5Establishment of Forestry Corporation

#### 5 Establishment of Forestry Corporation 5 Establishment of Forestry Corporation > There is constituted by this Act a corporation with the corporate name of the Forestry Corporation of New South Wales. > > Note. > > Schedule 4 to this Act amends the SOC Act to make the Forestry Corporation a statutory State owned corporation. > > The SOC Act contains a number of provisions that will apply to the Corporation as a statutory SOC. In particular— > > > (a) Part 3 contains provisions relating to the status of the Corporation, the application of the [Corporations Act 2001](http://www.legislation.gov.au/) of the Commonwealth, the issue of shares to the Treasurer and another Minister, the board of directors, the chief executive officer, the employment of staff, the giving of directions by the portfolio Minister (including directions for the performance of non-commercial activities or the carrying out of public sector policies), the constitution of the Corporation, dividends and tax-equivalent payments, government guarantees, the sale or disposal of assets and the legal capacity and general powers of the Corporation, and > > > (b) Part 4 deals with the accountability of the Corporation (including statements of corporate intent, annual reports and accounts), and > > > (c) Part 5 deals with miscellaneous matters (including the duties and liabilities of directors and the application of public sector legislation).