitted or substituted, creating a fragmented reading experience","Extensive cross-referencing to the Government Owned Corporations Act 1993 (GOC Act) for governance matters, requiring knowledge of that separate statute","Nested conditional logic in section 37A regarding director liability when acting as trustee — involving three cumulative conditions and a complex definition of 'innocent director'","Dual capacity provisions distinguishing between the Corporation acting in its own right versus as trustee of the Investment Trust (e.g., 'Corporation as trustee of the Investment Trust')","Transitional provisions in sections 6-7 with multiple automatic vesting mechanisms that override general property law requirements","Schedule-based amendments to the Investment Trust deed (section 44) that are not included in the provided text but are incorporated by reference","Interaction between preserved leave entitlements (section 30) and the general GOC Act provisions, requiring section 36 to carve out specific exceptions"],"plain_english_summary":"**What this law does:**\n\nThis Act creates the **Queensland Investment Corporation (QIC)** — a government-owned company that manages investments on behalf of the State of Queensland. It was originally set up in 1991 to take over from the Queensland Treasury Corporation (QTC) as the trustee of a large investment fund called the **Investment Trust**.\n\n**Key things the law covers:**\n\n*   **Changing the trustee:** It legally removes QTC as trustee of the Investment Trust and appoints QIC in its place — transferring all assets, liabilities, contracts, and legal proceedings automatically without needing separate paperwork.\n*   **Transferring other investments:** Allows certain other QTC investments to be shifted across to QIC if the government decides this should happen.\n*   **Protecting existing deals:** Ensures that changing the trustee or transferring assets doesn't break existing contracts or trigger early payment clauses.\n*   **Staff entitlements:** Protects the leave and benefits of public servants or QTC employees who move over to work for QIC.\n*   **Conflicts of interest:** Requires senior staff to disclose their financial interests and creates rules for managing conflicts.\n*   **State backing:** Allows the State Treasurer to guarantee QIC's financial obligations, and makes the State liable if QIC (acting as a trustee) can't pay its debts — though directors can be personally liable if they weren't \"innocent\" (acting properly).\n*   **Tax and fees:** Requires QIC to make payments to the Treasurer equivalent to what it would pay in tax if it weren't government-owned, and allows it to charge fees for its investment services.\n*   **Independence from political interference:** Specifically stops government ministers from directing QIC's investment decisions, though they must keep ministers informed.\n\n**Who it affects:**\n\n*   The Queensland Government and its investment funds\n*   Public servants moving to work at QIC\n*   People and companies who invest with or do business with QIC\n*   Directors and officers of QIC (who have special liability rules)\n\n**Why it matters:**\n\nThis law establishes the legal framework for one of Queensland's largest investment managers, handling billions of dollars in public money. It balances commercial independence (letting QIC invest professionally without political meddling) with public accountability (transparency, disclosure rules, and State guarantees)."},"issue_detection":{"absurdities":[{"type":"impossible_compliance","section":"sec.4","severity":"high","reasoning":"Section 4 states that a trustee 'does not cease to be entitled to be fully indemnified out of the assets of the relevant trust' merely because the trust has no assets or insufficient assets. This creates a legally recognised but practically unenforceable entitlement — you are entitled to be paid from a fund that does not exist. The entitlement is preserved in name while being meaningless in substance. Section 37A partially addresses this by making the State liable in such circumstances, but the underlying logical absurdity in s.4 remains: an indemnification right against an empty pool is a right against nothing.","confidence":0.82,"description":"A trustee is entitled to be fully indemnified out of trust assets even when those assets are insufficient or non-existent to provide that indemnification. The section explicitly preserves an entitlement that is, by its own terms, impossible to satisfy."},{"type":"impossible_compliance","section":"sec.6(4)","severity":"high","reasoning":"Making a departmental chief executive's determination 'final and binding upon all persons' purports to oust judicial review entirely. Under Kable and Kirk principles in Australian constitutional law, a State Parliament cannot entirely remove the supervisory jurisdiction of State Supreme Courts over executive action. The provision attempts to bind even courts and non-parties — an outcome that cannot be achieved by ordinary statutory language. The provision is also circular: the chief executive determines whether a matter is 'of or relating to QTC as trustee' without any criteria, standard of review, or appeal mechanism, making compliance by affected parties logically impossible if the determination is wrong.","confidence":0.75,"description":"A dispute about whether a matter relates to QTC as trustee or QTC in another capacity is to be 'determined in writing by the chief executive of the department' whose determination is 'final and binding upon all persons (whether or not party to the question or dispute)'. This purports to make an executive officer's written opinion conclusively binding on courts, third parties, and all legal proceedings, which is constitutionally dubious and practically absurd."