8Transaction SOCs

#### 8 Transaction SOCs 8 Transaction SOCs > > (1) A statutory State owned corporation may be established under this Act as a transaction SOC for the purposes of an authorised transaction. > > > (2) The Governor may by order published in the Gazette— > > > > > (a) create a corporation under a corporate name specified in the order, and > > > > > (b) specify the functions of the corporation, and > > > > > (c) direct that the corporation is established as a statutory State owned corporation and as a transaction SOC. > > > (3) On the day on which the order takes effect— > > > > > (a) a corporation is constituted with the corporate name and functions specified in the order, and > > > > > (b) the [State Owned Corporations Act 1989](/view/html/inforce/current/act-1989-134) is amended by inserting in Schedule 5 the corporate name specified in the order (to establish the corporation as a statutory State owned corporation under that Act), and > > > > > (c) the State owned corporation thereby established is a transaction SOC for the purposes of this Act. > > > (4) The portfolio Minister of a SOC established under this section is the Minister administering the [Ports and Maritime Administration Act 1995](/view/html/inforce/current/act-1995-013). > > > (5) Schedule 2 has effect with respect to a transaction SOC. The provisions of that Schedule are in addition to and (except to the extent to which that Schedule otherwise provides) do not derogate from the provisions of the [State Owned Corporations Act 1989](/view/html/inforce/current/act-1989-134).