12Status of Company

12 Status of Company

(1)  Unless this or any other Act expressly provides otherwise, the Company –

(a) is not, and does not represent, the Crown; and

(b) is not exempt from any rates, tax, duty or other impost under any law merely because the Crown has beneficial ownership of shares in it; and

(c) is not subject or entitled to any prerogative right or privilege of the Crown.

(2)  [Section 12 Subsection (2) substituted by No. 22 of 2023, s. 20, Applied:01 Jul 2023] The Crown is not liable for any liability or obligation of the Company or subsidiary of the Company unless –

(a) the Treasurer gives a guarantee or indemnity under section 16 in relation to that liability or obligation; or

(b) a guarantee is given under the Tasmanian Public Finance Corporation Act 1985 in respect of the Company or subsidiary.