Part 1 Preliminary

1 Short title

This Act may be cited as the Government Business Enterprises Act 1995 .

2 Commencement

This Act –

(a) commences on 1 July 1995 if it receives the Royal Assent on or before that day; or

(b) is taken to have commenced on 1 July 1995 if it receives the Royal Assent after that day.

3 Interpretation

(1)  In this Act, unless the contrary intention appears –

accounting records includes –

(a) invoices, receipts, orders for the payment of money, bills of exchange, cheques, promissory notes, vouchers and other documents of prime entry; and

(b) such working papers and other documents as are necessary to explain the methods and calculations by which a Government Business Enterprise's financial statements are made up;

[Section 3 Subsection (1) amended by No. 86 of 2000, Sched. 1, Applied:01 May 2001] Agency has the same meaning as in the State Service Act 2000 ;

amend includes –

(a) omit matter; and

(b) insert or add matter; and

(c) omit matter and substitute other matter;

annual report means an annual report prepared under section 55 ;

[Section 3 Subsection (1) amended by No. 42 of 2002, s. 4, Applied:27 Nov 2002] associated entity has the meaning given by section 3A ;

audit committee means the audit committee established under section 16 (1) (a) ;

Australian Accounting Standards means Statements of Accounting Standards issued jointly by the National Councils of the Australian Society of Certified Practising Accountants and The Institute of Chartered Accountants in Australia or their successors;

beneficial interest includes a potential interest in property subject to a discretionary trust;

Board means –

(a) the Board of Directors of a Government Business Enterprise specified in Part 1 of Schedule 1 appointed under section 11 (2) ; or

(b) the Board of Directors, within the meaning of section 11 (5) , of a Government Business Enterprise specified in Part 2 of Schedule 1 ;

borrowing means any borrowing, loan, temporary accommodation, advance or other form of raising funds in relation to which the principal is repayable;

chairperson means –

(a) the chairperson of a Board of a Government Business Enterprise specified in Part 1 of Schedule 1 appointed under section 11 (2) ; or

(b) the person appointed or otherwise established by or under the Portfolio Act as, or to act in the office of, chairperson of a Board of a Government Business Enterprise specified in Part 2 of Schedule 1 ;

charge includes tariff, fee and premium;

chief executive officer means the chief executive officer of a Government Business Enterprise appointed under section 18 (2) or as specified in section 18 (7) ;

committee means the audit committee or another committee established under section 16 ;

[Section 3 Subsection (1) amended by No. 65 of 2001, s. 4, Applied:01 Jul 2001] Commonwealth Tax Act means the Income Tax Assessment Act 1936 of the Commonwealth together with the Income Tax Assessment Act 1997 of the Commonwealth and any other enactments of the Commonwealth relating to income tax;

community service obligation has the same meaning as in Part 9 ;

comply with includes does not contravene;

contract includes an agreement, arrangement, loan or other transaction;

contravene includes fail to comply with;

conversion day means –

(a) in the case of a statutory authority specified in Schedule 1 as in force on 1 July 1995, that day; or

(b) in any other case, the day on which a State service authority or independent employing authority becomes a Government Business Enterprise;

corporate plan means the corporate plan approved under section 39 ;

costing basis means the basis for determining the costs or estimated costs of community service obligations agreed under section 62 ;

[Section 3 Subsection (1) amended by No. 42 of 2001, Sched. 1, Applied:15 Jul 2001] debenture has the same meaning as in the Corporations Act;

director means –

(a) the chairperson; and

(b) in the case of a Government Business Enterprise specified in Part 1 of Schedule 1 , a person appointed as a director (other than as chairperson) under section 11 (2) ; and

(c) in the case of a Government Business Enterprise specified in Part 2 of Schedule 1 , a person appointed or otherwise established by or under the Portfolio Act as, or to act in the office of, a member of the Government Business Enterprise or its governing authority (other than as chairperson);

dividend means –

(a) a dividend specified in a recommendation approved under section 84 (1) (a) ; or

(b) a dividend which a Government Business Enterprise is directed to pay under section 84 (1) (c) ; or

(c) a dividend specified in a notice referred to in section 84 (4) ;

employee means a person –

(a) employed by a Government Business Enterprise under section 21 (1) ; or

(b) appointed or employed for the purposes of a Government Business Enterprise, as specified in section 21 (3) ;

enactment means an Act, order or other instrument of a legislative character;

[Section 3 Subsection (1) amended by No. 1 of 2009, Sched. 1, Applied:27 Apr 2009] financial accommodation means–

(a) a loan; or

(b) issuing, endorsing or otherwise dealing in promissory notes; or

(c) drawing, accepting, endorsing or otherwise dealing in bills of exchange; or

(d) issuing, purchasing or otherwise dealing in securities; or

(e) granting or taking a lease for financing but not for operating purposes; or

(f) any other transaction or arrangement that the Treasurer's Instructions specify to be financial accommodation for the purposes of this Act;

financial arrangement means any one or more of the following when entered into and performed in accordance with the Treasurer's Instructions:

(a) a currency swap;

(b) an interest rate swap;

(c) a forward exchange rate agreement;

(d) a forward interest rate agreement;

(e) [Section 3 Subsection (1) amended by No. 42 of 2001, Sched. 1, Applied:15 Jul 2001] a futures contract, or futures option, within the meaning of the Corporations Act;

(f) a currency option;

(g) an interest rate option;

(h) any other transaction or arrangement that the Treasurer's Instructions specify to be a financial arrangement for the purposes of this Act;

financial statements means –

(a) the financial statements prepared in respect of a Government Business Enterprise under section 52 ; and

(b) the consolidated financial statements prepared in respect of a Government Business Enterprise and all of its subsidiaries under that section;

financial year, in relation to a Government Business Enterprise or its subsidiary, means –

(a) if the Portfolio Act or another Act specifies a period of 12 months in respect of which the Government Business Enterprise or subsidiary is required to maintain financial records, that period; or

(b) [Section 3 Subsection (1) amended by No. 42 of 2002, Sched. 1, Applied:27 Nov 2002] if such a period is not specified by the Portfolio Act or another Act and the Treasurer approves a period of 12 months in respect of which the Government Business Enterprise or subsidiary is required to maintain financial records, that period; or

(c) in every other case, a period of 12 months ending on 30 June in any year;

function includes duty;

Government Business Enterprise means a statutory authority specified in Schedule 1 ;

[Section 3 Subsection (1) amended by No. 86 of 2000, Sched. 1, Applied:01 May 2001] Government department means an organ of the executive government of Tasmania including, in particular, a Government department within the meaning of the State Service Act 2000 ;

guarantee fee means the fee payable under section 78 ;

[Section 3 Subsection (1) amended by No. 86 of 2000, Sched. 1, Applied:01 May 2001]

[Section 3 Subsection (1) amended by No. 65 of 2001, s. 4, Applied:01 Jul 2001] income tax equivalent means the income tax equivalent a Government Business Enterprise or subsidiary is liable to pay under section 68 ;

indemnify includes indemnify indirectly through one or more interposed entities;

independent employing authority means a statutory authority that –

(a) is to become a Government Business Enterprise on the conversion day; and

(b) immediately before that day, has the power to employ as members of its staff persons who are not State service employees;

initial chief executive officer means a person who becomes a chief executive officer on the conversion day under section 91 ;

initial director means a person who becomes a director on the conversion day under section 92 ;

initial employee means a person who –

(a) is taken to have been employed under section 21 (1) by a Government Business Enterprise by the operation of section 90 (1) ; or

(b) is taken to have been employed pursuant to section 21 (3) by the operation of section 90 (2) ;

interim dividend means –

(a) an interim dividend specified in a recommendation approved under section 85 (3) (a) ; or

(b) an interim dividend which a Government Business Enterprise is directed to pay under section 85 (3) (c) ; or

(c) an interim dividend specified in a notice referred to in section 85 (6) ;

[Section 3 Subsection (1) amended by No. 42 of 2002, s. 4, Applied:27 Nov 2002] interim report means –

(a) a quarterly report under section 57 ; and

(b) information provided to a Minister under section 58 ;

investigator means a person authorised under section 102 (1) or (2) to undertake an investigation of a Government Business Enterprise or subsidiary;

lease means –

(a) any lease, licence, charter or hiring arrangement of any real or personal property; or

(b) any arrangement under which a right to use, operate, manage or provide services in respect of any real or personal property is granted by the owner to another person;

loss means the loss or deficit shown in the financial statements in respect of a financial year after –

(a) [Section 3 Subsection (1) amended by No. 42 of 2002, s. 4, Applied:27 Nov 2002] any extraordinary items have been taken into account; and

(b) provision has been made for any income tax equivalent payable;

main undertaking means an undertaking or asset specified in a corporate plan to be a main undertaking;

[Section 3 Subsection (1) amended by No. 42 of 2002, s. 4, Applied:27 Nov 2002] material personal interest has the meaning given by section 3B ;

ministerial charter means the charter provided to a Government Business Enterprise under section 36 ;

money includes negotiable instruments or securities of any kind for the payment of money;

officer means –

(a) a director; and

(b) a chief executive officer; and

(c) a person who is concerned with, or takes part in, the management of a Government Business Enterprise;

[Section 3 Subsection (1) amended by No. 45 of 2003, Sched. 1, Applied:01 Jan 2004] partner means the person with whom a person is in a personal relationship, within the meaning of the Relationships Act 2003 ;

pay includes pay indirectly through one or more interposed persons;

Portfolio Act, in relation to a Government Business Enterprise, means the enactment by or under which that Government Business Enterprise is established together with any other enactment, other than this Act, which is expressed as being required to be incorporated and read as one with that enactment;

[Section 3 Subsection (1) amended by No. 18 of 2025, s. 12, Applied:01 Jan 2026] Portfolio Minister means, subject to section 3C  –

(a) in relation to a Government Business Enterprise constituted by or under an enactment or part of an enactment, the Minister to whom the administration of that enactment or part is assigned; and

(b) in relation to a Government Business Enterprise not constituted by or under an enactment, the Minister to whom the administration of the Government Business Enterprise is assigned;

prescribed interest has the same meaning as in the Corporations Law ;

prescribed rate means the rate determined from time to time by the Treasurer;

regulations means regulations made and in force under this Act;

relative means –

(a) [Section 3 Subsection (1) amended by No. 45 of 2003, Sched. 1, Applied:01 Jan 2004] the spouse or partner of a person; and

(b) the parent or remoter linear ancestor of a person; and

(c) the child or remoter issue of a person; and

(d) the brother or sister of a person;

ruling means –

(a) a ruling made by the Treasurer in the exercise of his or her powers obtained by the application of section 67 (2) or (3) ; and

(b) a ruling made by the Treasurer under section 71 ;

[Section 3 Subsection (1) amended by No. 84 of 1999, s. 13, Applied:01 Jul 2000]

security includes inscribed stock, bonds, debenture stock, notes or any other document creating, evidencing or acknowledging indebtedness in respect of financial accommodation whether constituting a charge on property or not;

sinking fund advances means loans and advances –

(a) that were made before 1 May 1995 by the Treasurer to a State service authority or independent employing authority; and

(b) in respect of which sinking fund contributions were payable to the National Debt Commission as in existence before that day;

special dividend means a special dividend a Government Business Enterprise is directed to pay under section 86 ;

[Section 3 Subsection (1) amended by No. 45 of 2003, Sched. 1, Applied:01 Jan 2004] [Section 3 Subsection (1) amended by No. 42 of 2002, s. 4, Applied:27 Nov 2002]

State charge means any rate, tax, duty or other impost imposed by or under any enactment of the State;

State service authority means a statutory authority that –

(a) is to become a Government Business Enterprise on the conversion day; and

(b) immediately before that day, has as members of its staff persons who are State service employees;

[Section 3 Subsection (1) amended by No. 86 of 2000, Sched. 1, Applied:01 May 2001]

statement of corporate intent has the meaning given by section 41 ;

statutory authority means an incorporated or unincorporated body which is established, constituted or continued by or under an Act or under the royal prerogative, being a body which, or of which the governing authority, wholly or partly comprises a person or persons appointed by the Governor, a Minister of the Crown or another statutory authority, including a Government Business Enterprise;

subsidiary has the meaning given by section 4 ;

[Section 3 Subsection (1) amended by No. 18 of 2025, s. 12, Applied:01 Jan 2026] subsidiary board, in relation to a subsidiary, means the board of directors for the subsidiary;

[Section 3 Subsection (1) amended by No. 18 of 2025, s. 12, Applied:01 Jan 2026] Treasurer's Instructions means instructions issued under section 114 ;

[Section 3 Subsection (1) amended by No. 18 of 2025, s. 12, Applied:01 Jan 2026] wholly-owned subsidiary, in relation to a Government Business Enterprise, means a subsidiary of the Government Business Enterprise that falls within the definition of wholly-owned subsidiary, within the meaning of the Corporations Act, in respect of the Government Business Enterprise.

