9Minister may approve of one or more companies

#### 9 Minister may approve of one or more companies 9 Minister may approve of one or more companies > > (1) The Minister may approve (either conditionally or unconditionally) of one or more companies registered under the Corporations Act for the purpose of exercising one or more of the functions set out in Division 2 or 3 of this Part and in Part 4 if the constitution of the company concerned contains— > > > > > (a) a statement of the company’s objects that reflects the functions concerned, and > > > > > (b) provisions to the effect of those set out in Schedule 5. > > > (2) The Minister may approve of a company for that purpose even though the company has a constitution containing additional provisions, so long as those provisions are not inconsistent with any provision of the constitution required by subsection (1). > > > (3) However, the Minister must not— > > > > > (a) approve of any company unless the company— > > > > > > > (i) is wholly owned in equal shares by the MEU, or by a company wholly owned by the MEU, and the Minerals Council, or a wholly-owned subsidiary of the Minerals Council, or > > > > > > > (ii) is the wholly-owned subsidiary of another approved company, or > > > > > (b) approve of any one or more companies unless the statement of objects of at least one of the companies includes the object of establishing or administering (or establishing and administering), or providing administrative services in respect of, superannuation schemes for the benefit of mine workers (within the meaning of the [Coal and Oil Shale Mine Workers (Superannuation) Act 1941](/view/html/inforce/current/act-1941-045)), former mine workers and their dependants, or > > > > > (c) approve 2 or more companies to exercise the function specified in section 10 (1) (k) at the same time, or > > > > > (d) approve 2 or more companies to exercise the function specified in section 10 (1) (m) at the same time. > > > (4) The Minister’s approval is to be given by a notice that— > > > > > (a) is published in the Gazette, and > > > > > (b) specifies any conditions of the approval, and > > > > > (c) specifies the functions that the company is approved, under this Part, to exercise. > > > (5) In addition to any other functions it has under its constitution, an approved company has the functions specified in its notice of approval. > > > (6) The Minister is to act in accordance with such provisions of the constitution of an approved company as are set out in Schedule 5. > > Note— > > The constitution of an approved company will require (among other things) the Minister to appoint the directors of the company. > > **s 9:** Am 2023 No 40, Sch 2\[3\].