The Act transfers management of an existing investment trust and related assets, rights and liabilities from QTC to a new Queensland Investment Corporation, which becomes the trust’s trustee and is treated as representing the State. The Corporation can charge fees, inherit contracts and staff entitlements, and the State may guarantee or indemnify its liabilities—creating potential fiscal exposure for taxpayers.
Affected parties include the Corporation, trust members (who pay trustee fees), the Treasurer and Ministers (who decide guarantees and tax-equivalents), and transferred employees; governance, disclosure and limited judicial review rules apply.
This Act transfers the trustee role for the Queensland Treasury Corporation Investment Trust to a newly constituted Queensland Investment Corporation, provides statutory mechanics for vesting and transfer of trust and other investment-related assets and liabilities, sets out the Corporation’s relationship with the State and with shareholding Ministers, and prescribes a range of administrative, financial and governance obligations and protections for the Corporation and its officers. Key mechanical outcomes in the text are:
QTC is removed as trustee and the Corporation is appointed trustee of the Investment Trust, with the Corporation stepping into QTC’s powers, rights, duties and obligations as trustee (s 6(1)). The Act treats QTC as having duly retired and the Corporation as having been duly appointed regardless of deed provisions or other law (s 6(1)(b)).
All assets, rights, management and control, suits and proceedings, liabilities (to the extent indemnifiable from trust assets) and contracts that immediately prior to commencement were those of QTC as trustee are transferred to, and may be prosecuted or defended by, the Corporation as trustee, without any transfer instruments other than this Act (s 6(1)(c)-(f)).
The Corporation is prohibited from becoming a beneficiary of the Investment Trust (s 6(5)). The Investment Trust’s name is changed (s 6(2)).
The chief executive of the department, in consultation with the Corporation, may certify additional transfers of assets, liabilities, rights or contracts that relate to investment activities of QTC in capacities other than trustee; such certifications effect transfer to the Corporation without further conveyancing (s 7).
Registrars and record-keepers must make entries necessary to show transfers effected under the Act on request (s 10). Registration or other fees that would otherwise be payable under other Acts are not payable in respect of these transfers (s 9).
Current sections
Direct links to the current provisions in Queensland Investment Corporation Act 1991.
85
pt.1
Preliminary
Preliminary
sec.1
Short title
sec.1 Short title
This Act may be cited as the Queensland Investment Corporation Act 1991 .
sec.2
Commencement
sec.2 Commencement
Section 1 and this section commence on the day this Act is assented to for and on behalf of Her Majesty.
The remaining provisions of this Act, commence on 1 July 1991.
s 2 amd 1994 No. 38 s 3 sch
(sec.2-ssec.1) Section 1 and this section commence on the day this Act is assented to for and on behalf of Her Majesty.
(sec.2-ssec.2) The remaining provisions of this Act, commence on 1 July 1991.
sec.3
Definitions
sec.3 Definitions
In this Act—
assets means any legal or equitable right, title, estate or interest (whether present or future and whether vested or contingent) in real or personal property of any description and includes, without limitation, money, liquidated and unliquidated claims, securities, choses in action and documents, instruments or other mercantile indicia or tokens of title.
bank includes an entity that carries on banking business outside Australia and is approved by the Treasurer.
s 3 def “bank” sub 1997 No. 17 s 32
benefit means a financial or other benefit, and includes a benefit that does not involve the payment of cash.
s 3 def benefit ins 1994 No. 38 s 4 (2)
board means the Corporation’s board of directors.
s 3 def board sub 1994 No. 38 s 4
chairperson ...
s 3 def chairperson om 1994 No. 38 s 4 (1)
chief executive officer means the chief executive officer of the Corporation.
contracts includes deeds, covenants, contracts, agreements, arrangements and undertakings.
Corporation means Queensland Investment Corporation.
The Corporation is a government owned corporation.
s 3 def Corporation sub 1994 No. 38 s 4
amd 2007 No. 10 s 62 sch
Corporation as trustee of the Investment Trust means the Corporation in its capacity as trustee of the Investment Trust only.
director means a director of the Corporation.
s 3 def director sub 1994 No. 38 s 4
financial year ...
s 3 def financial year om 1994 No. 38 s 4 (1)
GOC ...
s 3 def GOC ins 1994 No. 38 s 4 (2)
om 2007 No. 10 s 62 sch
GOC Act means the Government Owned Corporations Act 1993 .
s 3 def GOC Act ins 1994 No. 38 s 4 (2)
holding company ...
s 3 def holding company ins 1994 No. 38 s 4 (2)
amd 2001 No. 45 s 29 sch 3
om 2007 No. 10 s 62 sch
Investment Trust means the trust established on 1 July 1988 known as the ‘Queensland Treasury Corporation Investment Trust’ and which after the commencement of this Act is known as the ‘Queensland Investment Corporation Investment Trust’.
liabilities means liabilities, debts and obligations (whether present or future and whether vested or contingent) and includes, without limitation, moneys payable, securities and liquidated and unliquidated claims and documents or instruments.
minor interest ...
s 3 def minor interest ins 1994 No. 38 s 4 (2)
om 2007 No. 10 s 62 sch
money means the lawful currency of Australia or any other country.
person includes an unincorporated body.
s 3 def person sub 1994 No. 38 s 4
prescribed interest ...
s 3 def prescribed interest om 1994 No. 38 s 4 (1)
public company ...
s 3 def public company ins 1994 No. 38 s 4 (2)
amd 2001 No. 45 s 29 sch 3
om 2007 No. 10 s 62 sch
Public Finance Standards ...
s 3 def Public Finance Standards om 1994 No. 38 s 4 (1)
public service ...
s 3 def public service om 1993 No. 76 s 3 sch 2
QTC means Queensland Treasury Corporation.
s 3 def QTC sub 1994 No. 38 s 4
QTC as trustee of the Investment Trust means QTC in its capacity as trustee of the Investment Trust only.
related body corporate ...
s 3 def related body corporate sub 1994 No. 38 s 4
amd 2001 No. 31 s 48 sch ; 2001 No. 45 s 29 sch 3
om 2007 No. 10 s 62 sch
relative , of a person, means the person’s—
spouse; or
parent or remoter lineal ancestor; or
child or remoter issue; or
brother or sister.
s 3 def relative ins 1994 No. 38 s 4 (2)
amd 2001 No. 31 s 48 sch
relevant interest ...
s 3 def relevant interest sub 1994 No. 38 s 4 ; 2003 No. 19 s 3 sch
om 2007 No. 10 s 62 sch
relevant particulars ...
s 3 def relevant particulars ins 1994 No. 38 s 4 (2)
om 2007 No. 10 s 62 sch
shareholding Ministers means the Ministers who are the Corporation’s shareholding Ministers under the GOC Act .
s 3 def shareholding Ministers ins 1994 No. 38 s 4 (2)
spouse ...
s 3 def spouse ins 1994 No. 38 s 4 (2)
om 2002 No. 74 s 90 sch
statutory body ...
s 3 def statutory body om 2007 No. 10 s 62 sch
statutory GOC ...
s 3 def statutory GOC ins 1994 No. 38 s 4 (2)
om 2007 No. 10 s 62 sch
subsidiary ...
s 3 def subsidiary ins 1994 No. 38 s 4 (2)
amd 2001 No. 45 s 29 sch 3
om 2007 No. 10 s 62 sch
transaction includes contract.
s 3 def transaction ins 1994 No. 38 s 4 (2)
Treasurer ...
s 3 def Treasurer om 1994 No. 38 s 4 (1)
Under Treasurer ...
s 3 def Under Treasurer om 1994 No. 38 s 4 (1)
writing ...
s 3 def writing om 1994 No. 38 s 4 (1)
s 3 amd 1994 No. 38 s 3 sch
(a) spouse; or
(b) parent or remoter lineal ancestor; or
(c) child or remoter issue; or
(d) brother or sister.
sec.4
Entitlement of trustee to be indemnified
sec.4 Entitlement of trustee to be indemnified
For the purposes of this Act, a trustee, merely because the relevant trust has no assets, or the assets of the relevant trust are insufficient to indemnify the trustee in respect of the liability concerned, does not cease to be entitled to be fully indemnified out of the assets of the relevant trust in respect of the liability.
s 4 amd 1994 No. 38 s 3
(prev s 1.3(2)) renum 1994 No. 38 s 3 sch
sec.5
Section sec.5
s 5 amd 1994 No. 38 s 3 sch
om 2007 No. 10 s 62 sch
sec.2.2
Section sec.2.2
s 2.2 om 1994 No. 38 s 3 sch
pt.2
Queensland Investment Corporation
Queensland Investment Corporation
sec.6
Change of trustee of Investment Trust
sec.6 Change of trustee of Investment Trust
On and from the commencement of this Act—
QTC is removed as trustee of the Investment Trust and the Corporation is appointed as the trustee of the Investment Trust to act in the execution of the trusts of the Investment Trust in the place of QTC and—
has and may exercise all the powers; and
enjoys all the rights; and
is subject to all the duties; and
is to carry out all the obligations;
of QTC as trustee of the Investment Trust as fully as though it had originally been named as trustee of the Investment Trust; and
for all purposes QTC is to be taken to have duly retired, and the Corporation is to be taken to have been duly appointed, as trustee in accordance with the provisions of the deed recording the terms of the Investment Trust in all respects, despite any provisions of that deed relating to the requirements for the valid retirement or appointment of trustees or any law, so as to enable the Investment Trust to continue and the Corporation to act as trustee of the Investment Trust in place of QTC; and
all assets and rights and all management or control of anything which, immediately prior to that commencement were vested in, payable to, recoverable by, or which belonged to, QTC as trustee of the Investment Trust are transferred to and vested in, payable to or recoverable by and belong to the Corporation as trustee of the Investment Trust without any transfer, assignment, notice or assurance other than this Act and despite any other Act or law; and
all suits, actions and proceedings commenced and pending immediately prior to that commencement by or against QTC as trustee of the Investment Trust are to be taken to be pending and may be carried and prosecuted by or against the Corporation as trustee of the Investment Trust, and no such suit, action or proceeding is abated or prejudicially affected by this Act; and
all liabilities of QTC as trustee of the Investment Trust in respect of which (and only to the extent that) QTC is entitled to be fully indemnified out of the assets of the Investment Trust immediately prior to that commencement are liabilities of the Corporation as trustee of the Investment Trust; and
all contracts entered into by or with QTC as trustee of the Investment Trust and in force immediately prior to that commencement are to be taken to be contracts entered into by or with the Corporation as trustee of the Investment Trust.