(2)  The Treasurer may, by notice published in the Gazette, determine the prescribed rate for the purposes of this Act.

(3)  Subject to this Act, any request, direction, declaration, determination, approval, requirement, information, recommendation, deferral, waiver, notice, notification, advice, application, agreement, amendment, revocation or substitution made, given or done under this Act is to be made, given or done in writing.

3A Associated entities

[Section 3A Inserted by No. 42 of 2002, s. 5, Applied:27 Nov 2002]

(1)  In relation to a director, each of the following persons is an associated entity if the director or a relative of the director has control over the person:

(a) a body corporate;

(b) a partnership or other unincorporated association of persons;

(c) a majority of trustees of a trust.

(2)  For the purposes of determining whether the director has control over a person referred to in subsection (1) , the following matters may be taken into account:

(a) whether the director or his or her relative is a shareholder in, a director or other officer of or a trustee of that person;

(b) whether the director or his or her relative is a beneficiary in the trust of which that person is a trustee;

(c) any other matter or relationship that is relevant.

(3)  For the purposes of determining whether the relative of a director has control over a person referred to in subsection (1) , the following matters may be taken into account:

(a) whether the relative or his or her relative is a shareholder in, a director or other officer of or a trustee of that person;

(b) whether the relative or his or her relative is a beneficiary in the trust of which that person is a trustee;

(c) any other matter or relationship that is relevant.

3B Material personal interest

[Section 3B Inserted by No. 42 of 2002, s. 5, Applied:27 Nov 2002]

(1)  In this Act,

material personal interest, in respect of a director of a Government Business Enterprise, includes –

(a) a direct or indirect interest; and

(b) a pecuniary or non-pecuniary interest; and

(c) the interest of a relative of the director; and

(d) the interest of an associated entity; and

(e) an interest in a corporation, within the meaning of the Corporations Act 2001 of the Commonwealth; and

(f) the director's employment by a person with a direct or indirect interest in that Government Business Enterprise of which the director is a director; and

(g) the holding by the director of an office where there arises or may arise a conflict between his or her duties in that office and his or her duties as director of that Government Business Enterprise; and

(h) the holding by the director of the office of member in another statutory authority or in the governing authority of another statutory authority; and

(i) any other interest that does, or may, give rise to a conflict of interest.

(2)  A director of a Government Business Enterprise does not have a material personal interest by reason only of the director also being a State Service employee or State Service officer.

(3)  A director of a Government Business Enterprise does not have a material personal interest by reason only of an interest in a contract with the Government Business Enterprise for a good or service ordinarily supplied by the Government Business Enterprise and supplied on the same terms as that good or service is ordinarily supplied to other persons in the same situation.

3C Portfolio Minister

[Section 3C Inserted by No. 18 of 2025, s. 13, Applied:01 Jan 2026]

(1)  If, at any one time, one person is both the Portfolio Minister, in respect of a Government Business Enterprise other than the Tasmanian Public Finance Corporation, and the Treasurer –

(a) the Treasurer must nominate another Minister, being a different person, as the Portfolio Minister for that Government Business Enterprise, for the purposes of this Act; and

(b) a reference in this Act, or any other Act, to the Portfolio Minister for that Government Business Enterprise is taken to be a reference to the other Minister so nominated.

(2)  If, at any one time, one person is both the Portfolio Minister for the Tasmanian Public Finance Corporation and the Treasurer –

(a) the Treasurer may nominate, but is not required to nominate, another Minister as the Portfolio Minister for the Tasmanian Public Finance Corporation, for the purposes of this Act; and

(b) if the Treasurer makes a nomination under paragraph (a), a reference in this Act, or any other Act, to the Portfolio Minister for that Government Business Enterprise is taken to be a reference to the other Minister so nominated.

(3)  If the Treasurer nominates another Minister as the Portfolio Minister under this section in respect of a Government Business Enterprise, the Treasurer is to notify the Government Business Enterprise in writing of that fact, as soon as practicable after the Treasurer makes the nomination.

4 Subsidiaries

(1)  A body corporate is a subsidiary of a Government Business Enterprise if –

(a) [Section 4 Subsection (1) amended by No. 42 of 2001, Sched. 1, Applied:15 Jul 2001] [Section 4 Subsection (1) amended by No. 42 of 2001, Sched. 1, Applied:15 Jul 2001] were the Government Business Enterprise and body corporate corporations under the Corporations Act, the body corporate would be a subsidiary of the Government Business Enterprise under that Act; or

(b) the body corporate is declared by the Treasurer, by notice published in the Gazette, to be a subsidiary of the Government Business Enterprise.

(2)  A statutory authority that is not a body corporate is a subsidiary of a Government Business Enterprise if it is declared by the Treasurer, by notice published in the Gazette, to be a subsidiary of the Government Business Enterprise.

(3)  If a Government Business Enterprise is a subsidiary of another Government Business Enterprise, the subsidiary is taken not to be a Government Business Enterprise (but continues to be a subsidiary) for the purposes of section 57 and Parts 6 , 10 and 11 .

5 Relationship between this Act and Portfolio Act

(1)  The provisions of this Act are incorporated with, and are to be read as one Act with, the Portfolio Act.

(2)  If a provision of this Act is inconsistent with a provision of the Portfolio Act or any other Act that imposes or confers functions or powers on the Government Business Enterprise, the provision of this Act prevails and the provision of the Portfolio Act or other Act is, to the extent of the inconsistency, invalid except where the Portfolio Act or other Act expressly provides otherwise.

Part 2 Legal entity, objectives, functions and powers of Government Business Enterprise

6 Legal entity of Government Business Enterprise

A Government Business Enterprise –

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

(b) has a seal; and

(c) may sue and be sued in its corporate name.

7 Principal objectives of Government Business Enterprise

(1)  The principal objectives of a Government Business Enterprise are –

(a) to perform its functions and exercise its powers so as to be a successful business by –

(i) operating in accordance with sound commercial practice and as efficiently as possible; and

(ii) [Section 7 Subsection (1) amended by No. 42 of 2002, s. 6, Applied:27 Nov 2002] achieving a sustainable commercial rate of return that maximises value for the State in accordance with its corporate plan and having regard to the economic and social objectives of the State; and

(b) to perform on behalf of the State its community service obligations in an efficient and effective manner; and

(c) to perform any other objectives specified in the Portfolio Act.

(2)  [Section 7 Subsection (2) amended by No. 42 of 2002, Sched. 1, Applied:27 Nov 2002] On the request of the Portfolio Minister, the Treasurer may, by notice published in the Gazette, specify the economic and social objectives of the State relevant to the Government Business Enterprise specified in the notice.

(3)  [Section 7 Subsection (3) amended by No. 42 of 2002, Sched. 1, Applied:27 Nov 2002] On the request of the Portfolio Minister, the Treasurer may, by order, exempt the Government Business Enterprise specified in the order from the application of subsection (1) (a) (ii) .

(4)  The provisions of section 47 (3) , (3A) , (4) , (5) , (6) and (7) of the Acts Interpretation Act 1931 apply to an order under subsection (3) as if the order were regulations within the meaning of that Act.

8 Functions of Government Business Enterprise

A Government Business Enterprise has the functions imposed by or under this Act, its Portfolio Act and any other Act.

9 Powers of Government Business Enterprise

(1)  A Government Business Enterprise has the following powers:

(a) to acquire, hold, dispose of and otherwise deal with property;

(b) to transfer any of its property, rights, liabilities and obligations (whether for valuable consideration or otherwise) to a subsidiary;

(c) to enter into contracts;

(d) to appoint agents and attorneys;

(e) to act as agent for another person;

(f) to form, and participate in the formation of, bodies corporate;

(g) to participate in partnerships, trusts, joint ventures and arrangements for the sharing of profits;

(h) [Section 9 Subsection (1) amended by No. 69 of 1997, Sched. 3, Applied:22 Dec 1997] [Section 9 Subsection (1) amended by No. 69 of 1997, Sched. 3, Applied:22 Dec 1997] to enter into a contract with another person for the performance or exercise of any of its functions or powers either jointly with that other person or by that other person;

(i) to set charges, terms and conditions relating to work done, or services, goods or information supplied, by it except where the Portfolio Act provides otherwise;

(j) to engage consultants and provide consultancy services;

(k) to carry on any business which may conveniently be carried on in conjunction with the performance of its functions;

(l) to do all other things it is authorised to do by or under this or any other Act;

(m) to do all things necessary or convenient to be done in connection with, or incidental to, the performance and exercise of its functions and powers.

(2)  A Government Business Enterprise may perform and exercise its functions and powers in Australia and, if the Portfolio Minister approves, elsewhere.

(3)  A Government Business Enterprise may use and operate under one or more trading names approved by the Portfolio Minister.

9A Government Business Enterprises subject to Ministerial direction

[Section 9A Inserted by No. 18 of 2025, s. 14, Applied:01 Jan 2026]

(1)  The Portfolio Minister and Treasurer, jointly, may give a direction to a Government Business Enterprise or a wholly-owned subsidiary of a Government Business Enterprise.

(2)  Before the Portfolio Minister and Treasurer, jointly, give a direction under subsection (1) to a Government Business Enterprise or a wholly-owned subsidiary of a Government Business Enterprise, the Portfolio Minister and Treasurer are to notify the Government Business Enterprise or wholly-owned subsidiary in writing that –

(a) the Portfolio Minister and Treasurer, jointly, intend to give the direction on the matter specified in the notification; and

(b) the Government Business Enterprise or wholly-owned subsidiary has the period specified in the notification to provide information to the Portfolio Minister and Treasurer in respect of the specified matter.

(3)  A direction given to a Government Business Enterprise, or a wholly-owned subsidiary, under subsection (1)  –

(a) may be given even if the direction is contrary to –

(i) the ministerial charter for the Government Business Enterprise; or

(ii) the corporate plan in force in respect of the Government Business Enterprise and its subsidiaries; or

(iii) the statement of corporate intent in force in respect of the Government Business Enterprise and its subsidiaries; or

(iv) Treasurer’s Instructions in force in respect of the Government Business Enterprise or its subsidiaries; or

(v) if the direction is given to a wholly-owned subsidiary, the constitution of the subsidiary; or

(vi) if the Government Business Enterprise or wholly-owned subsidiary provided information in respect of the direction in accordance with subsection (2) , that information; and

(b) may not be given if the direction is contrary to –

(i) the provisions of this Act or the relevant Portfolio Act; or

(ii) the provisions of another Act of this State or the Commonwealth.

(4)  The Portfolio Minister and Treasurer, jointly, may, by written notice to a Government Business Enterprise or a subsidiary of the Government Business Enterprise at any time, amend or revoke a direction given under subsection (1)  –

(a) at their own discretion; or

(b) on the written request of the relevant Board or the subsidiary board; or

(c) as a result of an objection made under section 9B in respect of the direction.

(5)  As soon as practicable after a direction is given under subsection (1) , or amended or revoked under subsection (4) , the Portfolio Minister must ensure that a written copy of the direction so given, or a copy of the written notice given for an amendment or revocation of a direction –

(a) is signed, and dated, by both the Portfolio Minister and the Treasurer; and

(b) is given to the relevant Board or the subsidiary board.

(6)  A direction given under subsection (1) , or an amendment or revocation of such a direction under subsection (4) , takes effect –

(a) on the day on which a copy of the direction, or a copy of the written notice of the amendment or revocation, is given to the relevant Board or the subsidiary board under subsection (5) ; or

(b) on such later date as is specified in the direction or notice of the amendment or revocation.

(7)  A Government Business Enterprise, or a wholly-owned subsidiary, must comply with a direction given to the Government Business Enterprise or subsidiary under this section.

(8)  Except as specified in this Act, it is a defence in proceedings for an offence under any Act, if the defendant establishes that the act, or omission, that is the basis of the offence was a result of complying with a direction, or purported direction, given under this section.

9B Government Business Enterprise may object to Ministerial direction

[Section 9B Inserted by No. 18 of 2025, s. 14, Applied:01 Jan 2026]

(1)  Within 21 days after receiving a copy of a direction, or a copy of a written notice of an amendment or revocation of such a direction, under section 9A(5) , a Board or a subsidiary board may object to the direction, or its amendment or revocation, on any ground.

(2)  An objection under subsection (1) is to –

(a) be made in writing to the Portfolio Minister and the Treasurer; and

(b) specify the grounds of the objection.

