7Principal objectives of Government Business Enterprise

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 apply to an order under as if the order were regulations within the meaning of that Act.