On and from the commencement of this Act the name by which the Investment Trust is known is changed to the ‘Queensland Investment Corporation Investment Trust’.
This section, other than subsection (4) , does not affect assets, liabilities, rights, suits, actions proceedings, contracts or any other matter or thing, whether specifically mentioned in subsection (1) or not, of or relating to QTC otherwise than in its capacity as trustee of the Investment Trust.
In the event that any question or dispute arises as to whether or not any matter or thing, whether specifically mentioned in subsection (1) or not, is a matter or thing of or relating to QTC as trustee of the Investment Trust or QTC in some other capacity then the question or dispute is to be determined in writing by the chief executive of the department whose determination of the question or dispute is final and binding upon all persons (whether or not party to the question or dispute).
The Corporation is prohibited from becoming a beneficiary of the Investment Trust.
Except as modified or excluded by this Act, the law of trusts and the terms and conditions of the Investment Trust apply to the change of trustee effected by this Act.
s 6 amd 1994 No. 38 s 3 sch
(sec.6-ssec.1) On and from the commencement of this Act— QTC is removed as trustee of the Investment Trust and the Corporation is appointed as the trustee of the Investment Trust to act in the execution of the trusts of the Investment Trust in the place of QTC and— has and may exercise all the powers; and enjoys all the rights; and is subject to all the duties; and is to carry out all the obligations; of QTC as trustee of the Investment Trust as fully as though it had originally been named as trustee of the Investment Trust; and for all purposes QTC is to be taken to have duly retired, and the Corporation is to be taken to have been duly appointed, as trustee in accordance with the provisions of the deed recording the terms of the Investment Trust in all respects, despite any provisions of that deed relating to the requirements for the valid retirement or appointment of trustees or any law, so as to enable the Investment Trust to continue and the Corporation to act as trustee of the Investment Trust in place of QTC; and all assets and rights and all management or control of anything which, immediately prior to that commencement were vested in, payable to, recoverable by, or which belonged to, QTC as trustee of the Investment Trust are transferred to and vested in, payable to or recoverable by and belong to the Corporation as trustee of the Investment Trust without any transfer, assignment, notice or assurance other than this Act and despite any other Act or law; and all suits, actions and proceedings commenced and pending immediately prior to that commencement by or against QTC as trustee of the Investment Trust are to be taken to be pending and may be carried and prosecuted by or against the Corporation as trustee of the Investment Trust, and no such suit, action or proceeding is abated or prejudicially affected by this Act; and all liabilities of QTC as trustee of the Investment Trust in respect of which (and only to the extent that) QTC is entitled to be fully indemnified out of the assets of the Investment Trust immediately prior to that commencement are liabilities of the Corporation as trustee of the Investment Trust; and all contracts entered into by or with QTC as trustee of the Investment Trust and in force immediately prior to that commencement are to be taken to be contracts entered into by or with the Corporation as trustee of the Investment Trust.
(sec.6-ssec.2) On and from the commencement of this Act the name by which the Investment Trust is known is changed to the ‘Queensland Investment Corporation Investment Trust’.
(sec.6-ssec.3) This section, other than subsection (4) , does not affect assets, liabilities, rights, suits, actions proceedings, contracts or any other matter or thing, whether specifically mentioned in subsection (1) or not, of or relating to QTC otherwise than in its capacity as trustee of the Investment Trust.
(sec.6-ssec.4) In the event that any question or dispute arises as to whether or not any matter or thing, whether specifically mentioned in subsection (1) or not, is a matter or thing of or relating to QTC as trustee of the Investment Trust or QTC in some other capacity then the question or dispute is to be determined in writing by the chief executive of the department whose determination of the question or dispute is final and binding upon all persons (whether or not party to the question or dispute).
(sec.6-ssec.5) The Corporation is prohibited from becoming a beneficiary of the Investment Trust.
(sec.6-ssec.6) Except as modified or excluded by this Act, the law of trusts and the terms and conditions of the Investment Trust apply to the change of trustee effected by this Act.
(a) QTC is removed as trustee of the Investment Trust and the Corporation is appointed as the trustee of the Investment Trust to act in the execution of the trusts of the Investment Trust in the place of QTC and— (i) has and may exercise all the powers; and (ii) enjoys all the rights; and (iii) is subject to all the duties; and (iv) is to carry out all the obligations; of QTC as trustee of the Investment Trust as fully as though it had originally been named as trustee of the Investment Trust; and
(i) has and may exercise all the powers; and
(ii) enjoys all the rights; and
(iii) is subject to all the duties; and
(iv) is to carry out all the obligations;
(b) for all purposes QTC is to be taken to have duly retired, and the Corporation is to be taken to have been duly appointed, as trustee in accordance with the provisions of the deed recording the terms of the Investment Trust in all respects, despite any provisions of that deed relating to the requirements for the valid retirement or appointment of trustees or any law, so as to enable the Investment Trust to continue and the Corporation to act as trustee of the Investment Trust in place of QTC; and
(c) all assets and rights and all management or control of anything which, immediately prior to that commencement were vested in, payable to, recoverable by, or which belonged to, QTC as trustee of the Investment Trust are transferred to and vested in, payable to or recoverable by and belong to the Corporation as trustee of the Investment Trust without any transfer, assignment, notice or assurance other than this Act and despite any other Act or law; and
(d) all suits, actions and proceedings commenced and pending immediately prior to that commencement by or against QTC as trustee of the Investment Trust are to be taken to be pending and may be carried and prosecuted by or against the Corporation as trustee of the Investment Trust, and no such suit, action or proceeding is abated or prejudicially affected by this Act; and
(e) all liabilities of QTC as trustee of the Investment Trust in respect of which (and only to the extent that) QTC is entitled to be fully indemnified out of the assets of the Investment Trust immediately prior to that commencement are liabilities of the Corporation as trustee of the Investment Trust; and
(f) all contracts entered into by or with QTC as trustee of the Investment Trust and in force immediately prior to that commencement are to be taken to be contracts entered into by or with the Corporation as trustee of the Investment Trust.
(i) has and may exercise all the powers; and
(ii) enjoys all the rights; and
(iii) is subject to all the duties; and
(iv) is to carry out all the obligations;
sec.7
Transfer of other investments
sec.7 Transfer of other investments
From time to time the chief executive of the department in consultation with the Corporation may determine that certain assets, liabilities, rights or contracts which are vested in, payable to, recoverable by, or belong to, QTC in a capacity other than as trustee of the Investment Trust and which relate to the investment activities of QTC for the benefit of some other person are to be transferred to and vested in, payable to or recoverable by and belong to the Corporation.
In any such case the chief executive of the department is to so certify in writing and on and from the date specified in the relevant certification, the assets, liabilities, rights or contracts the subject of that certification are transferred to and vested in, payable to or recoverable by and belong to the Corporation without any transfer, assignment, notice or assurance other than this Act and despite any other Act or law.
Any such assets, liabilities, rights or contracts do not form part of the capital of the Corporation.
s 7 amd 1994 No. 38 s 3 sch
(sec.7-ssec.1) From time to time the chief executive of the department in consultation with the Corporation may determine that certain assets, liabilities, rights or contracts which are vested in, payable to, recoverable by, or belong to, QTC in a capacity other than as trustee of the Investment Trust and which relate to the investment activities of QTC for the benefit of some other person are to be transferred to and vested in, payable to or recoverable by and belong to the Corporation.
(sec.7-ssec.2) In any such case the chief executive of the department is to so certify in writing and on and from the date specified in the relevant certification, the assets, liabilities, rights or contracts the subject of that certification are transferred to and vested in, payable to or recoverable by and belong to the Corporation without any transfer, assignment, notice or assurance other than this Act and despite any other Act or law.
(sec.7-ssec.3) Any such assets, liabilities, rights or contracts do not form part of the capital of the Corporation.
sec.2.5
Section sec.2.5
s 2.5 om 1994 No. 38 s 3 sch
sec.2.6
Section sec.2.6
s 2.6 om 1994 No. 38 s 3 sch
sec.8
Existing legal relationships not affected
sec.8 Existing legal relationships not affected
The operation of this part, part 5 and sections 40 and 44 , an amendment of this Act or the Corporation becoming a GOC—
does not place the Corporation in breach of a contract or confidence or otherwise make it guilty of a civil wrong; and
does not make the Corporation in breach of an instrument, including, for example, an instrument prohibiting, restricting or regulating the assignment or transfer of a right or liability or the disclosure of information; and
is taken not to fulfil a condition—
allowing a person to end an instrument or obligation or change the operation or effect of an instrument or obligation; or
requiring an amount to be paid before its stated maturity; and
does not release a surety or other obligee (in whole or part) from an obligation; and
does not require any attornment to the Corporation by a lessee from QTC.