(3)  If the Portfolio Minister and Treasurer receive an objection made under subsection (1) in respect of a direction –

(a) the Portfolio Minister and Treasurer, jointly, within 10 days after receiving the objection, are to notify the relevant board that the Portfolio Minister and Treasurer –

(i) intend to amend or revoke the direction in accordance with section 9A ; or

(ii) do not intend to amend or revoke the direction; and

(b) if the Portfolio Minister and Treasurer notify the relevant board under paragraph (a)(i) that the direction is to be amended or revoked, the direction is of no effect until it is so amended or revoked; and

(c) if the Portfolio Minister and Treasurer notify the relevant board under paragraph (a)(ii) that the direction is not to be amended or revoked –

(i) the Portfolio Minister must cause a copy of the objection to be tabled in each House of Parliament within 5 sitting-days after the Portfolio Minister received the objection; and

(ii) if the Portfolio Minister fails to table a copy of the objection under this paragraph, the direction is void.

9C Publication of Ministerial directions

[Section 9C Inserted by No. 18 of 2025, s. 14, Applied:01 Jan 2026]

(1)  If a copy of a direction, or a copy of a written notice of an amendment or revocation of such a direction, is given to a Board or a subsidiary board under section 9A(4) , the Portfolio Minister must table the copy of the direction, or of the written notice, in each House of Parliament within 7 sitting-days after the direction or notice is so given.

(2)  Despite subsection (1) , within 5 days after a relevant board receives a copy of a direction or a copy of a written notice under section 9A(4) , the relevant board may make a written request to the relevant Portfolio Minister and Treasurer, jointly, that the direction, or written notice of an amendment or revocation of a direction, not be tabled under subsection (1) .

(3)  A board may only make a request under subsection (2) if the board is of the opinion that the tabling of the direction or written notice may –

(a) disadvantage or cause damage to the relevant Government Business Enterprise or a subsidiary, whether directly or indirectly; or

(b) enable another person, whether directly or indirectly, to gain an unreasonable advantage; or

(c) constitute a breach of confidentiality; or

(d) prejudice an investigation into –

(i) misconduct or possible misconduct; or

(ii) an offence, or possible offence, against this Act or the relevant Portfolio Act.

(4)  If the Portfolio Minister and Treasurer, jointly, are satisfied that a direction, or written notice of an amendment or revocation of a direction, should not be tabled under subsection (1) for a reason specified in subsection (3)  –

(a) subsection (1) does not apply in respect of the direction, the amendment or the revocation; and

(b) the Portfolio Minister must table a statement that the direction has been given, or that written notice of an amendment or revocation has been given, in each House of Parliament within 7 sitting-days after the direction or notice is given to the relevant board under section 9A .

(5)  In the annual report prepared by a Board for a Government Business Enterprise for a financial year, the Board must publish –

(a) subject to paragraph (b) , a list of –

(i) each direction, given to the Board or a subsidiary board under section 9A , that was in effect in respect of the Government Business Enterprise or a subsidiary during the financial year; and

(ii) each revocation of a direction that was given to the Board or a subsidiary board, under section 9A , during the financial year; or

(b) if the Portfolio Minister has tabled a statement under subsection (4) in respect of a direction, or the amendment or revocation of a direction, given to the Board or a subsidiary board under section 9A in respect of the financial year – a copy of the statement.

10 Limitation on powers

(1)  A Government Business Enterprise must not transfer any property, right, liability or obligation to a subsidiary unless –

(a) the subsidiary agrees to the proposed transfer; and

(b) [Section 10 Subsection (1) amended by No. 42 of 2002, Sched. 1, Applied:27 Nov 2002] the Portfolio Minister and Treasurer have approved the proposed transfer.

(2)  [Section 10 Subsection (2) amended by No. 42 of 2002, Sched. 1, Applied:27 Nov 2002] [Section 10 Subsection (2) amended by No. 42 of 2002, s. 7, Applied:27 Nov 2002] [Section 10 Subsection (2) amended by No. 42 of 2001, Sched. 1, Applied:15 Jul 2001] A Government Business Enterprise must not form or participate in the formation of a body corporate which the Government Business Enterprise intends to be a subsidiary and which is to be incorporated under the Corporations Act unless the Portfolio Minister and Treasurer have approved the constitution that is to be the constitution of the subsidiary on its incorporation.

(3)  [Section 10 Subsection (3) amended by No. 42 of 2002, Sched. 1, Applied:27 Nov 2002] Except with the approval of the Portfolio Minister and Treasurer, a Government Business Enterprise must not–

(a) acquire a number of shares in a body corporate sufficient to make it a subsidiary; or

(b) dispose of a number of shares in a body corporate sufficient to cause it not to be a subsidiary; or

(c) enter into a contract that results in a body corporate becoming or ceasing to be a subsidiary.

(4)  [Section 10 Subsection (4) amended by No. 42 of 2002, Sched. 1, Applied:27 Nov 2002] [Section 10 Subsection (4) amended by No. 42 of 2002, s. 7, Applied:27 Nov 2002] [Section 10 Subsection (4) amended by No. 42 of 2001, Sched. 1, Applied:15 Jul 2001] A Government Business Enterprise that is a shareholder in a company, within the meaning of the Corporations Act, that is its subsidiary must not approve or agree to an alteration to the constitution of the company except where the Government Business Enterprise has first obtained the approval of the Portfolio Minister and Treasurer to that alteration.

(5)  [Section 10 Subsection (5) amended by No. 42 of 2002, Sched. 1, Applied:27 Nov 2002] The Portfolio Minister and Treasurer must not approve–

(a) [Section 10 Subsection (5) amended by No. 42 of 2002, s. 7, Applied:27 Nov 2002] any constitution that is inconsistent with this Act; and

(b) [Section 10 Subsection (5) amended by No. 42 of 2002, s. 7, Applied:27 Nov 2002] an alteration to any constitution that would result in the constitution being inconsistent with this Act.

(6)  [Section 10 Subsection (6) amended by No. 42 of 2002, Sched. 1, Applied:27 Nov 2002] A Government Business Enterprise must not exercise its power to participate in a partnership, trust, joint venture or arrangement for the sharing of profits unless the Portfolio Minister, after consulting with the Treasurer, has approved the exercise of that power.

(7)  [Section 10 Subsection (7) amended by No. 42 of 2002, Sched. 1, Applied:27 Nov 2002] Except with the consent of the Portfolio Minister and Treasurer, a Government Business Enterprise must not–

(a) dispose of a main undertaking; or

(b) allow its subsidiary to dispose of a main undertaking.

(8)  A consent under subsection (7) is of no effect until it is approved by both Houses of Parliament.

(9)  A consent under subsection (7) is approved by a House of Parliament –

(a) when the House passes a motion approving the consent; or

(b) at the end of five sitting days after the consent was laid before the House if no notice of a motion to disapprove the consent is before the House; or

(c) if such a notice is before the House at the end of that period, when the first of the following things occurs:

(i) the notice is withdrawn; or

(ii) the motion is negatived; or

(iii) a further period of five sitting days ends.

10AA Sale of Government Business Enterprise

[Section 10AA Inserted by No. 20 of 2025, s. 12, Applied:27 Nov 2025] A Government Business Enterprise may not be sold otherwise than in accordance with the Government Business Enterprises (Sale) Act 2003.

Part 2A Notice of Transfer

10A Notice of transfer

[Section 10A Inserted by No. 29 of 2008, s. 12, Applied:05 Sep 2008]

(1)  For the purposes of this section and Schedule 1A  –

asset includes any, and any part of any, property, business, operation and right;

government business means a Government Business Enterprise, a State-owned company or a subsidiary of either of them;

liability means any liability, duty or obligation whether actual, contingent or prospective, liquidated or unliquidated;

notice of transfer means a notice of transfer referred to in subsection (2) ;

property means –

(a) any legal or equitable estate or interest (whether present or future and whether vested or contingent) in real or personal property; and

(b) money, documents and securities; and

(c) shares in a subsidiary; and

(d) any other rights;

right means any right, power, privilege or immunity whether actual, contingent or prospective;

State-owned company means a company established under the Corporations Act, the members of which are Ministers of the Crown and the beneficial ownership of which rests with the Crown;

State tax means any of the following if imposed by any Act or law of Tasmania:

(a) a fee, including an application fee and registration fee;

(b) a tax, including a duty;

(c) a charge;

transferee means a government business to which any assets, rights or liabilities are transferred;

transferor means a government business from which any assets, rights or liabilities are transferred.

(2)  The Treasurer may by notice of transfer, published in the Gazette, transfer any assets, rights or liabilities of a government business to another government business as specified in the notice.

(3)  A notice of transfer may be made on such terms and conditions as specified in the notice.

(3A)  [Section 10A Subsection (3A) inserted by No. 25 of 2017, s. 6, Applied:30 Jun 2017] A notice of transfer may only be made if the Treasurer has laid a copy of the notice of transfer before each House of Parliament and the notice of transfer has been approved by each House of Parliament.

(3B)  [Section 10A Subsection (3B) inserted by No. 25 of 2017, s. 6, Applied:30 Jun 2017] A notice of transfer is approved by a House of Parliament –

(a) when the House passes a motion approving the notice of transfer; or

(b) at the end of 5 sitting-days after the notice of transfer was laid before the House, if no notice of a motion to disapprove the notice of transfer is before the House; or

(c) if a notice of a motion to disapprove the notice of transfer is before the House at the end of that period, when the first of the following things occurs:

(i) the notice of a motion is withdrawn;

(ii) the motion is negatived;

(iii) a further period of 5 sitting-days ends.

(4)  Schedule 1A applies to the transfer of assets, rights and liabilities under this section.

Part 3 Board of Directors of Government Business Enterprise

11 Board

(1)  A Government Business Enterprise specified in Part 1 of Schedule 1 has a Board of Directors consisting of –

(a) the chairperson of the Board; and

(b) not less than 3 and not more than 8 other persons.

(2)  [Section 11 Subsection (2) amended by No. 42 of 2002, s. 8, Applied:27 Nov 2002] The chairperson and the directors referred to in subsection (1) (b) are appointed by the Governor on the joint recommendation of the Treasurer and Portfolio Minister.

(3)  [Section 11 Subsection (3) substituted by No. 42 of 2002, s. 8, Applied:27 Nov 2002] The Treasurer and Portfolio Minister must not make a recommendation under subsection (2) unless –

(a) they have considered any recommendations made by the Board of the Government Business Enterprise under subsection (3A) ; and

(b) they are satisfied that the person recommended has the experience and skills necessary to enable the Government Business Enterprise to achieve its objectives.

(3A)  [Section 11 Subsection (3A) inserted by No. 42 of 2002, s. 8, Applied:27 Nov 2002] The Board may provide the Treasurer and Portfolio Minister with its recommendations, in writing, in respect of the appointment of a chairperson or another director.

(4)  Schedule 5 has effect with respect to the directors (including the chairperson) appointed under subsection (2) .

(5)  The Board of a Government Business Enterprise specified in Part 2 of Schedule 1 is the members of the Government Business Enterprise, or its governing authority, as appointed or constituted under the Portfolio Act.

(6)  A person may not hold the office of chief executive officer in any Government Business Enterprise in conjunction with the office of chairperson.

(7)  Schedule 6 has effect with respect to the meetings of any Board.

12 Role of Board

[Section 12 Amended by No. 42 of 2002, s. 9, Applied:27 Nov 2002] A Board is responsible to the Portfolio Minister and Treasurer, jointly–

(a) for ensuring that the business and affairs of the Government Business Enterprise are managed and conducted in a manner that is in accordance with sound commercial practice; and

(b) for the performance by the Government Business Enterprise of its functions; and

(c) for the achievement by the Government Business Enterprise of its objectives as specified in this Act, any other Act and the corporate plan of the Government Business Enterprise.

13 Duty to notify Treasurer and Portfolio Minister of adverse developments

(1)  [Section 13 Subsection (1) amended by No. 42 of 2002, Sched. 1, Applied:27 Nov 2002] A Board must notify the Treasurer and Portfolio Minister of any development which, in the opinion of the Board, may–

(a) prevent or significantly affect the achievement of the financial performance objectives under the corporate plan by the Government Business Enterprise or its subsidiaries; or

(b) [Section 13 Subsection (1) amended by No. 42 of 2002, s. 10, Applied:27 Nov 2002] significantly affect the financial viability or operating ability of the Government Business Enterprise, any subsidiary or any partnership, trust, joint venture or arrangement for the sharing of profits in which the Government Business Enterprise participates; or

(ba) [Section 13 Subsection (1) amended by No. 18 of 2025, s. 15, Applied:01 Jan 2026] prevent the Government Business Enterprise or its subsidiaries from complying with a direction given to the Board or a subsidiary board under section 9A ; or

(bb) [Section 13 Subsection (1) amended by No. 18 of 2025, s. 15, Applied:01 Jan 2026] significantly affect the ability of the Government Business Enterprise or its subsidiaries to comply with a direction given to the Board or a subsidiary board under section 9A ; or

(c) [Section 13 Subsection (1) amended by No. 42 of 2002, s. 10, Applied:27 Nov 2002] otherwise significantly affect the Government Business Enterprise in any manner.

