5Mandatory corporate governance provisions

5 Mandatory corporate governance provisions

5 Mandatory corporate governance provisions

(1) For the purposes of this Act:

(a) the mandatory corporate governance provisions are the provisions set out in Schedule 1, and

(b) the constitution of a company includes the mandatory corporate governance provisions if the constitution of the company includes provisions in the same terms as, or to the effect of, the mandatory corporate governance provisions.

(2) The constitution of a company does not cease to include the mandatory corporate governance provisions merely because it includes additional provisions, so long as those additional provisions are not inconsistent with the mandatory corporate governance provisions.

(3) An alteration of the constitution of a company including the mandatory corporate governance provisions that omits or otherwise alters those provisions does not result in the constitution ceasing to include the mandatory corporate governance provisions if the Minister has consented to the alteration under section 9.

(4) Any matter in Schedule 1 appearing in a note headed “Incorporation instruction” does not form part of the mandatory corporate governance provisions. Any matter inserted or omitted by reference to an Incorporation instruction is a permitted change to the mandatory corporate governance provisions.