In this section—
instrument has the same meaning as in the GOC Act .
s 8 sub 1994 No. 38 s 5
(sec.8-ssec.1) The operation of this part, part 5 and sections 40 and 44 , an amendment of this Act or the Corporation becoming a GOC— does not place the Corporation in breach of a contract or confidence or otherwise make it guilty of a civil wrong; and does not make the Corporation in breach of an instrument, including, for example, an instrument prohibiting, restricting or regulating the assignment or transfer of a right or liability or the disclosure of information; and is taken not to fulfil a condition— allowing a person to end an instrument or obligation or change the operation or effect of an instrument or obligation; or requiring an amount to be paid before its stated maturity; and does not release a surety or other obligee (in whole or part) from an obligation; and does not require any attornment to the Corporation by a lessee from QTC.
(sec.8-ssec.2) In this section— instrument has the same meaning as in the GOC Act .
(a) does not place the Corporation in breach of a contract or confidence or otherwise make it guilty of a civil wrong; and
(b) does not make the Corporation in breach of an instrument, including, for example, an instrument prohibiting, restricting or regulating the assignment or transfer of a right or liability or the disclosure of information; and
(c) is taken not to fulfil a condition— (i) allowing a person to end an instrument or obligation or change the operation or effect of an instrument or obligation; or (ii) requiring an amount to be paid before its stated maturity; and
(i) allowing a person to end an instrument or obligation or change the operation or effect of an instrument or obligation; or
(ii) requiring an amount to be paid before its stated maturity; and
(d) does not release a surety or other obligee (in whole or part) from an obligation; and
(e) does not require any attornment to the Corporation by a lessee from QTC.
(i) allowing a person to end an instrument or obligation or change the operation or effect of an instrument or obligation; or
(ii) requiring an amount to be paid before its stated maturity; and
sec.9
State charges
sec.9 State charges
In respect of any determination by the chief executive of the department under section 6 , or the transfer to, acquisition by, vesting in or entry into by the Corporation of any assets, liabilities, rights, contracts or other matters or things under this part or the change of trustee effected by this part any registration, lodgement or other fees or amounts of any description which might be payable under any Act (other than this Act) are not payable.
s 9 amd 1994 No. 38 s 3 sch
sec.10
Duty to assist transfer of property
sec.10 Duty to assist transfer of property
The registrar of titles and all other persons who are required or authorised to keep a register or other record about dealings in property must, if asked by the Corporation or QTC, make in the register or other record all entries necessary to record a transfer, acquisition, or vesting of property to, by or in the Corporation under this part or because of the change of trustee effected by this Act.
In this section—
property includes assets, liabilities, rights and contracts.
s 10 sub 1994 No. 38 s 3 sch
(sec.10-ssec.1) The registrar of titles and all other persons who are required or authorised to keep a register or other record about dealings in property must, if asked by the Corporation or QTC, make in the register or other record all entries necessary to record a transfer, acquisition, or vesting of property to, by or in the Corporation under this part or because of the change of trustee effected by this Act.
(sec.10-ssec.2) In this section— property includes assets, liabilities, rights and contracts.
sec.11
Corporation represents State
sec.11 Corporation represents State
The Corporation represents the State.
The Corporation has all the powers, immunities, privileges, rights and remedies of the State.
s 11 sub 1994 No. 38 s 3 sch
(sec.11-ssec.1) The Corporation represents the State.
(sec.11-ssec.2) The Corporation has all the powers, immunities, privileges, rights and remedies of the State.
sec.2.11
Section sec.2.11
s 2.11 om 1994 No. 38 s 3 sch
sec.12
Section sec.12
s 12 sub 1994 No. 38 s 6
om 2007 No. 10 s 62 sch
sec.2.13
Section sec.2.13
s 2.13 om 1994 No. 38 s 3 sch
sec.2.15
Section sec.2.15
s 2.15 om 1994 No. 38 s 3 sch
sec.13
Offices of Corporation
sec.13 Offices of Corporation
The Corporation may establish and maintain offices at any place in or outside Queensland and may discontinue offices maintained at any place by it.
The Corporation is to designate 1 of its offices (where it maintains more than 1) as its principal office.
(sec.13-ssec.1) The Corporation may establish and maintain offices at any place in or outside Queensland and may discontinue offices maintained at any place by it.
(sec.13-ssec.2) The Corporation is to designate 1 of its offices (where it maintains more than 1) as its principal office.
sec.3.3
Section sec.3.3
s 3.3 om 1994 No. 38 s 3 sch
pt.3
sec.14
Section sec.14
s 14 om 2007 No. 10 s 62 sch
sec.15
Section sec.15
s 15 sub 1994 No. 38 s 7
amd 1997 No. 17 s 33 ; 2001 No. 31 s 48 sch
om 2007 No. 10 s 62 sch
pt.4
pt.4-div.1
sec.4.1
Section sec.4.1
s 4.1 om 1994 No. 38 s 3 sch
sec.4.2
Section sec.4.2
s 4.2 om 1994 No. 38 s 3 sch
sec.4.3
Section sec.4.3
s 4.3 om 1994 No. 38 s 3 sch
sec.4.4
Section sec.4.4
s 4.4 om 1994 No. 38 s 3 sch
sec.4.5
Section sec.4.5
s 4.5 om 1994 No. 38 s 3 sch
sec.4.6
Section sec.4.6
s 4.6 om 1994 No. 38 s 3 sch
sec.4.7
Section sec.4.7
s 4.7 om 1994 No. 38 s 3 sch
sec.16
Section sec.16
s 16 sub 1994 No. 38 s 8
om 2007 No. 10 s 62 sch
sec.17
Section sec.17
s 17 sub 1994 No. 38 s 8
om 2007 No. 10 s 62 sch
sec.18
Section sec.18
s 18 prev s 18 om 1994 No. 38 s 3 sch
pres s 18 ins 1994 No. 38 s 8
om 2007 No. 10 s 62 sch
sec.19
Section sec.19
s 19 prev s 19 om 1994 No. 38 s 3 sch
pres s 19 ins 1994 No. 38 s 8
om 2007 No. 10 s 62 sch
sec.20
Section sec.20
s 20 prev s 20 om 1994 No. 38 s 3 sch
pres s 20 ins 1994 No. 38 s 8
om 2007 No. 10 s 62 sch
sec.21
Section sec.21
s 21 prev s 21 om 1994 No. 38 s 3 sch
pres s 21 ins 1994 No. 38 s 8
om 2007 No. 10 s 62 sch
sec.22
Section sec.22
s 22 prev s 22 om 1994 No. 38 s 3 sch
pres s 22 ins 1994 No. 38 s 8
om 2007 No. 10 s 62 sch
sec.23
Section sec.23
s 23 prev s 23 om 1994 No. 38 s 3 sch
pres s 23 ins 1994 No. 38 s 8
om 2007 No. 10 s 62 sch
sec.24
Section sec.24
s 24 prev s 24 om 1994 No. 38 s 3 sch
pres s 24 ins 1994 No. 38 s 8
om 2007 No. 10 s 62 sch
pt.4-div.2
sec.25
Section sec.25
s 25 prev s 25 om 1994 No. 38 s 3 sch
pres s 25 ins 1994 No. 38 s 8
om 2007 No. 10 s 62 sch
sec.26
Section sec.26
s 26 prev s 26 om 1994 No. 38 s 3 sch
pres s 26 ins 1994 No. 38 s 8
amd 2001 No. 45 s 29 sch 3
om 2007 No. 10 s 62 sch
sec.27
Section sec.27
s 27 ins 1994 No. 38 s 8
om 2007 No. 10 s 62 sch
pt.4-div.3
sec.29
Section sec.29
s 29 sub 1994 No. 38 s 9
om 2007 No. 10 s 62 sch
sec.5.1
Section sec.5.1
s 5.1 om 1994 No. 38 s 3 sch
sec.5.2
Section sec.5.2
s 5.2 om 1994 No. 38 s 3 sch
sec.5.3
Section sec.5.3
s 5.3 om 1994 No. 38 s 3 sch
sec.5.4
Section sec.5.4
s 5.4 om 1994 No. 38 s 3 sch
sec.5.6
Section sec.5.6
s 5.6 om 1994 No. 38 s 3 sch
pt.5
Officers of Corporation
Officers of Corporation
sec.30
Rights of officers previously employed in the public service or by QTC
sec.30 Rights of officers previously employed in the public service or by QTC
A person who, immediately prior to being employed as an officer or employee of the Corporation in a permanent or full-time capacity, was employed in the public service, or engaged or employed by QTC (whether or not an officer of the public service) in a permanent or full-time capacity, for so long as that person continues in the employment of the Corporation, in a permanent or full-time capacity, may claim against the Corporation leave and all other entitlements equivalent to those that had accrued to that person by virtue of employment in the public service or with QTC and had not been taken or claimed and paid. For the purpose of the accrual of long service leave and other relevant purposes the immediately prior service in employment with the public service or QTC is taken to be service as an officer of the Corporation but allowance is to be made for any leave taken.
The Corporation may request that the Treasurer pay to the Corporation from the consolidated fund a sum calculated on an actuarial basis representing a fair value for long service leave, sick leave and recreation and other leave and other relevant entitlements of such person calculated as at the date of the person becoming a permanent or full-time officer or employee of the Corporation, which request may be agreed to by the Treasurer.
Nothing in this section allows a person to claim, or receive benefits, twice in respect of the same entitlement.
