8Powers of Corporation

8 Powers of Corporation

(1)  The Corporation has the following powers:

(a) subject to subsection (3) , to acquire, hold, dispose of and otherwise deal with property;

(b) to enter into contracts;

(c) to appoint agents and attorneys;

(d) to engage consultants;

(e) to do anything necessary or convenient in relation to the performance of its functions.

(2)  The Corporation also has the following powers that may only be exercised by the Corporation with the written approval of the Minister:

(a) to acquire, conduct, participate in, or dispose of, any business undertaking related to the site or the Brooke Street pier;

(b) to form, or participate in the formation of, a company;

(c) to participate in a trust;

(d) to participate in any or all of the following arrangements for the purpose of the sharing of profits:

(i) a joint venture;

(ii) a partnership;

(iii) any other arrangement.

(3)  The Corporation must not, without the written approval of the Minister –

(a) [Section 8 Subsection (3) amended by No. 35 of 2018, s. 7, Applied:17 Dec 2018] lease or license land held by the Corporation for any term exceeding 5 years; or

(b) purchase, gift or sell any estate or interest in land.

(4)  Subject to subsection (5) , the Corporation must not carry out any works on the Macquarie Point land until that land is transferred by the Minister to the Corporation in accordance with section 53 .

(5)  Subsection (4) does not prevent the Corporation from undertaking works on any part of the Macquarie Point land that is leased by the Corporation from the Minister administering the or from a tenant of that Minister.