(2)  A notification is to be given immediately after the Board becomes aware of the development.

13A Duty to notify Treasurer and Portfolio Minister of compliance with Ministerial directions

[Section 13A Inserted by No. 18 of 2025, s. 16, Applied:01 Jan 2026] If a Board or a subsidiary board is given a direction under section 9A in respect of a Government Business Enterprise or a subsidiary, the relevant board must notify the Treasurer and Portfolio Minister, in writing, of the progress of the Government Business Enterprise, or subsidiary, in complying with the direction –

(a) at the intervals specified in the direction; and

(b) when, in the opinion of the relevant board, the Government Business Enterprise or subsidiary has complied with the direction in full.

14 Powers of Board

A Board has power to do all things necessary or convenient to be done in connection with the performance and exercise of its functions and powers under this or any other Act.

15 Delegation

A Board may delegate any of its functions or powers under this or any other Act, other than this power of delegation, to any one or more of the following:

(a) a director;

(b) a chief executive officer;

(c) a committee;

(d) [Section 15 Amended by No. 29 of 2008, s. 13, Applied:05 Sep 2008] an employee;

(e) [Section 15 Amended by No. 29 of 2008, s. 13, Applied:05 Sep 2008] a subsidiary.

16 Committees

(1)  A Board –

(a) must establish an audit committee; and

(b) may establish such other committees as it considers appropriate.

(2)  A committee –

(a) must provide a Board with advice on any matter referred to it by the Board; and

(b) must perform any functions, and may exercise any powers, delegated to it by the Board.

(3)  In addition to its functions under subsection (2) , the audit committee must provide a Board with advice on –

(a) the internal audit function of the Government Business Enterprise; and

(b) monitoring the Government Business Enterprise's systems of financial reporting and internal control; and

(c) the resources necessary for the performance of the internal audit function of the Government Business Enterprise.

(4)  Schedule 7 has effect with respect to the members and meetings of a committee.

17 Acting directors

(1)  For the purposes of this section, a director is absent if he or she –

(a) is absent from duty; or

(b) is otherwise unable to perform the functions of the office of a director.

(2)  The Governor, on the recommendation of the Portfolio Minister, may appoint a person to act as a director of a Government Business Enterprise specified in Part 1 of Schedule 1 if the chairperson or a director referred to in section 11 (1) (b) is absent.

(3)  The Portfolio Minister must not make a recommendation under subsection (2) unless he or she has ensured that the person recommended has the experience and skills necessary to enable the Government Business Enterprise to achieve its objectives.

(4)  An acting director of a Government Business Enterprise specified in Part 2 of Schedule 1 is a person appointed or otherwise employed to act as a director of the Government Business Enterprise under the Portfolio Act.

(5)  The appointment or other employment of a person to act as a director if the chairperson is absent is not an appointment to act in the position of chairperson.

(6)  While a person appointed or otherwise employed to act as director is acting as a director that person is taken to be a director.

(7)  The appointment or other employment of a person to act as a director terminates when the absent chairperson or director resumes the performance of his or her functions as director.

Part 4 Staff of Government Business Enterprise

Division 1 Chief executive officer

18 Chief executive officer

(1)  [Section 18 Subsection (1) substituted by No. 103 of 2000, Sched. 1, Applied:13 Dec 2000] [Section 18 Subsection (1) amended by No. 65 of 2005, Sched. 1, Applied:15 Dec 2005] [Section 18 Subsection (1) omitted by No. 54 of 2016, s. 32, Applied:31 Mar 2017] .  .  .  .  .  .  .  .  

(1A)  [Section 18 Subsection (1A) inserted by No. 103 of 2000, Sched. 1, Applied:13 Dec 2000] Each Government Business Enterprise must have a chief executive officer.

(2)  [Section 18 Subsection (2) amended by No. 86 of 2000, Sched. 1, Applied:01 May 2001] The Premier, on the recommendation of the Portfolio Minister, may appoint a person, other than the chairperson, as chief executive officer of a Government Business Enterprise that is not an Agency.

(2A)  [Section 18 Subsection (2A) inserted by No. 42 of 2002, s. 11, Applied:27 Nov 2002] Except as provided by subsection (2D) , a person must not be recommended to the Premier for appointment as a chief executive officer of a Government Business Enterprise unless that person has been nominated for recommendation by the Board.

(2B)  [Section 18 Subsection (2B) inserted by No. 42 of 2002, s. 11, Applied:27 Nov 2002] If a person is to be appointed as chief executive officer of a Government Business Enterprise, the Portfolio Minister may require the Board, within the period specified in the requirement –

(a) to nominate a person it considers suitable to hold the office of chief executive officer; and

(b) to provide a recommendation in respect of the remuneration and allowances for the chief executive officer; and

(c) to provide details of the performance appraisal system the Board intends to use to review the performance of the chief executive officer.

(2C)  [Section 18 Subsection (2C) inserted by No. 42 of 2002, s. 11, Applied:27 Nov 2002] If the Portfolio Minister does not consider the person nominated by the Board under subsection (2B)(a) to be suitable to hold the office of chief executive officer, the Portfolio Minister may, under that subsection, require the Board to provide the name of another person it considers suitable to hold that office.

(2D)  [Section 18 Subsection (2D) inserted by No. 42 of 2002, s. 11, Applied:27 Nov 2002] If the Board fails to nominate a person as required under subsection (2B) , the Portfolio Minister may recommend for the purposes of subsection (2) a person who the Portfolio Minister considers suitable but who has not been nominated by the Board.

(3)  A chief executive officer appointed under subsection (2) is entitled to be paid the remuneration and allowances specified in the instrument of appointment.

(4)  A chief executive officer appointed under subsection (2) holds that office for a term of not more than 5 years, and on the conditions specified in the instrument of appointment.

(4A)  [Section 18 Subsection (4A) inserted by No. 103 of 2000, Sched. 1, Applied:13 Dec 2000] [Section 18 Subsection (4A) substituted by No. 54 of 2016, s. 32, Applied:31 Mar 2017] A chief executive officer is an employee for the purposes of the Public Sector Superannuation Reform Act 2016 .

(4B)  [Section 18 Subsection (4B) amended by No. 65 of 2005, Sched. 1, Applied:15 Dec 2005] [Section 18 Subsection (4B) inserted by No. 103 of 2000, Sched. 1, Applied:13 Dec 2000] [Section 18 Subsection (4B) omitted by No. 54 of 2016, s. 32, Applied:31 Mar 2017] .  .  .  .  .  .  .  .  

(4BA)  [Section 18 Subsection (4BA) inserted by No. 65 of 2005, Sched. 1, Applied:15 Dec 2005] [Section 18 Subsection (4BA) omitted by No. 54 of 2016, s. 32, Applied:31 Mar 2017] .  .  .  .  .  .  .  .  

(4C)  [Section 18 Subsection (4C) inserted by No. 103 of 2000, Sched. 1, Applied:13 Dec 2000] [Section 18 Subsection (4C) omitted by No. 54 of 2016, s. 32, Applied:31 Mar 2017] .  .  .  .  .  .  .  .  

(4D)  [Section 18 Subsection (4D) amended by No. 65 of 2005, Sched. 1, Applied:15 Dec 2005] [Section 18 Subsection (4D) inserted by No. 103 of 2000, Sched. 1, Applied:13 Dec 2000] [Section 18 Subsection (4D) omitted by No. 54 of 2016, s. 32, Applied:31 Mar 2017] .  .  .  .  .  .  .  .  

(4E)  [Section 18 Subsection (4E) inserted by No. 103 of 2000, Sched. 1, Applied:13 Dec 2000] [Section 18 Subsection (4E) omitted by No. 65 of 2005, Sched. 1, Applied:15 Dec 2005] .  .  .  .  .  .  .  .  

(5)  [Section 18 Subsection (5) amended by No. 86 of 2000, Sched. 1, Applied:01 May 2001] [Section 18 Subsection (5) substituted by No. 42 of 2002, s. 11, Applied:27 Nov 2002] The Premier, on the recommendation of the Portfolio Minister or the Board, may revoke the appointment of a chief executive officer made under subsection (2)  –

(a) if the instrument of appointment makes provision in respect of the early termination of the appointment, in accordance with the instrument of appointment; or

(b) if the instrument of appointment does not make such provision, on the terms determined by the Premier.

(6)  [Section 18 Subsection (6) amended by No. 42 of 2002, s. 11, Applied:27 Nov 2002] The Portfolio Minister must not make a recommendation under subsection (5) unless he or she has first consulted with the Board.

(6A)  [Section 18 Subsection (6A) inserted by No. 42 of 2002, s. 11, Applied:27 Nov 2002] The Board must not make a recommendation under subsection (5) unless it has first consulted with the Portfolio Minister.

(7)  [Section 18 Subsection (7) amended by No. 86 of 2000, Sched. 1, Applied:01 May 2001] The office of chief executive officer of a Government Business Enterprise that is an Agency is taken to be an office created under section 29 of the State Service Act 2000 .

(8)  [Section 18 Subsection (8) substituted by No. 86 of 2000, Sched. 1, Applied:01 May 2001] [Section 18 Subsection (8) omitted by No. 42 of 2002, s. 11, Applied:27 Nov 2002] .  .  .  .  .  .  .  .  

(9)  A chief executive officer must not engage in paid employment outside the duties of the office unless he or she is allowed to do so by the instrument of appointment or contract of employment.

(10)  The appointment or employment of a person as chief executive officer is not invalid merely because of a defect or irregularity in relation to the appointment or contract of employment.

19 Role of chief executive officer

(1)  A chief executive officer is responsible to the Board for the general administration and management of the Government Business Enterprise.

(2)  A chief executive officer –

(a) must perform any functions, and may exercise any powers, delegated to the chief executive officer by the Board; and

(b) must perform any other functions imposed on, and may exercise any other powers granted to, him or her by this or any other Act.

20 Acting chief executive officer

(1)  For the purposes of this section, a chief executive officer is absent if he or she –

(a) is absent from duty; or

(b) is otherwise unable to perform the functions of the office of Chief Executive Officer; or

(c) has died, resigned, been removed from office or had an order under section 29 (3) (a) made against him or her and a new chief executive officer has not been appointed.

(2)  The Portfolio Minister may appoint a person who is eligible to be appointed as chief executive officer to act as chief executive officer during any or every period during which the chief executive officer is absent.

(3)  An appointment is for such term, not exceeding 6 months, as is specified in the instrument of appointment.

(4)  A chairperson is not ineligible to be appointed only because he or she is the chairperson.

(5)  While a person appointed under subsection (2) is acting as chief executive officer that person is taken to be the chief executive officer.

(6)  Section 18 (3) , (4) , (5) , (9) and (10) applies in relation to the appointment of an acting chief executive officer as if it were an appointment of a chief executive officer.

20A Effect of chief executive officer ceasing to be chief executive officer

[Section 20A Inserted by No. 42 of 2002, s. 12, Applied:27 Nov 2002]

(1)  If a person holds both the office of chief executive officer of a Government Business Enterprise and the office of director in that Government Business Enterprise, on the termination of his or her appointment as chief executive officer –

(a) his or her appointment as director is revoked; and

(b) any appointment of that person as director in a subsidiary of that Government Business Enterprise is revoked; and

(c) any membership of that person in any committee created by the Board or other managing authority of that Government Business Enterprise or subsidiary ceases.

(2)  Subsection (1) does not affect the eligibility of the person to be reappointed to an office referred to in that subsection.

20B Annual performance review

[Section 20B Inserted by No. 42 of 2002, s. 12, Applied:27 Nov 2002]

(1)  The Board is to conduct, in respect of each financial year, a review of the performance of the chief executive officer during that financial year.

(2)  The review of the performance of the chief executive officer is to be completed not later than 90 days after the end of the financial year in respect of which it is conducted.

(3)  The Board is to provide the Portfolio Minister with a copy of its findings in the review of the performance of the chief executive officer within 14 days after completing the review.

Division 2 Other staff

21 Staff

(1)  A Government Business Enterprise that is not an Agency may employ such persons as it considers necessary for the performance of its functions.

(2)  [Section 21 Subsection (2) amended by No. 86 of 2000, Sched. 1, Applied:01 May 2001] The State Service Act 2000 does not apply in relation to employees employed under subsection (1) .

(3)  [Section 21 Subsection (3) amended by No. 86 of 2000, Sched. 1, Applied:01 May 2001] The employees of a Government Business Enterprise that is an Agency are to be appointed or employed subject to and in accordance with the State Service Act 2000 .