(sec.30-ssec.1) A person who, immediately prior to being employed as an officer or employee of the Corporation in a permanent or full-time capacity, was employed in the public service, or engaged or employed by QTC (whether or not an officer of the public service) in a permanent or full-time capacity, for so long as that person continues in the employment of the Corporation, in a permanent or full-time capacity, may claim against the Corporation leave and all other entitlements equivalent to those that had accrued to that person by virtue of employment in the public service or with QTC and had not been taken or claimed and paid. For the purpose of the accrual of long service leave and other relevant purposes the immediately prior service in employment with the public service or QTC is taken to be service as an officer of the Corporation but allowance is to be made for any leave taken.
(sec.30-ssec.2) The Corporation may request that the Treasurer pay to the Corporation from the consolidated fund a sum calculated on an actuarial basis representing a fair value for long service leave, sick leave and recreation and other leave and other relevant entitlements of such person calculated as at the date of the person becoming a permanent or full-time officer or employee of the Corporation, which request may be agreed to by the Treasurer.
(sec.30-ssec.3) Nothing in this section allows a person to claim, or receive benefits, twice in respect of the same entitlement.
sec.31
Section sec.31
s 31 sub 1994 No. 38 s 10
om 2016 No. 64 s 79 sch 1
sec.32
Disclosure of interest by officers of Corporation
sec.32 Disclosure of interest by officers of Corporation
The chief executive officer and any other officer or employee of the Corporation nominated by the board must disclose all interests not otherwise disclosed by that person under this Act (including, without limitation, securities of any description) which may be required to be disclosed by the board from time to time and they are to be recorded by the Corporation in a register of such interests.
Nomination by the board may limit the disclosure of interests that is required in any particular case.
The chief executive officer and any other officer or employee nominated as provided in subsection (1) must disclose any material change to the interests of that officer as recorded in the register of interests referred to in subsection (1) .
In subsections (1) and (3) , an interest which is notifiable—
does not include an interest an officer or employee may have in a matter in common with members of the public or as a contributor to any superannuation scheme the Corporation maintains or participates in; but
includes an interest of the officer or employee or a relative of the officer or employee or of the spouse of an officer or employee of which the officer or employee has knowledge which if it had been an interest of the officer or employee would have been liable to be disclosed by the officer or employee.
The board may cause written directions to be given to officers or employees employed by the Corporation which set out the procedure to be followed where an officer or employee is in a position where duties and interests are in conflict whether directly or indirectly in respect of any matter with which the Corporation is concerned.
These directions may preclude an officer or employee from dealing with or being involved in discussions concerning the matter in any way.
An officer or employee must not fail to comply with this section or a written direction referred to in subsection (5) .
Maximum penalty—50 penalty units.
The register maintained under this section must be open and available for inspection by the directors, the chief executive officer or the auditor-general or any nominee of the auditor-general for the purposes of this Act generally and at meetings of the board and must be kept in the custody and under the control of the chief executive officer or a director nominated for that purpose by the board.
A contravention of this section does not invalidate any decision of the board or the discharge of a function, exercise of power or the performance of a duty by the Corporation or the board.
s 32 amd 1994 No. 38 s 3 sch ; 2000 No. 52 s 48 sch ; 2016 No. 64 s 79 sch 1
(sec.32-ssec.1) The chief executive officer and any other officer or employee of the Corporation nominated by the board must disclose all interests not otherwise disclosed by that person under this Act (including, without limitation, securities of any description) which may be required to be disclosed by the board from time to time and they are to be recorded by the Corporation in a register of such interests.
(sec.32-ssec.2) Nomination by the board may limit the disclosure of interests that is required in any particular case.
(sec.32-ssec.3) The chief executive officer and any other officer or employee nominated as provided in subsection (1) must disclose any material change to the interests of that officer as recorded in the register of interests referred to in subsection (1) .
(sec.32-ssec.4) In subsections (1) and (3) , an interest which is notifiable— does not include an interest an officer or employee may have in a matter in common with members of the public or as a contributor to any superannuation scheme the Corporation maintains or participates in; but includes an interest of the officer or employee or a relative of the officer or employee or of the spouse of an officer or employee of which the officer or employee has knowledge which if it had been an interest of the officer or employee would have been liable to be disclosed by the officer or employee.
(sec.32-ssec.5) The board may cause written directions to be given to officers or employees employed by the Corporation which set out the procedure to be followed where an officer or employee is in a position where duties and interests are in conflict whether directly or indirectly in respect of any matter with which the Corporation is concerned.
(sec.32-ssec.6) These directions may preclude an officer or employee from dealing with or being involved in discussions concerning the matter in any way.
(sec.32-ssec.7) An officer or employee must not fail to comply with this section or a written direction referred to in subsection (5) . Maximum penalty—50 penalty units.
(sec.32-ssec.8) The register maintained under this section must be open and available for inspection by the directors, the chief executive officer or the auditor-general or any nominee of the auditor-general for the purposes of this Act generally and at meetings of the board and must be kept in the custody and under the control of the chief executive officer or a director nominated for that purpose by the board.
(sec.32-ssec.9) A contravention of this section does not invalidate any decision of the board or the discharge of a function, exercise of power or the performance of a duty by the Corporation or the board.
(a) does not include an interest an officer or employee may have in a matter in common with members of the public or as a contributor to any superannuation scheme the Corporation maintains or participates in; but
(b) includes an interest of the officer or employee or a relative of the officer or employee or of the spouse of an officer or employee of which the officer or employee has knowledge which if it had been an interest of the officer or employee would have been liable to be disclosed by the officer or employee.
pt.6
Finance
Finance
sec.6.1
Section sec.6.1
s 6.1 om 1994 No. 38 s 3 sch
sec.6.2
Section sec.6.2
s 6.2 om 1994 No. 38 s 3 sch
sec.33
Guarantee of Corporation’s obligations
sec.33 Guarantee of Corporation’s obligations
With the prior approval of the Governor in Council, the Treasurer may, on behalf of the State, agree with the Corporation or any other person to guarantee the payment of any moneys payable by, or the discharge of any liability of, or to indemnify the Corporation on such terms as the Treasurer agrees with the Corporation or such other person (including payment of fees and charges).
The Treasurer is authorised without further appropriation, to pay out of the consolidated fund any amount required to satisfy a liability under a guarantee or indemnity under subsection (1) and any sums received or recovered by the Treasurer from the Corporation or otherwise in respect of any sums so paid by the Treasurer (including fees or charges payable by the Corporation) are to be paid into the consolidated fund.
s 33 amd 1994 No. 38 s 3 sch
(sec.33-ssec.1) With the prior approval of the Governor in Council, the Treasurer may, on behalf of the State, agree with the Corporation or any other person to guarantee the payment of any moneys payable by, or the discharge of any liability of, or to indemnify the Corporation on such terms as the Treasurer agrees with the Corporation or such other person (including payment of fees and charges).
(sec.33-ssec.2) The Treasurer is authorised without further appropriation, to pay out of the consolidated fund any amount required to satisfy a liability under a guarantee or indemnity under subsection (1) and any sums received or recovered by the Treasurer from the Corporation or otherwise in respect of any sums so paid by the Treasurer (including fees or charges payable by the Corporation) are to be paid into the consolidated fund.
sec.34
Restriction on reserve powers of shareholding Ministers
sec.34 Restriction on reserve powers of shareholding Ministers
The shareholding Ministers of the Corporation may not notify, or give directions to, the Corporation’s board under the GOC Act about the Corporation’s—
decision making generally about investments; or
dealing in, or exercising voting rights attached to, securities of a corporation; or
otherwise dealing with assets or liabilities; or
control, or conduct of affairs, of an entity (including a business undertaking or trust) in which the Corporation has an investment.
Subsection (1) does not affect section 133 of the GOC Act (Board to keep shareholding Ministers informed).
Subsection (1) applies despite the following sections of the GOC Act —
section 123 (Reserve power of shareholding Ministers to notify board of public sector policies)
section 124 (Reserve power of shareholding Ministers to give directions in public interest)
section 161 (Reserve power of shareholding Ministers to direct that asset not be disposed of).
s 34 sub 1994 No. 38 s 11
(sec.34-ssec.1) The shareholding Ministers of the Corporation may not notify, or give directions to, the Corporation’s board under the GOC Act about the Corporation’s— decision making generally about investments; or dealing in, or exercising voting rights attached to, securities of a corporation; or otherwise dealing with assets or liabilities; or control, or conduct of affairs, of an entity (including a business undertaking or trust) in which the Corporation has an investment.
(sec.34-ssec.2) Subsection (1) does not affect section 133 of the GOC Act (Board to keep shareholding Ministers informed).
(sec.34-ssec.3) Subsection (1) applies despite the following sections of the GOC Act — section 123 (Reserve power of shareholding Ministers to notify board of public sector policies) section 124 (Reserve power of shareholding Ministers to give directions in public interest) section 161 (Reserve power of shareholding Ministers to direct that asset not be disposed of).
(a) decision making generally about investments; or
(b) dealing in, or exercising voting rights attached to, securities of a corporation; or
(c) otherwise dealing with assets or liabilities; or
(d) control, or conduct of affairs, of an entity (including a business undertaking or trust) in which the Corporation has an investment.
