sec.58Interim board of directors for entity to become GOC or GOC subsidiary

### sec.58 Interim board of directors for entity to become GOC or GOC subsidiary If a government entity that is to become a GOC or a GOC subsidiary does not have a board of directors or an equivalent body, a regulation may provide that, on a specified day, the entity is to have an interim board of directors. It is the role of the interim board— to take the steps that the responsible Ministers direct regarding the implementation of the entity’s corporatisation charter; and to ensure that the entity otherwise performs its functions in a proper, efficient and effective way. Schedule 1 applies to the interim board. The directors on the interim board go out of office— if the entity is a government entity that is to become a GOC—when the entity becomes a GOC; or if the entity is a government entity that is to become a GOC subsidiary—when the entity of which it is a subsidiary or proposed subsidiary becomes a GOC. Subsection (4) does not limit subsection (3) . s 58 amd 1994 No. 31 s 16 sch 3 ; 1998 No. 21 ss 10 , s 3 sch 1 ; 2007 No. 10 s 62 sch (sec.58-ssec.1) If a government entity that is to become a GOC or a GOC subsidiary does not have a board of directors or an equivalent body, a regulation may provide that, on a specified day, the entity is to have an interim board of directors. (sec.58-ssec.2) It is the role of the interim board— to take the steps that the responsible Ministers direct regarding the implementation of the entity’s corporatisation charter; and to ensure that the entity otherwise performs its functions in a proper, efficient and effective way. (sec.58-ssec.3) Schedule 1 applies to the interim board. (sec.58-ssec.4) The directors on the interim board go out of office— if the entity is a government entity that is to become a GOC—when the entity becomes a GOC; or if the entity is a government entity that is to become a GOC subsidiary—when the entity of which it is a subsidiary or proposed subsidiary becomes a GOC. (sec.58-ssec.5) Subsection (4) does not limit subsection (3) . - (a) to take the steps that the responsible Ministers direct regarding the implementation of the entity’s corporatisation charter; and - (b) to ensure that the entity otherwise performs its functions in a proper, efficient and effective way. - (a) if the entity is a government entity that is to become a GOC—when the entity becomes a GOC; or - (b) if the entity is a government entity that is to become a GOC subsidiary—when the entity of which it is a subsidiary or proposed subsidiary becomes a GOC.