Division 3 Miscellaneous matters relating to staff

22 Superannuation

(1)  [Section 22 Subsection (1) amended by No. 19 of 1999, Sched. 1, Applied:15 May 1999] [Section 22 Subsection (1) amended by No. 19 of 1999, Sched. 1, Applied:15 May 1999] [Section 22 Subsection (1) substituted by No. 54 of 2016, s. 33, Applied:31 Mar 2017] A Government Business Enterprise must not make to a superannuation scheme a contribution in respect of an employee that is in excess of the rate specified in section 21(3) of the Public Sector Superannuation Reform Act 2016 .

(1A)  [Section 22 Subsection (1A) inserted by No. 19 of 1999, Sched. 1, Applied:15 May 1999] [Section 22 Subsection (1A) omitted by No. 54 of 2016, s. 33, Applied:31 Mar 2017] .  .  .  .  .  .  .  .  

(2)  [Section 22 Subsection (2) amended by No. 19 of 1999, Sched. 1, Applied:15 May 1999] [Section 22 Subsection (2) omitted by No. 54 of 2016, s. 33, Applied:31 Mar 2017] .  .  .  .  .  .  .  .  

(3)  [Section 22 Subsection (3) omitted by No. 54 of 2016, s. 33, Applied:31 Mar 2017] .  .  .  .  .  .  .  .  

(4)  [Section 22 Subsection (4) inserted by No. 19 of 1999, Sched. 1, Applied:15 May 1999] A Government Business Enterprise must not establish a superannuation scheme after the commencement day specified in the Public Sector Superannuation Reform Act 1999 .

(5)  [Section 22 Subsection (5) amended by No. 54 of 2016, s. 33, Applied:31 Mar 2017] [Section 22 Subsection (5) inserted by No. 19 of 1999, Sched. 1, Applied:15 May 1999] A Government Business Enterprise must comply with any instruction relating to superannuation given by the Minister responsible for the administration of the Public Sector Superannuation Reform Act 2016 .

23 Long Service Leave (State Employees) Act 1994 does not apply

Subject to this Act, the Long Service Leave (State Employees) Act 1994 does not apply in relation to a Government Business Enterprise that is not an Agency, its chief executive officer or its employees.

Part 5 Powers and duties of, offences by and indemnification of directors and staff

[Part 5 Heading amended by No. 42 of 2002, s. 13, Applied:27 Nov 2002]

23A Power of former director to access records

[Section 23A Inserted by No. 42 of 2002, s. 14, Applied:27 Nov 2002]

(1)  In this section,

former director means a person who ceased to be a director within the period of 7 years immediately preceding the relevant time.

(2)  A former director of a Government Business Enterprise may inspect and make copies of the records of the Government Business Enterprise, including its accounting records, financial statements and interim reports, at any reasonable time for the purpose of a legal proceeding –

(a) to which the former director is a party; or

(b) that the former director proposes in good faith to bring; or

(c) that the former director has reason to believe will be brought against him or her.

(3)  The Government Business Enterprise must allow a former director to exercise his or her powers under this section to inspect and make copies of records.

Penalty:  Fine not exceeding 500 penalty units.

(4)  This section does not limit any right of access to the records of a Government Business Enterprise that a former director has apart from this section.

23B Power of director to access records

[Section 23B Inserted by No. 42 of 2002, s. 14, Applied:27 Nov 2002]

(1)  A director may inspect and make copies of the records of the Government Business Enterprise, including its accounting records, financial statements and interim reports, at any reasonable time.

(2)  A director or officer must not prevent a director from exercising his or her powers under this section to inspect and make copies of records.

Penalty:  Fine not exceeding 50 penalty units.

24 Duties of officers and employees

[Section 24 Substituted by No. 42 of 2002, s. 15, Applied:27 Nov 2002]

(1)  In this section –

business judgment means any decision to take or not take action in respect of a matter relevant to the business operations of the Government Business Enterprise;

former employee means a person who ceased to be an employee within the period of 7 years immediately preceding the relevant time;

former officer means a person who ceased to be an officer within the period of 7 years immediately preceding the relevant time.

(2)  An officer of a Government Business Enterprise must perform and exercise the functions and powers of his or her office in that Government Business Enterprise –

(a) in good faith in the best interests of the Government Business Enterprise; and

(b) for a proper purpose.

Penalty:  Fine not exceeding 2 000 penalty units or a term of imprisonment not exceeding 5 years, or both.

(3)  An officer of a Government Business Enterprise must exercise his or her powers and perform his or her functions with the degree of care and diligence that a reasonable person would exercise if he or she –

(a) were an officer of a Government Business Enterprise in the circumstances of the Government Business Enterprise; and

(b) occupied the office held by, and had the same responsibilities within the Government Business Enterprise as, the officer.

Penalty:  Fine not exceeding 2 000 penalty units or a term of imprisonment not exceeding 5 years, or both.

(4)  [Section 24 Subsection (4) amended by No. 35 of 2004, s. 4, Applied:01 Jan 2005] An officer of a Government Business Enterprise who makes a business judgment is taken to meet the requirements of subsection (3) , and his or her equivalent duties at common law and in equity, in respect of the judgment if the officer –

(a) makes the judgment in good faith for a proper purpose; and

(b) does not have a material personal interest in the subject matter of the judgment; and

(c) informs himself or herself about the subject matter of the judgment to the extent he or she reasonably believes to be appropriate; and

(d) rationally believes that the judgment is in the best interests of the Government Business Enterprise.

(5)  For the purposes of subsection (4)(d) , the belief of an officer of a Government Business Enterprise that a business judgment is in the best interests of the Government Business Enterprise is rational unless the belief is one that no reasonable person in the position of the officer would hold.

(6)  An officer, employee, former officer or former employee of a Government Business Enterprise must not make improper use, in Tasmania or elsewhere, of information acquired because of his or her office or employment in the Government Business Enterprise –

(a) to gain, directly or indirectly, an advantage for himself or herself or another person; or

(b) to cause damage to the Government Business Enterprise or any of its subsidiaries.

Penalty:  Fine not exceeding 2 000 penalty units or a term of imprisonment not exceeding 5 years, or both.

(7)  An officer or employee must not make improper use, in Tasmania or elsewhere, of his or her position as an officer or employee of a Government Business Enterprise –

(a) to gain, directly or indirectly, an advantage for himself or herself or another person; or

(b) to cause damage to the Government Business Enterprise or any of its subsidiaries.

Penalty:  Fine not exceeding 2 000 penalty units or a term of imprisonment not exceeding 5 years, or both.

(8)  [Section 24 Subsection (8) inserted by No. 18 of 2025, s. 17, Applied:01 Jan 2026] It is a defence in proceedings for an offence under this section if the officer or employee proves that –

(a) the alleged breach of this section was a direct result of the officer or employee complying with a direction, or purported direction, given under section 9A ; and

(b) there was no other action that the officer or employee could have taken to lawfully comply with that direction.

25 Duty to prevent insolvent trading

(1)  A director must prevent a Government Business Enterprise from incurring a debt if –

(a) the Government Business Enterprise is insolvent at that time or will become insolvent by incurring at that time the debt or debts which include that debt; and

(b) at that time there are reasonable grounds for suspecting that the Government Business Enterprise is insolvent or would become insolvent by incurring the debt or those debts; and

(c) the director is aware of those grounds or a reasonable person in the position of director would be aware of those grounds.

(2)  A director is guilty of an offence and liable, on conviction, to a penalty of a fine not exceeding 2 000 penalty units or a term of imprisonment not exceeding 5 years, or both, if he or she contravenes subsection (1) knowingly, intentionally or recklessly and –

(a) dishonestly and intending to gain, directly or indirectly, an advantage for himself or herself or another person; or

(b) intending to deceive or defraud any person.

(3)  It is a defence for an offence against subsection (2) or for a contravention of subsection (1) in proceedings under section 29 if it is proved –

(a) that, at the time the debt was incurred, the director –

(i) had reasonable grounds to believe and did believe that a competent and reliable person was responsible for providing the director with adequate information as to whether the Government Business Enterprise was solvent; and

(ii) had reasonable grounds to believe and did believe that the person referred to in subparagraph (i) was fulfilling the responsibility referred to in that subparagraph; and

(iii) expected, on the basis of information provided by the person referred to in subparagraph (i) , that the Government Business Enterprise was solvent at that time and would remain solvent even if it incurred the debt and any other debts that it incurred at that time; or

(b) that, at the time when the debt was incurred, the director had other reasonable grounds to expect, and did expect, that the Government Business Enterprise was solvent and would remain solvent even if it incurred the debt and any other debts that it incurred at that time; or

(c) that the director took all reasonable steps to prevent the Government Business Enterprise from incurring the debt; or

(d) that the director did not take part at the time in the Government Business Enterprise's management because of illness or for some other good cause; or

(e) [Section 25 Subsection (3) amended by No. 42 of 2002, Sched. 1, Applied:27 Nov 2002] that the director informed the Portfolio Minister and Treasurer, before the debt was incurred, that the Government Business Enterprise was insolvent or would become insolvent if the debt or the debt and other debts were incurred; or

(f) [Section 25 Subsection (3) amended by No. 42 of 2002, s. 16, Applied:27 Nov 2002] that the debt was incurred as the direct result of a direction given under this Act to the director or the Government Business Enterprise by the Portfolio Minister and Treasurer.

26 False or misleading information

(1)  An officer must not –

(a) [Section 26 Subsection (1) amended by No. 42 of 2002, s. 17, Applied:27 Nov 2002] make a statement concerning the affairs of the Government Business Enterprise or a subsidiary to a director, the Treasurer, the Portfolio Minister or the Auditor-General that the officer knows is false or misleading in a material particular; or

(b) [Section 26 Subsection (1) amended by No. 42 of 2002, s. 17, Applied:27 Nov 2002] omit from a statement concerning the affairs of the Government Business Enterprise or a subsidiary made to a director, the Treasurer, the Portfolio Minister or the Auditor-General anything without which the statement is, to the officer's knowledge, misleading in a material particular.

Penalty:  Fine not exceeding 50 penalty units or a term of imprisonment not exceeding 2 years, or both.

(2)  A complaint against a person for an offence against subsection (1) (a) or (b) is sufficient if it states that the information given was false or misleading to the person's knowledge.

(3)  [Section 26 Subsection (3) amended by No. 42 of 2002, s. 17, Applied:27 Nov 2002] An officer must not give to a director, the Treasurer, the Portfolio Minister or the Auditor-General a document containing information that the officer knows is false, misleading or incomplete in a material particular without–

(a) indicating to the recipient that the document is false, misleading or incomplete and the respect in which the document is false, misleading or incomplete; and

(b) giving the correct information to the recipient if the officer has, or can reasonably obtain, the correct information.

Penalty:  Fine not exceeding 25 penalty units or a term of imprisonment not exceeding 1 year, or both.

27 Reliance on information or advice

[Section 27 Substituted by No. 42 of 2002, s. 18, Applied:27 Nov 2002] If –

(a) an officer of a Government Business Enterprise relies on information, or professional or expert advice, given or prepared by –

(i) an employee of the Government Business Enterprise who the officer believes on reasonable grounds to be reliable and competent in relation to the matters concerned; or

(ii) a professional adviser or expert in relation to matters that the officer believes on reasonable grounds to be within the person's professional or expert competence; or

(iii) another officer in relation to matters within the officer's authority; or

(iv) a committee of officers on which the officer did not serve in relation to matters within the committee's authority; and

(b) the reliance was made –

(i) in good faith; and

(ii) after making an independent assessment of the information or advice, having regard to the officer's knowledge of the Government Business Enterprise and the complexity of the structure and operations of the Government Business Enterprise; and

(c) the reasonableness of the officer's reliance on the information or advice arises in proceedings brought to determine whether an officer has performed a duty under this Act or an equivalent general law duty –

the officer's reliance on the information or advice is taken to be reasonable unless the contrary is proved.

28 Director to disclose material personal interest

[Section 28 Amended by No. 42 of 2001, Sched. 1, Applied:15 Jul 2001] [Section 28 Substituted by No. 42 of 2002, s. 18, Applied:27 Nov 2002]

(1)  A director who has or may have a material personal interest in a matter that relates to the affairs of the Government Business Enterprise must give the other directors notice of the interest except where –

(a) the interest –

(i) arises in relation to the director's remuneration as a director of the Government Business Enterprise; or

(ii) relates to a contract that insures, or would insure, the director against liabilities the director incurs as an officer of the Government Business Enterprise (but only if the contract does not make the Government Business Enterprise or a related body the insurer); or

(iii) relates to any payment by the Government Business Enterprise or a related body in respect of an indemnity permitted under section 35 ; or

(iv) is in a contract, or proposed contract, with or for the benefit of, or on behalf of, a related body and arises because the director is a director of the related body; or

(v) is a beneficial interest in shares in a public company, within the meaning of the Corporations Act 2001 of the Commonwealth, and the total number of shares in which the director has a beneficial interest does not exceed 5% of the total number of shares issued by the company; or

(b) all of the following conditions are satisfied:

(i) the director has already given notice of the nature and extent of the interest and its relation to the affairs of the Government Business Enterprise to all directors under this subsection;

(ii) if after the time when notice of the nature and extent of the interest and its relation to the affairs of the Government Business Enterprise under this subsection was given a person who was not a director of the Government Business Enterprise at that time is appointed as a director, that notice is given to the new director;

(iii) the nature or extent of the interest has not materially increased above that disclosed in the notice; or

(c) the director has given a standing notice of the nature and extent of the interest under section 28B and the notice is still effective in relation to the interest.