• section 123 (Reserve power of shareholding Ministers to notify board of public sector policies)
• section 124 (Reserve power of shareholding Ministers to give directions in public interest)
• section 161 (Reserve power of shareholding Ministers to direct that asset not be disposed of).
sec.35
Certain dealings must be made public
sec.35 Certain dealings must be made public
If a member of the Legislative Assembly makes a direct or indirect representation to the Corporation or a director about an asset and the Corporation later acquires or disposes of the asset, the Corporation must, either at or before the acquisition or disposal, make details of the representation public.
s 35 sub 1994 No. 38 s 11
sec.6.6
Section sec.6.6
s 6.6 om 1994 No. 38 s 11
pt.7
Miscellaneous provisions
Miscellaneous provisions
sec.36
Nonapplication of certain provisions of GOC Act to Corporation
sec.36 Nonapplication of certain provisions of GOC Act to Corporation
Despite section 12 of the GOC Act (Application of other laws to GOCs)—
the GOC Act , section 174 (Preservation of leave entitlements of certain former officers and employees of government entities) does not apply to the Corporation as a GOC; and
the following provisions of this Act do apply—
section 30 (Rights of officers previously employed in the public service or by QTC)
section 38 (Taxation).
s 36 sub 1994 No. 38 s 12
amd 2000 No. 52 s 48 sch ; 2001 No. 71 s 551 sch 1 ; 2007 No. 10 s 62 sch
(a) the GOC Act , section 174 (Preservation of leave entitlements of certain former officers and employees of government entities) does not apply to the Corporation as a GOC; and
(b) the following provisions of this Act do apply— • section 30 (Rights of officers previously employed in the public service or by QTC) • section 38 (Taxation).
• section 30 (Rights of officers previously employed in the public service or by QTC)
• section 38 (Taxation).
• section 30 (Rights of officers previously employed in the public service or by QTC)
• section 38 (Taxation).
sec.37
Application of Judicial Review Act
sec.37 Application of Judicial Review Act
In this section—
commercial activities means activities conducted on a commercial basis.
Section 13 of the GOC Act (Meaning of corporatisation ) defines corporatisation as a structural reform process for nominated government entities that, among other things, changes the conditions and (where required) the structure under which the entities operate so that they operate, as far as practicable, on a commercial basis and in a competitive environment (emphasis added).
community service obligations has the same meaning as in the GOC Act .
excluded activities means—
commercial activities; or
community service obligations prescribed by regulation.
A regulation may declare the activities of the Corporation that are taken to be, or are taken not to be, activities conducted on a commercial basis.
The Judicial Review Act 1991 does not apply to a decision of the Corporation made in carrying out its excluded activities.
s 37 ins 1994 No. 38 s 12
amd 2009 No. 13 s 213 sch 5
(sec.37-ssec.1) In this section— commercial activities means activities conducted on a commercial basis. Section 13 of the GOC Act (Meaning of corporatisation ) defines corporatisation as a structural reform process for nominated government entities that, among other things, changes the conditions and (where required) the structure under which the entities operate so that they operate, as far as practicable, on a commercial basis and in a competitive environment (emphasis added). community service obligations has the same meaning as in the GOC Act . excluded activities means— commercial activities; or community service obligations prescribed by regulation.
(sec.37-ssec.2) A regulation may declare the activities of the Corporation that are taken to be, or are taken not to be, activities conducted on a commercial basis.
(sec.37-ssec.3) The Judicial Review Act 1991 does not apply to a decision of the Corporation made in carrying out its excluded activities.
(a) commercial activities; or
(b) community service obligations prescribed by regulation.
sec.37A
Liability of Corporation and directors for debts incurred when acting as trustee
sec.37A Liability of Corporation and directors for debts incurred when acting as trustee
Where—
the Corporation while acting or purporting to act in the capacity of trustee of a trust, incurs a liability, whether in Australia or overseas; and
the Corporation is for any reason not entitled to be fully indemnified out of the assets of the trust in respect of the liability; and
the Corporation has not discharged, and is unable to discharge, the liability or a part of the liability out of its own funds;
the State is to discharge the relevant liability or relevant part of the liability and may recover the amount paid by the State and any loss or damage suffered by the State as a result of that discharge from the persons who were directors of the Corporation when the liability was incurred and were not innocent directors in relation to the incurring of the liability, which persons are jointly and severally liable to the State for that amount and such loss or damage, without prejudice to the operation of section 42 .
In this section, a reference to an innocent director means a person who—
was a director at the time when the liability was incurred; and
if the persons who were directors at that time had been at that time the trustees of the relevant trust and had incurred the liability, would have been entitled to be fully indemnified in respect of the liability by 1 or more of the other trustees.
s 37A (prev s 28) renum and reloc 2007 No. 10 s 62 sch
(sec.37A-ssec.1) Where— the Corporation while acting or purporting to act in the capacity of trustee of a trust, incurs a liability, whether in Australia or overseas; and the Corporation is for any reason not entitled to be fully indemnified out of the assets of the trust in respect of the liability; and the Corporation has not discharged, and is unable to discharge, the liability or a part of the liability out of its own funds; the State is to discharge the relevant liability or relevant part of the liability and may recover the amount paid by the State and any loss or damage suffered by the State as a result of that discharge from the persons who were directors of the Corporation when the liability was incurred and were not innocent directors in relation to the incurring of the liability, which persons are jointly and severally liable to the State for that amount and such loss or damage, without prejudice to the operation of section 42 .
(sec.37A-ssec.2) In this section, a reference to an innocent director means a person who— was a director at the time when the liability was incurred; and if the persons who were directors at that time had been at that time the trustees of the relevant trust and had incurred the liability, would have been entitled to be fully indemnified in respect of the liability by 1 or more of the other trustees.
(a) the Corporation while acting or purporting to act in the capacity of trustee of a trust, incurs a liability, whether in Australia or overseas; and
(b) the Corporation is for any reason not entitled to be fully indemnified out of the assets of the trust in respect of the liability; and
(c) the Corporation has not discharged, and is unable to discharge, the liability or a part of the liability out of its own funds;
(a) was a director at the time when the liability was incurred; and
(b) if the persons who were directors at that time had been at that time the trustees of the relevant trust and had incurred the liability, would have been entitled to be fully indemnified in respect of the liability by 1 or more of the other trustees.
sec.38
Taxation
sec.38 Taxation
The Corporation is to pay to the Treasurer sums of money at such times as determined by the Treasurer in consultation with the Corporation.
Each sum determined by the Treasurer is to be an amount that reasonably reflects the amount that the Corporation, if it did not represent the State, would have been liable to pay in respect of any tax, duty, charge, levy, rates or fee or other similar amount under any Act of this, another State or a Territory.
If the Corporation is or becomes liable for any payment referred to in subsection (2) then it is not required to make payments to the Treasurer under this section to that extent.
s 38 amd 1994 No. 38 s 3 sch ; 2001 No. 71 s 551 sch 1
(sec.38-ssec.1) The Corporation is to pay to the Treasurer sums of money at such times as determined by the Treasurer in consultation with the Corporation.
(sec.38-ssec.2) Each sum determined by the Treasurer is to be an amount that reasonably reflects the amount that the Corporation, if it did not represent the State, would have been liable to pay in respect of any tax, duty, charge, levy, rates or fee or other similar amount under any Act of this, another State or a Territory.
(sec.38-ssec.3) If the Corporation is or becomes liable for any payment referred to in subsection (2) then it is not required to make payments to the Treasurer under this section to that extent.
sec.39
Fees or charges for State services etc.
sec.39 Fees or charges for State services etc.
The Treasurer may, in consultation with the Corporation, determine amounts to be paid by the Corporation by way of fees or charges for any services, facilities or support provided by the State to the Corporation, and the Corporation is to pay such amounts to the Treasurer.
sec.40
Fees and commissions
sec.40 Fees and commissions
The Corporation may charge any person any commissions, fees or charges in respect of the conduct of its operations or otherwise performing its functions or exercising its powers.
The Corporation may pay moneys by way of commissions, fees or charges in respect of the conduct of its operations or otherwise performing its functions or exercising its powers, despite the provisions of any Act to the contrary.
Despite the terms and conditions of the Investment Trust prior to the commencement of this Act, the Corporation is required to charge fees to members of the Investment Trust by way of remuneration for acting as trustee of the Investment Trust so as to entitle the Corporation to derive a total fee in excess of the total of all costs, charges and expenses incurred in the course of operation and administration of the Investment Trust on the basis as set out in the schedule, sections 11 , 15 and 16 as from the commencement of this Act.
s 40 amd 1994 No. 38 s 3 sch
(sec.40-ssec.1) The Corporation may charge any person any commissions, fees or charges in respect of the conduct of its operations or otherwise performing its functions or exercising its powers.
(sec.40-ssec.2) The Corporation may pay moneys by way of commissions, fees or charges in respect of the conduct of its operations or otherwise performing its functions or exercising its powers, despite the provisions of any Act to the contrary.
(sec.40-ssec.3) Despite the terms and conditions of the Investment Trust prior to the commencement of this Act, the Corporation is required to charge fees to members of the Investment Trust by way of remuneration for acting as trustee of the Investment Trust so as to entitle the Corporation to derive a total fee in excess of the total of all costs, charges and expenses incurred in the course of operation and administration of the Investment Trust on the basis as set out in the schedule, sections 11 , 15 and 16 as from the commencement of this Act.
sec.41
Section sec.41
s 41 om 1999 No. 69 s 7 sch
sec.42
Indemnity
sec.42 Indemnity
Every director and every officer, employee or agent of the Corporation is indemnified and held harmless by the Corporation against all actions, proceedings, suits, claims or demands arising out of anything done by the director, officer, employee or agent for the purpose of carrying out or giving effect to this Act or done without negligence and in good faith purporting to act for the purposes of this Act except where the person has contravened or caused a contravention of a provision of this Act in so doing.
Subsection (1) applies only for anything done before 1 October 1994.
s 42 amd 1994 No. 38 s 3 sch ; 2007 No. 10 s 62 sch
(sec.42-ssec.1) Every director and every officer, employee or agent of the Corporation is indemnified and held harmless by the Corporation against all actions, proceedings, suits, claims or demands arising out of anything done by the director, officer, employee or agent for the purpose of carrying out or giving effect to this Act or done without negligence and in good faith purporting to act for the purposes of this Act except where the person has contravened or caused a contravention of a provision of this Act in so doing.
