39Repeal of Portfolio Acts

39 Repeal of Portfolio Acts

(1)  On the recommendation of the Treasurer, the Governor may, by proclamation, repeal the Portfolio Act of a prescribed Government Business Enterprise.

(2)  Before making for the purposes of subsection (1) a recommendation that a Portfolio Act in respect of a prescribed Government Business Enterprise be repealed, the Treasurer is to be satisfied that –

(a) all the business of the prescribed Government Business Enterprise has been sold under section 7(1) or transferred under section 17 or 35 ; and

(b) all reporting, financial and other requirements under the Portfolio Act, the Government Business Enterprises Act 1995 or any other Act have been completed, as so required, by the prescribed Government Business Enterprise or its Board.

(3)  On the repeal of a Portfolio Act, the appointments of each member of the Board of the Government Business Enterprise and the chief executive officer of the Government Business Enterprise are terminated.

(4)  A member of a Board of a Government Business Enterprise whose appointment is terminated under subsection (3) is not entitled to any compensation or other payment in respect of that termination, except as determined by the Treasurer.

(5)  A chief executive officer of a Government Business Enterprise whose appointment is terminated under subsection (3) is not entitled to any compensation or other payment in respect of that termination if, consequent on the sale of the business of the Government Business Enterprise under section 7(1) or the transfer of the business of the Government Business Enterprise to a company under section 17  –

(a) the chief executive officer is offered employment by the purchaser or company to which the business is sold or transferred on terms no less favourable than his or her terms of employment as chief executive officer; or

(b) the chief executive officer takes up employment with the purchaser or company to which the business is sold or transferred regardless of whether the terms of that employment are the same, more favourable or less favourable than his or her terms of employment as chief executive officer.