Penalty:  Fine not exceeding 500 penalty units.

(2)  For the purposes of subsection (1) , a body is a related body in respect of a Government Business Enterprise if –

(a) the body is a subsidiary of the Government Business Enterprise; or

(b) the Government Business Enterprise is the body's subsidiary; or

(c) the body and the Government Business Enterprise are both subsidiaries of another Government Business Enterprise.

(3)  The notice of a director's material personal interest in a matter that relates to the affairs of the Government Business Enterprise must –

(a) include details of –

(i) the nature and extent of the interest; and

(ii) the relation of the interest to the affairs of the Government Business Enterprise; and

(b) be given at a meeting of the Board as soon as practicable after the director becomes aware of his or her interest in the matter.

(4)  The details of the notice of a director's material personal interest in a matter that relates to the affairs of the Government Business Enterprise must be –

(a) recorded in the minutes of the meeting at which the notice is given; and

(b) provided to the Portfolio Minister and Treasurer.

(5)  A contravention of subsection (1) by a director does not affect the validity of an act or proceeding of the Board or of any person (including that director) acting pursuant to any direction of the Board.

28A Board may declare material personal interest

[Section 28A Inserted by No. 42 of 2002, s. 18, Applied:27 Nov 2002]

(1)  If a Board is of the opinion that a director has a material personal interest in a matter that relates to the affairs of the Government Business Enterprise, it may pass a resolution declaring –

(a) that the director has such an interest; and

(b) the nature and extent of the interest; and

(c) the relation of the interest to the affairs of the Government Business Enterprise.

(2)  If a declaration is made under subsection (1) , the director declared to have a material personal interest is taken to have that interest.

(3)  The details of a declaration made under subsection (1) must be provided to the Portfolio Minister and Treasurer.

(4)  The making of a declaration under subsection (1) does not preclude the taking of proceedings for an offence against section 28(1) in respect of the failure of the director to give notice of the material personal interest.

28B Standing notice of director's interest

[Section 28B Inserted by No. 42 of 2002, s. 18, Applied:27 Nov 2002]

(1)  A director who has an interest, whether direct or indirect, in a matter may give the other directors of the Government Business Enterprise standing notice of the nature and extent of the interest.

(2)  The standing notice may be given at any time and whether or not the matter relates to the affairs of the Government Business Enterprise at the time the notice is given.

(3)  The standing notice must –

(a) include details of the nature and extent of the interest; and

(b) be given –

(i) at a meeting of the Board, either in writing or orally; or

(ii) to the other directors individually in writing.

(4)  Standing notice given to the directors individually –

(a) must be tabled at the next meeting of the Board after it has been given; and

(b) is given when it has been given to every director.

(5)  The details of the standing notice given at or tabled at a meeting of the Board must be –

(a) recorded in the minutes of the meeting; and

(b) provided to the Portfolio Minister and Treasurer.

(6)  A standing notice –

(a) takes effect as soon as it is given; and

(b) ceases to have effect if a person who was not a director of the Government Business Enterprise at the time when the notice was given is appointed as a director.

(7)  A standing notice that has ceased to have effect under subsection (6) recommences to have effect if it is given to the new director referred to in that subsection.

(8)  A standing notice ceases to have effect in relation to a particular interest if the nature or extent of the interest materially increases above that disclosed in the notice.

28C Restriction on director's participation in case of material personal interest

[Section 28C Inserted by No. 42 of 2002, s. 18, Applied:27 Nov 2002]

(1)  If a director has a material personal interest in a matter being considered at a meeting of the Board, the director must not, except as allowed by the Board under subsection (4)  –

(a) be present while the matter is being considered; and

(b) vote on the matter.

(2)  If  –

(a) a director has a material personal interest in a contract that the Government Business Enterprise has with a person; and

(b) either –

(i) the director, in compliance with subsection (1) , was not present while the Board considered whether to enter into the contract and did not vote on the matter; or

(ii) the director was allowed under subsection (4) to be present while the Board considered whether to enter into the contract and to vote on the matter –

the Government Business Enterprise, by reason of the director holding that interest, cannot avoid the contract and the director is not liable to account to the Government Business Enterprise for any profits derived from that interest.

(3)  If –

(a) a director has a material personal interest in a contract that the Government Business Enterprise has with a person; and

(b) the director, in contravention of subsection (1) , was present while the Board considered whether to enter into the contract or voted on the matter –

the Government Business Enterprise, by reason of the director holding that interest, may avoid the contract and the director is liable to account to the Government Business Enterprise for any profits derived from that interest if the Board so determines by written notice provided to the director.

(4)  If a director has a material personal interest in a matter being considered by the Board and the Board, in the absence of the director, passes a resolution that –

(a) identifies the director, the nature and extent of the interest and its relation to the affairs of the Government Business Enterprise; and

(b) states that the interest should not disqualify the director from being present when the matter is considered by the Board or from voting on the matter –

the director may be present when the matter is considered by the Board and may vote on the matter.

(5)  Nothing in subsection (4) affects the duty of the Board to provide notice of the material personal interest to the Portfolio Minister and Treasurer under section 28(4) , 28A(3) or 28B(5) .

28D Director may be required to divest of material personal interest

[Section 28D Inserted by No. 42 of 2002, s. 18, Applied:27 Nov 2002] If the Portfolio Minister and Treasurer consider that a material personal interest held by a director is such that holding the interest is not consistent with the proper discharge of his or her duties as director, the Portfolio Minister and Treasurer, jointly, may require the director to either divest himself or herself of the interest or resign as director.

29 Civil penalty order

(1)  In this section, court means a court of summary jurisdiction.

(2)  [Section 29 Subsection (2) amended by No. 42 of 2002, s. 19, Applied:27 Nov 2002] If a person contravenes section 24(2) , (3) , (6) or (7) or section 25(1) , the Government Business Enterprise or a person authorised in writing by the Portfolio Minister or Treasurer may apply to the court, within 6 years after the contravention, for an order under subsection (3) .

(3)  [Section 29 Subsection (3) amended by No. 42 of 2002, s. 19, Applied:27 Nov 2002] If the court is satisfied of the matters specified in subsection (3A) , the court may make one or more of the following orders:

(a) an order prohibiting the person from being an officer of a Government Business Enterprise for the period specified in the order;

(b) an order that the person pay to the Treasurer an amount not exceeding $200 000.

(3A)  [Section 29 Subsection (3A) inserted by No. 42 of 2002, s. 19, Applied:27 Nov 2002] Before making an order under subsection (3) , the court must be satisfied that –

(a) the person has contravened section 24(2) , (3) , (6) or (7) or section 25(1) ; and

(b) the contravention of that section –

(i) materially prejudices the interests of the Government Business Enterprise; or

(ii) materially prejudices the ability of the Government Business Enterprise to pay its creditors; or

(iii) is serious.

(4)  The court must not make an order under subsection (3) (a) if the court is satisfied that the person is a fit and proper person to be an officer of a Government Business Enterprise despite the contravention.

(5)  [Section 29 Subsection (5) substituted by No. 42 of 2002, s. 19, Applied:27 Nov 2002] The court must not make an order under subsection (3) (b) if the court or any other court has ordered the person to pay punitive damages because of the act or omission constituting the contravention.

(6)  [Section 29 Subsection (6) amended by No. 42 of 2002, s. 19, Applied:27 Nov 2002] In proceedings under this section, the court may relieve a person who has contravened section 24(2) , (3) , (6) or (7) or section 25(1) from the whole or part of a liability to which the person would otherwise be subject, or that might otherwise be imposed on the person, because of the contravention if the court is satisfied that–

(a) the person has acted honestly; and

(b) having regard to all the circumstances of the case (including, where appropriate, circumstances connected with the person's appointment as an officer), the person ought fairly to be excused for the contravention.

(7)  An application made under subsection (2) is a civil matter and the rules of evidence and procedure that the court applies in hearing and determining civil matters apply in relation to the hearing and determination of the application.

(7A)  [Section 29 Subsection (7A) inserted by No. 42 of 2002, s. 19, Applied:27 Nov 2002] Proceedings may be commenced and determined under this section whether or not proceedings for an offence against section 24(2) , (3) , (6) or (7) or section 25(2) have been commenced or determined.

(8)  The Treasurer may enforce an order made under subsection (3) (b) as if it were a judgment of the court.

30 Proceedings under this Part prevail

[Section 30 Amended by No. 86 of 2000, Sched. 1, Applied:01 May 2001] If, in respect of an act or omission, a person could be charged with an offence against this Part and could be found to have breached the Code of Conduct within the meaning of the State Service Act 2000 , proceedings may only be commenced under this Part.

31 Proceedings for offence

(1)  Proceedings for an offence against this Part may be commenced within 5 years after the commission of the act or omission which constitutes the offence notwithstanding any contrary provision in any other Act.

(2)  Proceedings for an offence against this Part may be instituted and determined in a court of summary jurisdiction.

(3)  Proceedings for an offence against this Part may be instituted by a person authorised in writing by the Portfolio Minister.

(4)  [Section 31 Subsection (4) substituted by No. 42 of 2002, s. 20, Applied:27 Nov 2002] Proceedings for an offence against section 24(2) , (3) , (6) or (7) or section 25(2) may be commenced and determined whether or not proceedings under section 29 in respect of the contravention of section 24(2) , (3) , (6) or (7) or section 25(1) have been commenced or determined.

32 Effect of conviction for offence

A person is not entitled to be appointed or employed as a director or chief executive officer or to be otherwise concerned with, or take part in, the management of a Government Business Enterprise if, within the preceding 5 years –

(a) the person was convicted of an offence against this Part; or

(b) the person, having been sentenced to a term of imprisonment in respect of an offence against this Part, was released from prison.

33 Compensation and other payments for contravention of this Part

(1)  Sections 24 , 25 , 26 , 27 and 28 have effect in addition to any rule of law relating to the function, power or liability of a person because of the person's office or employment in a Government Business Enterprise and do not affect the right of any person to institute civil proceedings in relation to a contravention of any of those provisions.

(2)  [Section 33 Subsection (2) amended by No. 42 of 2002, s. 21, Applied:27 Nov 2002] If a person is found guilty of an offence against section 24(2) , (3) , (6) or (7) or section 25(2) or an order is made under section 29 (3) in respect of a contravention of section 24 or 25 , the court making that finding or order may, in addition to any other penalty it may impose or order it may make, order the person to pay to a Government Business Enterprise or subsidiary–

(a) any profit made by the person as a result of the contravention of section 24 or 25 ; and

(b) an amount equal to any loss and damage the Government Business Enterprise or subsidiary suffered as a result of the contravention of section 24 or 25 .

(3)  The Government Business Enterprise or subsidiary may enforce an order made under subsection (2) as if it were a judgment of the court.

34 Indemnifying officers

[Section 34 Substituted by No. 42 of 2002, s. 22, Applied:27 Nov 2002]

(1)  A Government Business Enterprise must not exempt a person, whether directly or through an interposed person, from a liability to –

(a) that Government Business Enterprise; or

(b) a subsidiary of that Government Business Enterprise –

incurred as an officer.

(2)  A subsidiary of a Government Business Enterprise must not exempt a person, whether directly or through an interposed person, from a liability to –

(a) that subsidiary; or

(b) that Government Business Enterprise; or

(c) another subsidiary of that Government Business Enterprise –

incurred as a person who is concerned with, or takes part in, the management of that subsidiary, Government Business Enterprise or other subsidiary.

(3)  A Government Business Enterprise or subsidiary of a Government Business Enterprise must not indemnify a person, whether by agreement or by making a payment and whether directly or through an interposed person, against any of the following liabilities incurred as an officer of the Government Business Enterprise:

(a) a liability owed to the Government Business Enterprise, that subsidiary or another subsidiary of that Government Business Enterprise;

(b) a liability to pay compensation under an order made under section 33 ;

(c) a liability that is owed to someone other than that Government Business Enterprise, that subsidiary or another subsidiary of that Government Business Enterprise and that did not arise out of conduct in good faith.

(4)  Subsection (3) does not apply to a liability for legal costs.