(sec.42-ssec.2) Subsection (1) applies only for anything done before 1 October 1994.
sec.43
Notice of trusts not to be received
sec.43 Notice of trusts not to be received
Unless the Corporation otherwise expressly agrees in a particular case, the Corporation and persons acting on its behalf—
are not to receive and are to be taken to have not received notice of any trust (express, implied or constructive) in relation to any contract entered into by the Corporation; and
is not bound to see to the execution of any trust that may affect any such contract.
(a) are not to receive and are to be taken to have not received notice of any trust (express, implied or constructive) in relation to any contract entered into by the Corporation; and
(b) is not bound to see to the execution of any trust that may affect any such contract.
sec.44
Changes to Investment Trust
sec.44 Changes to Investment Trust
The Corporation is required and, despite the provisions of the deed, is authorised to amend the deed which records the terms of the Investment Trust by supplemental deed and to take all such other steps as are otherwise necessary to incorporate and give effect to the changes to the terms of the Investment Trust set out in the schedule.
This Act is to be taken to be a statute passed and affecting trusts of the nature of the Investment Trust and the changes to the terms of the Investment Trust set out in the schedule are to be taken to be required to satisfy the requirements of this Act in relation to the Investment Trust.
None of the changes to the terms of the Investment Trust required by the schedule affects the terms of an agreement made 30 June 1989 between QTC, QTC as trustee and the Board of Trustees established under the Superannuation (Government and Other Employees) Act 1988 which agreement is to prevail over the terms of the deed recording the terms of the Investment Trust as amended by the schedule with respect to the relationship between the trustee of the Investment Trust from time to time and the Board of Trustees and investment of moneys comprising the Government Officers’ Superannuation Fund in the Investment Trust and, without limitation, the terms of withdrawal of those invested moneys from the Investment Trust.
(sec.44-ssec.1) The Corporation is required and, despite the provisions of the deed, is authorised to amend the deed which records the terms of the Investment Trust by supplemental deed and to take all such other steps as are otherwise necessary to incorporate and give effect to the changes to the terms of the Investment Trust set out in the schedule.
(sec.44-ssec.2) This Act is to be taken to be a statute passed and affecting trusts of the nature of the Investment Trust and the changes to the terms of the Investment Trust set out in the schedule are to be taken to be required to satisfy the requirements of this Act in relation to the Investment Trust.
(sec.44-ssec.3) None of the changes to the terms of the Investment Trust required by the schedule affects the terms of an agreement made 30 June 1989 between QTC, QTC as trustee and the Board of Trustees established under the Superannuation (Government and Other Employees) Act 1988 which agreement is to prevail over the terms of the deed recording the terms of the Investment Trust as amended by the schedule with respect to the relationship between the trustee of the Investment Trust from time to time and the Board of Trustees and investment of moneys comprising the Government Officers’ Superannuation Fund in the Investment Trust and, without limitation, the terms of withdrawal of those invested moneys from the Investment Trust.
sec.45
Regulations
sec.45 Regulations
The Governor in Council may make regulations under this Act.
A regulation may be made about matters that are necessary or convenient to give effect to a transfer, assignment or vesting of assets or liabilities contemplated by this Act.
s 45 sub 1994 No. 38 s 3 sch
(sec.45-ssec.1) The Governor in Council may make regulations under this Act.
(sec.45-ssec.2) A regulation may be made about matters that are necessary or convenient to give effect to a transfer, assignment or vesting of assets or liabilities contemplated by this Act.
pt.8
sec.46
Section sec.46
s 46 ins 1994 No. 38 s 3 sch
exp 1 April 1995 (see s 49)
AIA s 20A applies to s 46(1) and (2) (see s 46(3))
sec.47
Section sec.47
s 47 ins 1994 No. 38 s 3 sch
exp 1 April 1995 (see s 49)
sec.48
Section sec.48
s 48 ins 1994 No. 38 s 3 sch
exp 1 April 1995 (see s 49)
s 20A AIA applies to s 48(1) to (5) (see s 48(6))
sec.8.4
Section sec.8.4
s 8.4 ins 1994 No. 38 s 3 sch
om 1 October 1994 RA s 37
sec.49
Section sec.49
s 49 ins 1994 No. 38 s 3 sch
exp 1 April 1995 (see s 49)
sch-para1.15-frag-pt.1
sch-para1.15-frag-pt.2
Source text: opening excerpt
Sourced from Queensland Legislation (legislation.qld.gov.au), CC BY 4.0.
pt.1 Preliminary
Preliminary
sec.1 Short title
sec.1 Short title
This Act may be cited as the Queensland Investment Corporation Act 1991 .
sec.2 Commencement
sec.2 Commencement
Section 1 and this section commence on the day this Act is assented to for and on behalf of Her Majesty.
The remaining provisions of this Act, commence on 1 July 1991.
s 2 amd 1994 No. 38 s 3 sch
(sec.2-ssec.1) Section 1 and this section commence on the day this Act is assented to for and on behalf of Her Majesty.
(sec.2-ssec.2) The remaining provisions of this Act, commence on 1 July 1991.
sec.3 Definitions
sec.3 Definitions
In this Act—
assets means any legal or equitable right, title, estate or interest (whether present or future and whether vested or contingent) in real or personal property of any description and includes, without limitation, money, liquidated and unliquidated claims, securities, choses in action and documents, instruments or other mercantile indicia or tokens of title.
bank includes an entity that carries on banking business outside Australia and is approved by the Treasurer.
s 3 def “bank” sub 1997 No. 17 s 32
benefit means a financial or other benefit, and includes a benefit that does not involve the payment of cash.
s 3 def benefit ins 1994 No. 38 s 4 (2)
board means the Corporation’s board of directors.
s 3 def board sub 1994 No. 38 s 4
chairperson ...
s 3 def chairperson om 1994 No. 38 s 4 (1)
chief executive officer means the chief executive officer of the Corporation.
contracts includes deeds, covenants, contracts, agreements, arrangements and undertakings.
Corporation means Queensland Investment Corporation.
The Corporation is a government owned corporation.
s 3 def Corporation sub 1994 No. 38 s 4
amd 2007 No. 10 s 62 sch
Corporation as trustee of the Investment Trust means the Corporation in its capacity as trustee of the Investment Trust only.
director means a director of the Corporation.
s 3 def director sub 1994 No. 38 s 4
financial year ...
s 3 def financial year om 1994 No. 38 s 4 (1)
GOC ...
s 3 def GOC ins 1994 No. 38 s 4 (2)
om 2007 No. 10 s 62 sch
GOC Act means the Government Owned Corporations Act 1993 .
s 3 def GOC Act ins 1994 No. 38 s 4 (2)
holding company ...
s 3 def holding company ins 1994 No. 38 s 4 (2)
amd 2001 No. 45 s 29 sch 3
om 2007 No. 10 s 62 sch
Investment Trust means the trust established on 1 July 1988 known as the ‘Queensland Treasury Corporation Investment Trust’ and which after the commencement of this Act is known as the ‘Queensland Investment Corporation Investment Trust’.
liabilities means liabilities, debts and obligations (whether present or future and whether vested or contingent) and includes, without limitation, moneys payable, securities and liquidated and unliquidated claims and documents or instruments.
minor interest ...
s 3 def minor interest ins 1994 No. 38 s 4 (2)
om 2007 No. 10 s 62 sch
money means the lawful currency of Australia or any other country.
person includes an unincorporated body.
s 3 def person sub 1994 No. 38 s 4
prescribed interest ...
s 3 def prescribed interest om 1994 No. 38 s 4 (1)
public company ...
s 3 def public company ins 1994 No. 38 s 4 (2)
amd 2001 No. 45 s 29 sch 3
om 2007 No. 10 s 62 sch
Public Finance Standards ...
s 3 def Public Finance Standards om 1994 No. 38 s 4 (1)
public service ...
s 3 def public service om 1993 No. 76 s 3 sch 2
QTC means Queensland Treasury Corporation.
s 3 def QTC sub 1994 No. 38 s 4
QTC as trustee of the Investment Trust means QTC in its capacity as trustee of the Investment Trust only.
related body corporate ...
s 3 def related body corporate sub 1994 No. 38 s 4
amd 2001 No. 31 s 48 sch ; 2001 No. 45 s 29 sch 3
om 2007 No. 10 s 62 sch
relative , of a person, means the person’s—
spouse; or
parent or remoter lineal ancestor; or
child or remoter issue; or
brother or sister.
s 3 def relative ins 1994 No. 38 s 4 (2)
amd 2001 No. 31 s 48 sch
relevant interest ...
s 3 def relevant interest sub 1994 No. 38 s 4 ; 2003 No. 19 s 3 sch
om 2007 No. 10 s 62 sch
relevant particulars ...
s 3 def relevant particulars ins 1994 No. 38 s 4 (2)
om 2007 No. 10 s 62 sch
shareholding Ministers means the Ministers who are the Corporation’s shareholding Ministers under the GOC Act .
s 3 def shareholding Ministers ins 1994 No. 38 s 4 (2)
spouse ...
s 3 def spouse ins 1994 No. 38 s 4 (2)
om 2002 No. 74 s 90 sch
statutory body ...
s 3 def statutory body om 2007 No. 10 s 62 sch
statutory GOC ...
s 3 def statutory GOC ins 1994 No. 38 s 4 (2)
om 2007 No. 10 s 62 sch
subsidiary ...
s 3 def subsidiary ins 1994 No. 38 s 4 (2)
amd 2001 No. 45 s 29 sch 3
om 2007 No. 10 s 62 sch
transaction includes contract.
s 3 def transaction ins 1994 No. 38 s 4 (2)
Treasurer ...
s 3 def Treasurer om 1994 No. 38 s 4 (1)
Under Treasurer ...
s 3 def Under Treasurer om 1994 No. 38 s 4 (1)
writing ...
s 3 def writing om 1994 No. 38 s 4 (1)
s 3 amd 1994 No. 38 s 3 sch
The Corporation represents the State and has the powers, immunities, privileges, rights and remedies of the State (s 11).
