11Status of company

11 Status of company

(1)  Unless this or any other Act expressly provides otherwise, a company or a subsidiary of a company –

(a) is not, and does not represent, the Crown; and

(b) is not exempt from any rate, tax, duty or other impost imposed under any law merely because the Crown has beneficial ownership of shares in it; and

(c) is not subject or entitled to any prerogative right or privilege of the Crown.

(2)  [Section 11 Subsection (2) substituted by No. 22 of 2023, s. 8, Applied:01 Jul 2023] The Crown is not liable for any liability or obligation of a company or subsidiary of a company unless –

(a) the Treasurer gives a guarantee or indemnity under section 12 in relation to that liability or obligation; or

(b) a guarantee is given under the Tasmanian Public Finance Corporation Act 1985 in respect of the company or subsidiary.