},{"type":"self_contradicting","section":"sec.11","severity":"medium","reasoning":"Section 11 grants the Corporation State immunities (e.g., immunity from suit, Crown immunities) while the entire purpose of corporatisation under the GOC Act (s.13, referenced in s.37) is to have the entity operate 'as far as practicable, on a commercial basis and in a competitive environment'. A competitor that has Crown immunities cannot genuinely compete on equal commercial terms. The section is internally inconsistent with the corporatisation framework the Act itself invokes.","confidence":0.72,"description":"The Corporation, a government-owned corporation operating on a commercial basis in a competitive environment, simultaneously 'represents the State' and has 'all the powers, immunities, privileges, rights and remedies of the State'. This is in direct tension with the GOC Act framework that requires it to operate commercially and competitively."},{"type":"self_contradicting","section":"sec.32(7) and sec.32(9)","severity":"medium","reasoning":"The combination of mandatory disclosure (with criminal penalty) and a non-invalidation clause produces an absurd result: an officer can be prosecuted for failing to disclose a conflict of interest, yet the conflicted decision stands in full force. The penalty therefore does not protect the integrity of decision-making — the very purpose of conflict-of-interest disclosure rules. The deterrent is decoupled from the harm it is meant to prevent.","confidence":0.8,"description":"An officer who contravenes the disclosure obligations in section 32 commits a penalty offence (s.32(7)), yet s.32(9) provides that a contravention 'does not invalidate any decision of the board'. This creates a regime where breach is simultaneously punishable and legally inconsequential to the decisions made in breach."},{"type":"circular_definition","section":"sec.37(1) and sec.37(3)","severity":"high","reasoning":"'Commercial activities' means 'activities conducted on a commercial basis', which is circular — it tells you nothing about which activities qualify. A regulation may then declare any activity to be commercial. The practical effect is that the executive can immunise any Corporation decision from judicial review by regulation, without any statutory constraint on what may be declared commercial. The definition provides no limiting principle.","confidence":0.78,"description":"The definition of 'excluded activities' includes 'commercial activities', and the Judicial Review Act 1991 is excluded from applying to decisions made in carrying out excluded activities. A regulation may also declare what is or is not a commercial activity. This creates a self-referential regulatory power to exempt any decision from judicial review by simply declaring it 'commercial'."},{"type":"self_contradicting","section":"sec.40(3)","severity":"medium","reasoning":"General trust law prohibits a trustee from profiting from the trust beyond authorised remuneration. Section 40(3) mandates a fee structure that explicitly exceeds all costs — i.e., mandates a profit margin — which sits uneasily with the trustee duties incorporated by s.6(6) ('the law of trusts...apply to the change of trustee'). The Corporation is simultaneously bound by trust law (via s.6(6)) and required by s.40(3) to extract a mandatory profit from the trust it administers.","confidence":0.7,"description":"The Corporation is required to charge fees to Investment Trust members 'so as to entitle the Corporation to derive a total fee in excess of the total of all costs, charges and expenses incurred'. This mandates that the trustee always derives a profit from the trust, which conflicts with the general law duty of a trustee to act in the best interests of beneficiaries and not to profit from the trust."},{"type":"other","section":"sec.42(1) and sec.42(2)","severity":"low","reasoning":"The section remains in the Act but has been entirely spent since 1 October 1994. Its continued presence creates the misleading impression of an ongoing indemnity regime when in fact no indemnity is available for anything done after that date. Any officer reading the section heading 'Indemnity' would be misled by the provision's apparent scope before reading the temporal cutoff in subsection (2). While not logically contradictory, the provision's continued inclusion is practically absurd.","confidence":0.85,"description":"Section 42 provides a broad indemnity for all directors, officers, employees and agents of the Corporation for acts done in good faith, but then s.42(2) limits the entire provision to 'anything done before 1 October 1994'. The indemnity provision is therefore a spent, temporally exhausted provision that provides no ongoing protection whatsoever."