22Establishment of statutory corporations as transaction entities

22 Establishment of statutory corporations as transaction entities

(1) The Governor in Council, on the recommendation of the Premier, may, by Order published in the Government Gazette, establish a statutory corporation by the name stated in the Order.

(2) An Order under subsection (1) may establish a corporation sole, constituted by the holder for the time being of an office or position in the public sector stated in the Order.

(3) An Order under subsection (1)—

(a) must state the particular purpose of establishing the corporation; and

(b) must state the functions of the corporation; and

(c) if the corporation is to be a subsidiary of a statutory corporation, must state that fact and the name of the particular statutory corporation; and

(d) if the corporation is to have a share capital, must state particulars of the share capital; and

(e) if the corporation is to have a board—

(i) must state the particulars of the constitution of the board; and

(ii) may include provision for the appointment of directors by the Governor in Council; and

(f) may include any other particulars relating to the establishment or operation of the corporation that the Governor in Council determines.

(4) A statutory corporation established under this section is a transaction entity for the purposes of this Act.

(5) A statutory corporation established under this section—

(a) is a body corporate with perpetual succession; and

(b) must have an official seal; and

(c) may sue and be sued; and

(d) may acquire, hold and dispose of real and personal property; and

(e) may do and suffer all things that a body corporate may by law do and suffer.

(6) All courts must take judicial notice of the seal
of a statutory corporation established under this section affixed to a document and, until the contrary is proved, must presume that it was duly affixed.

(7) The official seal must be kept in the custody that the statutory corporation directs and must not be used except as authorised by the statutory corporation.

(8) Shares in a statutory corporation must not be issued or dealt with except in accordance with an Order under this section.