12Development Victoria may enter into joint ventures etc.

12 Development Victoria may enter into joint ventures etc.

S. 12(1) amended by No. 10/2017 s. 24(1).

(1) Without limiting the generality of the powers referred to in section 8, Development Victoria may do all or any of the following—

(a) form, or participate in the formation of, a corporation, trust, partnership or other body;

(b) subscribe for, or otherwise acquire, and hold and dispose of shares in, or debentures or other securities of, a corporation;

(c) subscribe for, or otherwise acquire, and hold and dispose of, units in a trust;

(d) act as a trustee;

(e) acquire and hold and dispose of an interest in a partnership or other body;

(f) enter into any contract or arrangement with a person for the sharing of profits, union of interest, co-operation, joint venture, reciprocal concessions or otherwise.

S. 12(2) amended by No. 10/2017 s. 24(1).

(2) If the total investment involved in an activity authorised under subsection (1) exceeds $5 000 000 Development Victoria must obtain the approval of the Minister and the Treasurer.