(5)  A Government Business Enterprise or subsidiary of a Government Business Enterprise must not indemnify a person, whether by agreement or by making a payment and whether directly or through an interposed person, against legal costs incurred in defending an action for a liability incurred as an officer of that Government Business Enterprise if the costs are incurred –

(a) in defending or resisting proceedings in which the person is found to have a liability for which he or she could not be indemnified under subsection (3) ; or

(b) in defending or resisting proceedings for an offence in which the person is found guilty.

(6)  For the purposes of subsection (5) , the outcome of proceedings is the outcome of the proceedings and any appeal in relation to the proceedings.

(7)  An instrument is void so far as it provides for a Government Business Enterprise to do something that is prohibited by this section.

(8)  The Statutory Authorities (Protection from Liability of Members) Act 1993 does not apply in respect of a Government Business Enterprise or its directors or chief executive officer.

35 Premiums for certain liabilities of officers

(1)  A Government Business Enterprise may pay, or agree to pay, a premium in relation to a contract insuring a person who is or has been an officer of the Government Business Enterprise against a liability other than a liability –

(a) incurred by the person as an officer; and

(b) arising out of conduct involving –

(i) a wilful breach of duty in relation to the Government Business Enterprise; or

(ii) [Section 35 Subsection (1) amended by No. 56 of 2005, s. 4, Applied:27 Nov 2002] without limiting subparagraph (i) , a contravention of section 24(6) or (7) .

(2)  [Section 35 Subsection (2) amended by No. 42 of 2002, s. 23, Applied:27 Nov 2002] Under subsection (1) , a Government Business Enterprise may pay or agree to pay a premium in relation to a liability for costs and expenses incurred by a person in defending proceedings, whether civil or criminal, and whatever their outcome regardless of whether those costs are incurred in respect of conduct referred to in subsection (1)(b) .

(2A)  [Section 35 Subsection (2A) inserted by No. 42 of 2002, s. 23, Applied:27 Nov 2002] This section applies to a premium whether it is paid directly or through an interposed person.

(3)  An instrument is void so far as it insures a person against a liability in contravention of subsection (1) .

Part 6 Charters and plans

36 Ministerial charter

(1)  [Section 36 Subsection (1) amended by No. 42 of 2002, s. 24, Applied:27 Nov 2002] Within 3 months after a statutory authority becomes a Government Business Enterprise, the Portfolio Minister and Treasurer, jointly, must provide the Government Business Enterprise with a ministerial charter.

(2)  [Section 36 Subsection (2) amended by No. 42 of 2002, s. 24, Applied:27 Nov 2002] [Section 36 Subsection (2) amended by No. 42 of 2002, s. 24, Applied:27 Nov 2002] The Portfolio Minister and Treasurer, jointly, may at any time at their own discretion or on receipt of an application of a Government Business Enterprise–

(a) amend a ministerial charter; or

(b) revoke a ministerial charter and substitute another ministerial charter.

(3)  [Section 36 Subsection (3) substituted by No. 42 of 2002, s. 24, Applied:27 Nov 2002] Before or while preparing a ministerial charter or an amendment to a ministerial charter, the Portfolio Minister and Treasurer, jointly, must consult with the Government Business Enterprise.

(4)  [Section 36 Subsection (4) amended by No. 42 of 2002, s. 24, Applied:27 Nov 2002] A ministerial charter and any amendment to a ministerial charter is to be in writing and signed by the Portfolio Minister and Treasurer.

(5)  [Section 36 Subsection (5) omitted by No. 42 of 2002, s. 24, Applied:27 Nov 2002] .  .  .  .  .  .  .  .  

(6)  A ministerial charter or any amendment to a ministerial charter takes effect on a day specified in it, being a day not earlier than the day on which it is provided to the Government Business Enterprise.

(7)  [Section 36 Subsection (7) amended by No. 42 of 2002, s. 24, Applied:27 Nov 2002] The Portfolio Minister must cause a copy of a ministerial charter and any amendment to it to be laid before each House of Parliament within 10 sitting days after it has been signed as required by subsection (4) .

37 Contents of ministerial charter

(1)  [Section 37 Subsection (1) amended by No. 42 of 2002, s. 25, Applied:27 Nov 2002] A ministerial charter is to specify the broad policy expectations of the Portfolio Minister and Treasurer for the Government Business Enterprise and its subsidiaries.

(2)  A ministerial charter may limit the functions and powers of the Government Business Enterprise and the performance and exercise of those functions and powers, but –

(a) may not prevent the Government Business Enterprise from performing a function it is required to perform or otherwise complying with any Act; and

(b) may not extend the functions and powers of the Government Business Enterprise.

38 Compliance with ministerial charter

The Board must ensure that the business and affairs of the Government Business Enterprise and its subsidiaries are conducted in a manner that is consistent with the ministerial charter.

39 Corporate plan

(1)  In each financial year, the Board must prepare a corporate plan for the Government Business Enterprise and its subsidiaries.

(2)  [Section 39 Subsection (2) substituted by No. 42 of 2002, s. 26, Applied:27 Nov 2002] The corporate plan is to –

(a) cover the period specified in the Treasurer's Instructions; and

(b) be in a form and contain the information specified in the Treasurer's Instructions; and

(c) be consistent with the ministerial charter for the Government Business Enterprise.

(3)  [Section 39 Subsection (3) amended by No. 42 of 2002, s. 26, Applied:27 Nov 2002] [Section 39 Subsection (3) amended by No. 42 of 2002, s. 26, Applied:27 Nov 2002] The Board must provide a draft of the corporate plan to the Portfolio Minister and Treasurer not later than 60 days before the day on which the corporate plan will take effect.

(3A)  [Section 39 Subsection (3A) inserted by No. 42 of 2002, s. 26, Applied:27 Nov 2002] The Portfolio Minister or the Treasurer may authorise the Board to provide the draft of a corporate plan under subsection (3) by a day that is later than the day specified in that subsection.

(4)  [Section 39 Subsection (4) amended by No. 42 of 2002, s. 26, Applied:27 Nov 2002] When a draft corporate plan is approved by both the Portfolio Minister and Treasurer it becomes the corporate plan of the Government Business Enterprise.

(5)  [Section 39 Subsection (5) amended by No. 42 of 2002, s. 26, Applied:27 Nov 2002] [Section 39 Subsection (5) amended by No. 42 of 2002, s. 26, Applied:27 Nov 2002] The Portfolio Minister and Treasurer, jointly, must approve a corporate plan, prepared in accordance with this section and section 40 .

(6)  [Section 39 Subsection (6) amended by No. 42 of 2002, s. 26, Applied:27 Nov 2002] A corporate plan takes effect on the first day of the financial year next commencing after its approval by the Portfolio Minister and Treasurer or, if a day for its commencement is specified in that approval, on that day.

(7)  A Board may prepare an amendment of its corporate plan at any time.

(7A)  [Section 39 Subsection (7A) inserted by No. 42 of 2002, s. 26, Applied:27 Nov 2002] An amendment to a corporate plan may be in the form of a new corporate plan that replaces the existing corporate plan.

(8)  [Section 39 Subsection (8) substituted by No. 42 of 2002, s. 26, Applied:27 Nov 2002] An amendment of a corporate plan takes effect –

(a) when it has been approved by both the Portfolio Minister and Treasurer; or

(b) if a day for its commencement is specified in the approval of the Portfolio Minister and Treasurer, on that day.

(9)  [Section 39 Subsection (9) substituted by No. 42 of 2002, s. 26, Applied:27 Nov 2002] The approval of an amendment of a corporate plan may specify that the amendment is to take effect on –

(a) the day when it has been approved by both the Portfolio Minister and Treasurer; or

(b) a later day; or

(c) an earlier day.

(10)  [Section 39 Subsection (10) amended by No. 42 of 2002, s. 26, Applied:27 Nov 2002] Except where the Portfolio Minister and Treasurer jointly approve otherwise, a Government Business Enterprise must act in accordance with its corporate plan or amended corporate plan and ensure that a subsidiary acts in accordance with that corporate plan or amended corporate plan.

40 Consultation with Portfolio Minister and Treasurer

(1)  In the course of preparing a draft corporate plan, the Board must consult –

(a) [Section 40 Subsection (1) amended by No. 42 of 2002, s. 27, Applied:27 Nov 2002] [Section 40 Subsection (1) amended by No. 42 of 2002, s. 27, Applied:27 Nov 2002] in relation to the interests of the State as a whole and the long term objectives of the Government Business Enterprise and its subsidiaries, jointly with the Portfolio Minister and Treasurer; and

(b) [Section 40 Subsection (1) amended by No. 42 of 2002, Sched. 1, Applied:27 Nov 2002] in relation to the financial performance objectives of the Government Business Enterprise and its subsidiaries, jointly with the Portfolio Minister and the Treasurer.

(2)  [Section 40 Subsection (2) amended by No. 42 of 2002, s. 27, Applied:27 Nov 2002] The Portfolio Minister and Treasurer, jointly, may give a direction to the Board–

(a) in relation to a long term objective of the Government Business Enterprise and its subsidiaries; or

(b) [Section 40 Subsection (2) amended by No. 42 of 2002, s. 27, Applied:27 Nov 2002] if the Portfolio Minister and Treasurer consider the draft corporate plan to be inconsistent with the ministerial charter, in relation to that inconsistency.

(3)  [Section 40 Subsection (3) amended by No. 42 of 2002, Sched. 1, Applied:27 Nov 2002] The Portfolio Minister and the Treasurer jointly may give a direction to the Board in relation to the financial performance objectives of the Government Business Enterprise and its subsidiaries.

(4)  [Section 40 Subsection (4) substituted by No. 42 of 2002, s. 27, Applied:27 Nov 2002] Subject to subsection (5) , the Board must comply with a direction given under this section if it is in writing and is signed by both the Portfolio Minister and Treasurer.

(5)  A direction has no effect in respect of a contract entered into by the Government Business Enterprise before the direction was given if compliance with the direction would result in the Government Business Enterprise failing to perform the contract.

(6)  [Section 40 Subsection (6) substituted by No. 35 of 2004, s. 5, Applied:01 Jan 2005] The recommendation of a dividend under section 83 is a financial performance objective for the purposes of this section.

41 Statement of corporate intent

[Section 41 Subsection (2) amended by No. 42 of 2002, s. 28, Applied:27 Nov 2002] [Section 41 Substituted by No. 18 of 2025, s. 18, Applied:01 Jan 2026]

(1)  In this section –

relevant financial year, in relation to a statement of corporate intent of a Government Business Enterprise, means the financial year during which the statement is to be in force in respect of the Government Business Enterprise.

(2)  Before the commencement of each financial year, the Board of each Government Business Enterprise must prepare a statement of corporate intent, in respect of the Government Business Enterprise and its subsidiaries, that is to be in force for that financial year.

(3)  A statement of corporate intent of a Government Business Enterprise must not disclose any information that the Board considers –

(a) may, if disclosed –

(i) disadvantage or cause damage to the Government Business Enterprise or its subsidiaries, either directly or indirectly; or

(ii) enable another person, directly or indirectly, to gain an advantage; or

(b) may otherwise be unlawful, or inappropriate, to disclose publicly.

(4)  A draft of a statement of corporate intent prepared under this section in respect of a Government Business Enterprise is to –

(a) relate to the Government Business Enterprise and its subsidiaries; and

(b) be consistent with each of the following:

(i) the ministerial charter for the Government Business Enterprise;

(ii) the corporate plan in respect of the Government Business Enterprise and its subsidiaries that is in force for the financial year to which the statement relates;

(iii) each direction under section 9A that is in effect in respect of the Government Business Enterprise and its subsidiaries;

(iv) the Treasurer’s Instructions that are in force in respect of the Government Business Enterprise and its subsidiaries; and

(c) be in a form, and contain the information, specified in the Treasurer's Instructions; and

(d) be provided to the Portfolio Minister and Treasurer before –

(i) 31 March in the financial year immediately preceding the relevant financial year; or

(ii) such later day, being a day before the commencement of the relevant financial year, as approved by the relevant Portfolio Minister and Treasurer, jointly.

(5)  After receiving a draft statement of corporate intent under subsection (4)(d) in respect of a Government Business Enterprise, the Portfolio Minister and Treasurer, jointly, may –

(a) request that the Board make changes to the draft statement of corporate intent before it is approved under this section; or

(b) approve the draft statement of corporate intent if satisfied that –

(i) the statement complies with this section; and

(ii) the statement does not disclose information in contravention of subsection (3) .

(6)  A statement of corporate intent approved under this section in respect of a Government Business Enterprise –

(a) comes into force on the day on which it is approved by the Portfolio Minister and Treasurer, jointly, under subsection (5)(b) ; and

(b) while it remains in force, is to be published on a website operated by, or on behalf of, the Government Business Enterprise, so that it is freely available to members of the public.

(7)  A Board may amend, or substitute, the statement of corporate intent for the Government Business Enterprise at any time.