},{"type":"self_contradicting","section":"sec.6(5)","severity":"medium","reasoning":"Section 6(5) strictly prohibits the Corporation from being a beneficiary of the Investment Trust. Section 40(3) requires it to charge fees exceeding its costs — mandating it derive a net benefit from the trust. While trustee remuneration is technically distinct from a beneficial interest, the mandatory profit margin in s.40(3) approaches the substance of a beneficial entitlement, creating tension with the s.6(5) prohibition. The line between 'authorised remuneration' and 'benefit' is not defined.","confidence":0.62,"description":"The Corporation, as trustee of the Investment Trust, is prohibited from becoming a beneficiary of that trust. However, s.40(3) mandates that the Corporation derive fees from the trust in excess of all costs — i.e., a mandatory profit from trust operations. Deriving profit from a trust one administers as trustee blurs the line between trustee remuneration and beneficial entitlement."}],"contradictions":[{"severity":"medium","section_a":"sec.6(6)","section_b":"sec.40(3)","confidence":0.68,"description":"Section 6(6) provides that the law of trusts applies to the change of trustee effected by this Act. General trust law prohibits a trustee from making an unauthorised profit from the trust. Section 40(3) mandates a fee exceeding total costs, effectively requiring the Corporation to profit from the Investment Trust in excess of expenses."},{"severity":"medium","section_a":"sec.11","section_b":"sec.34","confidence":0.7,"description":"Section 11 grants the Corporation all powers, immunities, privileges, rights and remedies of the State — suggesting full governmental character. Section 34 restricts the shareholding Ministers from directing the Corporation on investment decisions, treating the Corporation as independent from State control. The Corporation simultaneously is the State (for immunity purposes) but is shielded from State direction (for operational purposes)."},{"severity":"low","section_a":"sec.8","section_b":"sec.6(1)(c)","confidence":0.55,"description":"Section 6(1)(c) transfers all assets from QTC as trustee to the Corporation 'without any transfer, assignment, notice or assurance other than this Act and despite any other Act or law'. Section 8 then provides that the operation of this part 'does not make the Corporation in breach of an instrument... prohibiting, restricting or regulating the assignment or transfer of a right or liability'. If s.6 transfers assets despite all other laws, the protection in s.8 against breach of instruments is redundant — but if s.8 is necessary, it implies s.6's override is not complete, creating circular reasoning about the legal effect of the transfer."},{"severity":"low","section_a":"sec.36(a)","section_b":"sec.30","confidence":0.52,"description":"Section 36(a) excludes the GOC Act s.174 (Preservation of leave entitlements) from applying to the Corporation, and s.36(b) substitutes s.30 of this Act instead. However, s.30 preserves equivalent entitlements from prior public service or QTC employment. The apparent contradiction is that s.36 simultaneously excludes the GOC Act provision designed to protect the same entitlements while re-enacting a parallel version — raising the question of whether both could simultaneously apply or create different standards for the same employees."},{"severity":"medium","section_a":"sec.37(3)","section_b":"sec.11(2)","confidence":0.63,"description":"Section 37(3) excludes the Judicial Review Act 1991 from applying to decisions made in the Corporation's excluded (commercial) activities. Section 11(2) grants the Corporation all remedies of the State. The State itself is subject to judicial review; if the Corporation has all State remedies but not the corresponding accountability mechanisms, the exclusion in s.37(3) creates an asymmetric regime — a State body shielded from review that the State itself could not avoid."},{"severity":"low","section_a":"sec.38(2)","section_b":"sec.11(2)","confidence":0.58,"description":"Section 38(2) requires the Corporation to pay amounts equivalent to taxes it 'would have been liable to pay' if it did not represent the State — acknowledging its actual tax immunity as a State representative. Section 11(2) explicitly grants those immunities. The tax equivalency regime is premised on the immunity granted by s.11(2), making s.38 a workaround for an immunity that s.11 simultaneously maintains in full force. This is not contradictory per se, but the two provisions only function coherently together if s.11 immunities are treated as real and s.38 as a voluntary payment regime — the legal characterisation of which is left entirely undefined."}]}},"importantCases":[],"_links":{"self":"/api/acts/queensland-investment-corporation-act-1991","history":"/api/acts/queensland-investment-corporation-act-1991/history","analysis":"/api/acts/queensland-investment-corporation-act-1991/analysis","conflicts":"/api/acts/queensland-investment-corporation-act-1991/conflicts","importantCases":"/api/acts/queensland-investment-corporation-act-1991/important-cases","documents":"/api/acts/queensland-investment-corporation-act-1991/documents"}}