The Treasurer may, with Governor in Council approval, agree to guarantees or indemnities on behalf of the State for the Corporation; the Treasurer may pay amounts from the consolidated fund to satisfy such guarantees and may recover amounts from the Corporation (s 33).
The Act imposes governance rules: the Corporation must maintain registers of officers’ disclosable interests (s 32), may charge fees, commissions and pay commissions (s 40), and must make public details of any representations made by Members of the Legislative Assembly concerning assets acquired or disposed of after such representations (s 35).
Several specific limitations and protections are provided: existing instruments are not taken to be breached by operation of the transfer (s 8); shareholding Ministers are precluded from using certain reserve powers to direct investment decisions and related matters (s 34); decisions of the Corporation about excluded activities are withheld from the Judicial Review Act (s 37); and the Corporation must make payments to the Treasurer reflecting tax-equivalent payments if the Corporation did not represent the State (s 38).
Mechanically, the Act effects large-scale statutory transfer and continuity of rights and obligations from QTC to the Corporation (Pt 2; especially ss 6-11), establishes the Corporation’s financial and governance relationship with the State (Pt 6; especially ss 33, 38-40), and sets operational compliance and disclosure requirements for officers (Pt 5; especially s 32).
The Act includes express delegations of decision authority that have legal finality: for example, where a question arises about whether a matter relates to QTC as trustee, the chief executive of the department determines the question in writing and that determination is final and binding on all persons (s 6(4)). Where the Act assigns payments, fees or recoveries, it specifies who pays and how payments are to be treated , for example sums paid by the Treasurer under a guarantee are to be repaid into the consolidated fund if recovered (s 33(2)). The Act also reserves to the Governor in Council and the Treasurer specific executive decision points (ss 33, 45).
The statutory text contains amendment annotations and omitted sections, but the operative text provided above describes the mechanics used to move trust assets and investment activities into the new corporate trustee, to protect the continuity of contractual and litigated matters, and to set financial and governance parameters for the new Corporation and its officers.
Main concepts
The Act is organised around a small set of legal and organisational concepts. Understanding these concepts and how the text uses them is central to interpreting the obligations, powers and exemptions created.
Trustee change and statutory vesting: The central concept is the statutory removal of QTC as trustee and appointment of Queensland Investment Corporation as trustee (s 6(1)). The Act effects immediate vesting of assets and rights, immediate transference of suits and proceedings, and immediate continuation of contracts without the need for further instruments (s 6(1)(c)-(f)). This is a statutory device to effect a change of trustee and associated transfers by operation of statute rather than by private conveyance or deed convenants.
Indemnity entitlement: The Act confirms that a trustee retains an entitlement to be indemnified out of trust assets even if the trust currently has no assets or insufficient assets; the trustee does not cease to be entitled to a full indemnity for liabilities by reason only of the trust’s lack of assets (s 4). That concept underpins the allocation of liabilities in s 6(1)(e) and the allocation of State liability in s 37A where the Corporation cannot fully be indemnified from trust assets.
Statutory continuity and protection of existing legal relationships: Section 8 preserves the Corporation from being treated as in breach of contracts or instruments because of the statutory transfers; the Act also provides that instruments, conditions, surety obligations and attornment requirements are not treated as released or invalidated by the transfers (s 8). This concept is aimed at continuity and transactional stability.
Representation of the State: The Corporation is statutorily declared to represent the State and to have the powers, immunities and privileges of the State (s 11). This is a legal classification that affects remedies and immunities available to or against the Corporation, and it interacts with the payment and guarantee rules in Pt 6.
Executive decision-making and administrative finality: The Act delegates certain decision-making functions to the chief executive of a department, the Treasurer, and the Governor in Council (e.g. s 6(4) for disputes, s 33 for guarantees). The Act also restricts ministerial reserve powers in relation to investments (s 34), imposing specific limits on political direction of investment activity.
Regulatory carve-outs for judicial review and commercial activities: The Act adopts the GOC Act definition of corporatisation and excludes decisions made by the Corporation in carrying out excluded activities (commercial activities and specified community service obligations) from the Judicial Review Act 1991 (s 37). This is a legal boundary between administrative law oversight and commercial decision-making in the statutory scheme.
Governance and disclosure of interests: Officers required to be nominated by the board (including the chief executive officer) must disclose specified interests and maintain those disclosures in a register which must be open to specified oversight (s 32). The board can give directions to manage conflicts; non-compliance attracts a penalty (s 32(7)), though contraventions do not invalidate board decisions (s 32(9)).
Financial parity and tax-equivalent payments: The Treasurer, in consultation with the Corporation, will determine sums that the Corporation must pay to reasonably reflect amounts that would have been payable if the Corporation did not represent the State , effectively a tax-equivalent payment mechanism (s 38). The text provides for the Treasurer’s discretion and for coordination between Treasurer and Corporation.
Fees, commissions and remuneration: The Corporation is expressly authorised to charge commissions and fees (s 40(1)) and to pay commissions despite other Acts (s 40(2)). The Act further requires trustee fees for Investment Trust members calculated in particular ways (s 40(3), schedule reference).
Liability recovery and State support where trustee cannot be indemnified: If the Corporation acting as trustee incurs liability it cannot discharge and is not entitled to be fully indemnified from trust assets, the State pays the liability and then may recover the amount from directors who were not innocent directors at the time the liability was incurred; directors are jointly and severally liable for amounts so recovered (s 37A).
These concepts interact to create an operational environment in which investment activities previously carried out by QTC are continued under a Crown-representative corporate vehicle, with statutory mechanisms to vest rights and liabilities, immunities for continuity, explicit limits on ministerial direction, and defined financial obligations between the Corporation and the Treasurer/the consolidated fund.
All citations in this section point to the numbered provisions in the Act text: trustee transfers and vesting (s 6), indemnity (s 4), continuity protections (s 8), representation of the State (s 11), governance (s 32), Treasurer and guarantees (s 33), tax-equivalent payments (s 38), fees and commissions (s 40), judicial review carve out (s 37) and recovery/State liability in trustee context (s 37A).
Who it affects
The Act's provisions allocate rights, liabilities and administrative duties among identifiable categories of persons and entities. The primary affected parties are:
Queensland Investment Corporation (the Corporation): The Corporation is the statutory trustee of the Investment Trust from commencement and receives transferred assets, contracts, suits and liabilities relating to QTC’s trustee role (s 6(1)(a)-(f)). It is also the entity obliged to charge fees, maintain registers of officer interests and make payments to the Treasurer where required (ss 40, 32, 38). The Corporation represents the State and thereby acquires the State’s powers and immunities (s 11).
Queensland Treasury Corporation (QTC): QTC is expressly removed as trustee of the Investment Trust from commencement and is treated as having duly retired (s 6(1)(a)-(b)). QTC may have other assets or contracts related to investment activities which the chief executive may certify for transfer to the Corporation (s 7). QTC’s prior obligations as trustee remain relevant only to the extent they relate to the trustee role; the Act does not affect QTC in other capacities except where s 7 certifications apply (s 6(3)).
The State and the Treasurer: The State is the residual payer under guarantees and indemnities, when the Treasurer with Governor in Council approval agrees to guarantee or indemnify the Corporation (s 33). The Treasurer determines tax-equivalent sums payable by the Corporation to reflect amounts that would have been payable if the Corporation did not represent the State (s 38). The Treasurer may also determine fees for State services provided to the Corporation in consultation with the Corporation (s 39). The State is also the entity that may discharge liabilities of the Corporation acting as trustee which cannot be met out of trust assets, and may recover amounts from non-innocent directors (s 37A).
Directors, officers and employees of the Corporation: The Act binds the board to establish disclosure rules and to maintain a register of specified interests for the CEO and nominated officers; nominated officers must disclose material changes and comply with board directions concerning conflicts, with a penalty for non-compliance (s 32). Directors and officers are indemnified by the Corporation for acts done in good faith and without negligence for the purpose of carrying out the Act, but that indemnity is time-limited to actions before 1 October 1994 (s 42). Directors remain potentially liable to the State for unpaid trustee liabilities where the trustee could not be indemnified by the trust assets and the directors were not innocent directors (s 37A).
Members and beneficiaries of the Investment Trust: Members of the Investment Trust are subject to new trustee fee arrangements: despite prior deed terms, the Corporation is required to charge fees by way of remuneration for acting as trustee such that the Corporation is entitled to derive a total fee in excess of costs as set out in the schedule and specified sections (s 40(3), s 44). The Corporation is expressly prohibited from becoming a beneficiary of the Trust (s 6(5)). The Corporation is authorised and required to amend the Investment Trust deed by supplemental deed to give effect to schedule changes (s 44).
Third-party contracting and counterparties: Contracts entered into by or with QTC as trustee and in force immediately before commencement are taken to be contracts entered into by or with the Corporation as trustee (s 6(1)(f)). The Act also provides that operation of the part does not place the Corporation in breach of a contract or instrument or discharge obligations that would otherwise allow a party to end an instrument or require payments before maturity (s 8).