(8)  An amendment to a statement of corporate intent, or a substitute statement of corporate intent, comes into force –

(a) on the day on which it is approved by both the Portfolio Minister and Treasurer; or

(b) on such later day as is specified in the amended or substituted statement of corporate intent.

42 Validity of actions, &c.

Anything done by or in relation to a Government Business Enterprise or subsidiary is not void or unenforceable only because the Government Business Enterprise has contravened this Part.

Part 7 Financial affairs of Government Business Enterprise generally

43 Authorised deposit-taking institution accounts

[Section 43 Amended by No. 62 of 1996, s. 3 and Sched. 1 ][Section 43 Substituted by No. 74 of 1999, Sched. 2, Applied:01 Jan 2000] A Government Business Enterprise may open and operate such authorised deposit-taking institution accounts as it considers necessary.

44 Investment

Subject to section 16 of the Tasmanian Public Finance Corporation Act 1985 , a Government Business Enterprise may invest any funds held by it and any interest accumulated in respect of those funds in any manner which is consistent with –

(a) sound commercial practice; and

(b) the Treasurer's Instructions.

45 Borrowing from Treasurer

(1)  The Treasurer may lend to a Government Business Enterprise, out of money provided by Parliament for the purpose, such money as the Treasurer considers appropriate.

(2)  [Section 45 Subsection (2) amended by No. 42 of 2002, s. 29, Applied:27 Nov 2002] Before making a loan to a Government Business Enterprise, the Treasurer must consult with the Portfolio Minister.

(3)  If a Government Business Enterprise applies for a loan in respect of a loss incurred by it or any of its subsidiaries, in determining whether to make the loan the Treasurer must consider –

(a) the amount of the loss; and

(b) the reasons for the loss; and

(c) the consequences of the loss; and

(d) any other matter the Treasurer considers relevant.

(4)  In determining the consequences of a loss, the Treasurer must consider –

(a) the impact of the loss on the liquidity position of the Government Business Enterprise and all of its subsidiaries; and

(b) the availability of reserves to meet the loss; and

(c) the impact of the loss on the viability of the Government Business Enterprise and all of its subsidiaries.

(5)  A loan is subject to the conditions determined by the Treasurer.

(6)  [Section 45 Subsection (6) amended by No. 4 of 2017, Sched. 1, Applied:01 Jul 2019] An amount lent under subsection (1) and any interest or other charge payable in respect of the loan is a debt repayable into the Public Account by the Government Business Enterprise to which the amount was lent.

(7)  If the Government Business Enterprise to which the amount was lent is unable to repay the debt, the Government Business Enterprise and all its prescribed subsidiaries are jointly and severally liable to repay it.

(8)  For the purposes of subsection (7) , prescribed subsidiary means a subsidiary that is –

(a) a statutory authority; or

(b) [Section 45 Subsection (8) amended by No. 42 of 2001, Sched. 1, Applied:15 Jul 2001] a corporation incorporated under the Corporations Act, all the shares of which are beneficially owned by the Crown, the Government Business Enterprise or another such subsidiary.

46 Capital contribution by Treasurer

(1)  The Treasurer may pay an amount to a Government Business Enterprise as a contribution to its reserves out of money provided by Parliament for the purpose.

(2)  An amount paid under subsection (1) is not a borrowing and is not subject to the payment of interest.

47 Borrowing from person other than Treasurer

(1)  Subject to section 16 of the Tasmanian Public Finance Corporation Act 1985 , a Government Business Enterprise may borrow, or otherwise obtain financial accommodation, from a person other than the Treasurer for the purposes of performing its functions and achieving its objectives.

(2)  A Government Business Enterprise may use all or part of its assets as security for a borrowing or financial accommodation obtained by it under subsection (1) and any interest or charges payable in respect of that financial accommodation.

(3)  [Section 47 Subsection (3) omitted by No. 22 of 2023, s. 15, Applied:01 Jul 2023] .  .  .  .  .  .  .  .  

(4)  [Section 47 Subsection (4) omitted by No. 22 of 2023, s. 15, Applied:01 Jul 2023] .  .  .  .  .  .  .  .  

(5)  [Section 47 Subsection (5) amended by No. 4 of 2017, Sched. 1, Applied:01 Jul 2019] [Section 47 Subsection (5) omitted by No. 22 of 2023, s. 15, Applied:01 Jul 2023] .  .  .  .  .  .  .  .  

(6)  [Section 47 Subsection (6) amended by No. 4 of 2017, Sched. 1, Applied:01 Jul 2019] [Section 47 Subsection (6) omitted by No. 22 of 2023, s. 15, Applied:01 Jul 2023] .  .  .  .  .  .  .  .  

(7)  [Section 47 Subsection (7) omitted by No. 22 of 2023, s. 15, Applied:01 Jul 2023] .  .  .  .  .  .  .  .

48 Financial arrangements

(1)  Subject to subsection (2) , a Government Business Enterprise may enter into and deal in financial arrangements.

(2)  The Treasurer may, by notice provided to a Government Business Enterprise, specify that the Government Business Enterprise must not enter into or deal in a financial arrangement as provided by, or in the circumstances specified in, the notice.

(3)  The Board must ensure that any financial arrangement entered into, or dealt in, by the Government Business Enterprise is entered into and performed, or dealt in, in accordance with the Treasurer's Instructions.

49 Effect of Financial Agreement Act 1994

Where the Treasurer, under section 5 (1) of the Financial Agreement Act 1994 , requires a Government Business Enterprise to do or refrain from doing anything for the purpose of implementing the Agreement, within the meaning of that Act, the Government Business Enterprise must comply with that requirement.

50 Government Business Enterprise or subsidiary not exempt from State charges

A Government Business Enterprise or subsidiary is not exempt from a State charge merely because it is or may be the Crown.

Part 8 Accounting records, financial statements and reports of Government Business Enterprises

51 Accounting records

A Government Business Enterprise must –

(a) keep such accounting records as correctly record and explain its transactions (including any transactions as trustee) and financial position; and

(b) keep those records in a manner that –

(i) allows true and fair accounts of the Government Business Enterprise to be prepared from time to time; and

(ii) allows its accounts to be conveniently and properly audited or reviewed; and

(iii) subject to the Treasurer's Instructions, complies with Australian Accounting Standards; and

(iv) complies with any relevant Treasurer's Instructions; and

(c) [Section 51 Amended by No. 42 of 2002, Sched. 1, Applied:27 Nov 2002] retain those records for a period of not less than 7 years after the completion of the transaction to which they relate or such other period as the Treasurer determines.

52 Financial statements

(1)  [Section 52 Subsection (1) amended by No. 42 of 2003, Sched. 1, Applied:04 Jul 2003] [Section 52 Subsection (1) substituted by No. 50 of 2008, Sched. 1, Applied:01 Mar 2009] A Board is to prepare and forward to the Auditor-General a copy of its financial statements for each financial year in accordance with the Audit Act 2008 .

(2)  [Section 52 Subsection (2) omitted by No. 42 of 2002, s. 30, Applied:27 Nov 2002] .  .  .  .  .  .  .  .  

(3)  The financial statements must –

(a) [Section 52 Subsection (3) amended by No. 42 of 2002, s. 30, Applied:27 Nov 2002] contain the documents, statements and information required by, and otherwise comply with, the Treasurer's Instructions; and

(b) subject to the Treasurer's Instructions, comply with Australian Accounting Standards; and

(c) be signed or certified as specified in the Treasurer's Instructions.

(4)  [Section 52 Subsection (4) amended by No. 42 of 2002, s. 30, Applied:27 Nov 2002] [Section 52 Subsection (4) amended by No. 42 of 2002, s. 30, Applied:27 Nov 2002] The Portfolio Minister and Treasurer, jointly, may direct a Board to include in the financial statements any financial information that they consider appropriate.

53.

[Section 53 Subsection (1) amended by No. 42 of 2002, Sched. 1, Applied:27 Nov 2002] [Section 53 Subsection (3) amended by No. 42 of 2002, Sched. 1, Applied:27 Nov 2002] [Section 53 Subsection (3) amended by No. 42 of 2002, Sched. 1, Applied:27 Nov 2002] [Section 53 Subsection (4) amended by No. 42 of 2002, Sched. 1, Applied:27 Nov 2002] [Section 53 Repealed by No. 42 of 2003, Sched. 1, Applied:04 Jul 2003]

54.

[Section 54 Amended by No. 42 of 2002, s. 31, Applied:27 Nov 2002] [Section 54 Amended by No. 50 of 2008, Sched. 1, Applied:01 Mar 2009] [Section 54 Repealed by No. 50 of 2008, Sched. 2, Applied:01 Jul 2010]

55 Annual report

(1)  A Board must prepare for the Government Business Enterprise an annual report for each financial year.

(2)  [Section 55 Subsection (2) substituted by No. 42 of 2002, s. 32, Applied:01 Jan 2003] The annual report must contain –

(a) the details of any direction given under section 65 ; and

(b) the details of any direction relating to a dividend, interim dividend or special dividend; and

(c) the details of any direction given under section 40(2) or (3) ; and

(ca) [Section 55 Subsection (2) amended by No. 18 of 2025, s. 19, Applied:01 Jan 2026] the information required to be contained in an annual report, under section 9C , in respect of a direction given under section 9A ; and

(d) the details of any waiver granted under Part 10 or 11 ; and

(e) the documents, statements and information required by the Treasurer's Instructions.

(3)  [Section 55 Subsection (3) substituted by No. 42 of 2002, s. 32, Applied:01 Jan 2003] The annual report must comply with the Treasurer's Instructions.

(4)  [Section 55 Subsection (4) substituted by No. 42 of 2002, s. 32, Applied:01 Jan 2003] The Portfolio Minister and the Treasurer, jointly, may direct a Board to include in the annual report any information that they consider appropriate.

(5)  [Section 55 Subsection (5) omitted by No. 42 of 2002, s. 32, Applied:01 Jan 2003] .  .  .  .  .  .  .  .  

(6)  [Section 55 Subsection (6) amended by No. 42 of 2002, Sched. 1, Applied:27 Nov 2002] A Board must provide the annual report to the Portfolio Minister, the Treasurer and the Auditor-General.

(7)  [Section 55 Subsection (7) amended by No. 86 of 2000, Sched. 1, Applied:01 May 2001] Section 36 of the State Service Act 2000 does not apply in respect of a Government Business Enterprise that is an Agency.

56 Tabling of annual report

(1)  [Section 56 Subsection (1) amended by No. 42 of 2003, Sched. 1, Applied:04 Jul 2003] The Portfolio Minister must lay a copy of the annual report of a Government Business Enterprise before each House of Parliament within 4 months after the end of the financial year to which the annual report relates.

(2)  Where the Portfolio Minister is unable to comply with subsection (1) for any reason other than that a House of Parliament is not sitting at the expiration of the period specified in that subsection, he or she must, before the expiration of that period, lay before each House of Parliament a statement specifying the reasons for the failure to comply with that subsection and an estimate of the day by which a copy of the annual report will be ready to lay before each House of Parliament.

(3)  Where the Portfolio Minister is unable to lay a copy of the annual report of a Government Business Enterprise before a House of Parliament within the period specified in subsection (1) or by the day specified in a statement referred to in subsection (2) because either House of Parliament is not sitting at the expiration of that period or on that day, the Portfolio Minister must –

(a) immediately after the expiration of that period or that day, forward a copy of the annual report to the Clerk of that House of Parliament; and

(b) within the next 7 sitting days of that House, lay a copy of the annual report before that House.

(4)  Where the Portfolio Minister fails to lay a copy of the annual report of a Government Business Enterprise before at least one House of Parliament within the period specified in subsection (1) , the Parliamentary Standing Committee of Public Accounts may examine, and report to both Houses of Parliament on, the Government Business Enterprise's accounting records, financial statements and other available information referred to in section 55 (2) as if they or it were accounts referred to in section 6 (1) (b) of the Public Accounts Committee Act 1970 .

57 Quarterly reports

(1)  A Board must prepare a report on the operations of the Government Business Enterprise and its subsidiaries for each of the first 3 quarters of a financial year.

(2)  [Section 57 Subsection (2) amended by No. 42 of 2002, Sched. 1, Applied:27 Nov 2002] A quarterly report must be provided to the Portfolio Minister and Treasurer–

(a) [Section 57 Subsection (2) amended by No. 56 of 2005, s. 5, Applied:09 Dec 2005] within the period specified in the Treasurer's Instructions; or

(b) [Section 57 Subsection (2) amended by No. 42 of 2002, Sched. 1, Applied:27 Nov 2002] if another period after the end of the quarter is agreed between the Board, Portfolio Minister and Treasurer, within the agreed period.

(3)  A quarterly report must include the information required to be given in the report by the Treasurer's Instructions.