104Requirement for State to always have controlling interest

104 Requirement for State to always have controlling interest (1) The State must always have a controlling interest in the SEC. (2) For the purposes of subsection (1), the State has a controlling interest in the SEC if— (a) in the case where the SEC is a body corporate in which shares have been issued, the State or a Minister on behalf of the State— (i) controls the composition of the board of the SEC; and (ii) is in a position to cast or control the casting of all of the votes that might be cast at a general meeting of the SEC; and (b) in the case where the SEC is a body corporate established by or under an Act and in which shares have not been issued, the Governor in Council, a Minister or another person acting for or on behalf of the State has, under that Act or an instrument under that Act, the power to appoint— (i) all of the directors or members of the governing board (by whatever name called) of the body corporate; or (ii) if the body corporate is comprised of individuals who are not a governing board or one individual, those individuals or individual. (3) Despite this Part or any other Act or law, the SEC may carry on business under the name "SEC", "State Electricity Commission of Victoria", "State Electricity Commission" or any other name. S. 105 inserted by No. 36/2024 s. 4.