32Electricity corporation not to make loans to directors

32 Electricity corporation not to make loans to directors

S. 32(1) amended by Nos 53/1994 s. 11(4)(b), 110/1994 s. 33(2), 36/1999 s. 19(e).

(1) The powers of an electricity corporation do not include a power, whether directly or indirectly—

S. 32(1)(a) amended by Nos 53/1994 s. 11(4)(b), 110/1994 s. 33(2), 36/1999 s. 19(e), 44/2001 s. 3(Sch. item 35.3).

(a) to make a loan to a director of the corporation, a spouse of such a director, or a relative (as defined in the Corporations Act) of such a director or spouse; or

(b) to give a guarantee or provide security in connection with a loan made or to be made by another person to a director, spouse or relative referred to in paragraph (a).

S. 32(2) amended by Nos 53/1994 s. 11(4)(b), 110/1994 s. 33(2), 36/1999 s. 19(e).

(2) Nothing in subsection (1) prohibits an electricity corporation entering into an agreement or arrangement with a person referred to in subsection (1) if similar agreements or arrangements are entered into by the corporation with members of the public on the same terms and conditions.

S. 33 amended by Nos 53/1994 s. 11(4)(c), 110/1994 s. 33(2), 56/1995 s. 8(3)(a)(b), 36/1999 s. 19(e).