11Direction and control of transaction companies

11 Direction and control of transaction companies

11 Direction and control of transaction companies

(1) A transaction company is subject to the direction and control of the Treasurer in the exercise of any of its functions for the purposes of the authorised transaction but only while the transaction company is a public sector agency.

(2) The Treasurer may give directions for the purposes of the authorised transaction to a transaction company, and to the directors and other officers of a transaction company. Any such directions must be complied with by the transaction company or the directors or other officers concerned.

(3) Directions to a transaction company (or its directors and other officers) under this section can only be given and are only required to be complied with while the transaction company is a public sector agency.

(4) The power to give directions under this section extends to directions with respect to the way in which a transaction company is to conduct its business and other affairs.

(5) Anything done or omitted to be done by a director or other officer of a transaction company in compliance or purported compliance with a direction given by the Treasurer under this Act does not subject the director or officer personally to any action, liability, claim or demand.