Registrars, record-keepers and public authorities: Registrars of titles and other registries must, on request, make entries necessary to show transfers effected under the Act (s 10). Section 9 removes registration, lodgement or other fees that might otherwise be payable under other Acts in respect of determinations under s 6 or transfers under Pt 2.
Shareholding Ministers under the GOC Act: The Act removes certain reserve powers of shareholding Ministers in respect of investment decision-making, dealing in securities, asset/liability dealing and control of entities in which the Corporation has investments (s 34). Section 34 preserves the board’s obligation to keep Ministers informed under s 133 of the GOC Act, but it disapplies specific reserve powers (including sections 123, 124 and 161 of the GOC Act) for the Corporation.
The Auditor-General and oversight nominees: The register of interests is to be open to inspection by the directors, the CEO and the Auditor-General or a nominee of the Auditor-General for the purposes of this Act and at meetings of the board (s 32(8)).
Who pays and who decides are explicit in the text: the Treasurer and Governor in Council decide on guarantees (s 33); the Treasurer determines tax-equivalent payments in consultation with the Corporation (s 38); the chief executive of the department decides disputes about whether matters relate to QTC as trustee and may certify further transfers (ss 6(4), 7); the board and its nominations determine which officers must make disclosures and the scope of required disclosures (s 32). Corporations’ partners and counterparties are affected because transfers, assignments and contracts move to the Corporation without the need for fresh consents (s 6(1)(c), (f)), and registries are directed to make necessary entries on request (s 10).
Where the Act allocates payment obligations, it does so with specified recovery mechanics: the Treasurer may pay out of consolidated fund under guarantees and recover from the Corporation; sums received are to be paid into consolidated fund (s 33(2)). The State discharges trustee liabilities which were not indemnifiable from Trust assets and may recover amounts from directors who were not innocent directors (s 37A).
Key duties and rights
This section sets out the principal duties imposed on, and rights conferred to, the Corporation, the Treasurer, and officers under the Act, with statutory citations.
Duties and rights of the Corporation
Accept trusteeship and exercise trustee powers: The Corporation is appointed trustee and has and may exercise all the powers, rights, duties and obligations of QTC as trustee as though it had originally been named trustee (s 6(1)(a)). It must carry out those duties and obligations.
Maintain registers of officer interests and require disclosure: The chief executive officer and any other officers nominated by the board must disclose interests and material changes, which must be recorded in a register kept under the control of the CEO or a nominated director and open to inspection by directors, the CEO and the Auditor-General or nominee (s 32(1), (3), (8)). The board may limit required disclosures by nomination (s 32(2)).
Follow board directions on conflicts and restrict involvement: The board may give written directions setting out procedures where duties and interests conflict, and these directions may preclude an officer from dealing with the matter in any way (s 32(5)-(6)).
Charge and pay fees and commissions: The Corporation may charge any person commissions, fees or charges for its operations or functions (s 40(1)) and may pay commissions despite other Acts to the contrary (s 40(2)). It is required to charge specific trustee fees to Investment Trust members by way of remuneration so as to entitle a total fee in excess of total costs on the basis in the schedule (s 40(3)).
Pay sums to the Treasurer reflecting tax-liability equivalence: The Corporation must pay amounts determined by the Treasurer to reasonably reflect the amount it would have been liable to pay if it did not represent the State (s 38(1)-(2)). If the Corporation becomes liable for a tax or similar amount, it is not required to make payments to the Treasurer to that extent (s 38(3)).
Observe disclosure on MLA representations: If a member of the Legislative Assembly makes a direct or indirect representation about an asset and the Corporation later acquires or disposes of it, the Corporation must make details of the representation public at or before acquisition or disposal (s 35).
Comply with registrar entries: The Corporation may request registers be updated and authorities must record transfers (s 10).
Not become an Investment Trust beneficiary: The Corporation is expressly prohibited from becoming a beneficiary (s 6(5)).
Duties and rights of the Treasurer and the State
Guaranteeing and indemnifying the Corporation: With Governor in Council approval, the Treasurer may agree on behalf of the State to guarantee payment of money payable by or the discharge of liabilities of the Corporation or to indemnify it on terms agreed (s 33(1)). The Treasurer is authorised to pay from the consolidated fund amounts required to satisfy such liabilities and to recover sums, including fees, from the Corporation (s 33(2)).
Determining tax-equivalent payments and fees for State services: The Treasurer determines the sums payable by the Corporation (in consultation) to reflect a notional tax position (s 38(1)-(2)), and may set fees or charges for services provided by the State to the Corporation (s 39).
Certification power for transfer of other investments: The chief executive of the department, in consultation with the Corporation, may determine assets and rights of QTC in other capacities related to investments be transferred to the Corporation and effect transfers by written certification (s 7(1)-(2)).
Duties and liabilities of directors, officers and employees
Disclosure obligations: CEO and nominated officers must disclose specified interests and material changes; non-compliance attracts a maximum penalty of 50 penalty units (s 32(1), (3), (7)). The register must be kept under the CEO’s or nominated director’s control and available for inspection (s 32(8)).
Liability in trustee shortfall scenarios: Where the Corporation acting as trustee incurs a liability it cannot discharge and is not entitled to be fully indemnified out of trust assets, the State discharges the liability and may recover the amount from directors who were directors when the liability was incurred and were not innocent directors; those directors are jointly and severally liable (s 37A(1)).
Limited corporate indemnity for past actions: The Act provides an indemnity by the Corporation for directors and officers for actions done in good faith and without negligence for carrying out this Act, but that indemnity applies only to actions done before 1 October 1994 (s 42(1)-(2)).
Other rights and protections
Continuity of contracts and proceedings: Contracts entered into by QTC as trustee and in force immediately prior to commencement are taken to be contracts of the Corporation as trustee (s 6(1)(f)), and suits pending by or against QTC as trustee may be prosecuted by or against the Corporation without abatement (s 6(1)(d)).
Protection from instrument-based breaches: The operation of this part does not place the Corporation in breach of a contract or instrument or make it guilty of a civil wrong, does not release sureties or obligees, does not require attornment by lessees from QTC, and is not to be taken to fulfil a condition allowing termination or requirement of payment before maturity (s 8(1)-(4)).
State powers and immunities: The Corporation is vested with the powers, immunities, privileges, rights and remedies of the State (s 11(2)).
Regulatory rule-making: The Governor in Council may make regulations to give effect to transfers and other matters necessary or convenient under the Act (s 45(1)-(2)).
Duties of registrars and public record keepers
Duty to assist transfer of property: Registrars of titles and persons maintaining registers of property dealings must, if asked by the Corporation or QTC, make entries necessary to record vesting or transfer to the Corporation under this part (s 10(1)-(2)).
Fees waived for state charges: Registration, lodgement or other fees or amounts that might be payable under other Acts in respect of determinations under s 6 or transfers under this part are not payable (s 9).
These statutory duties and rights construct an operational framework for the Corporation’s trustee role, its financial engagements with the State, the disclosure and conflict management obligations of officers, and the administrative processes required to effect transfers and record them.
Penalties and enforcement
The Act adopts a limited set of enforceable penalties, affirmative enforcement mechanisms and recovery liabilities rather than a broad catalogue of criminal sanctions. The primary enforcement and penalty provisions in the text are the following.
Statutory fines and immediate penalties
Penalty for failure to comply with disclosure obligations: An officer or employee who fails to comply with s 32 (disclosure of interests and compliance with written directions) is liable to a maximum penalty of 50 penalty units (s 32(7)). The Act does not set out criminal penalties beyond this specified monetary unit cap within the provided text.
No invalidation of board decisions for contraventions: The Act expressly states that a contravention of s 32 does not invalidate any decision of the board or the discharge of corporate functions, powers or duties (s 32(9)). This indicates that the legal effect of a corporate decision does not depend on strict compliance with officer disclosure obligations; enforcement instead is regulatory/penal against individuals.
State recovery and director liability mechanisms
Recovery by State for trustee liabilities: If the Corporation acting as trustee incurs liabilities not fully indemnifiable from trust assets and the Corporation is unable to pay them, the State must discharge the liability and may recover the amount and any loss or damage from those persons who were directors at the time and who were not innocent directors; those directors are jointly and severally liable to the State for the amount recovered (s 37A(1)). This creates an enforcement route whereby the State can pursue directors personally after indemnifying the trust shortfall.
Definition of innocent director: The Act defines an innocent director by reference to whether, had the directors been trustees personally, they would have been entitled to indemnification for the liability by other trustees. The definition affects who is exposed to recovery by the State (s 37A(2)).
Administrative enforcement points
Treasurer’s recovery powers following guarantees: Where the Treasurer has paid out under a guarantee or indemnity agreed under s 33, the Treasurer is authorised to pay from the consolidated fund and any sums received or recovered from the Corporation or otherwise in respect of any sums so paid by the Treasurer (including fees or charges payable by the Corporation) are to be paid into the consolidated fund (s 33(2)). This creates a mechanism for the Treasurer to recoup State outlays related to guarantees.
Registrar duty and fee waiver: Registrars and other record-keepers are required to make registry entries on request (s 10); the Act removes the requirement to pay registration or lodgement fees that might otherwise be payable under other Acts in respect of transfers effected under this part (s 9). Compliance is enforceable by administrative direction; there is no express penalty specified for non-compliance by registrars in the text provided, but s 10 imposes a statutory duty.
Immunity and indemnity limitations
Temporal limit on indemnity: The indemnity of directors and officers by the Corporation for acts done in good faith and without negligence exists only for actions done before 1 October 1994 (s 42(2)). That temporal limitation restricts the period during which the statutory indemnity applies, implying later acts do not attract the same endogenous corporate indemnity under s 42.
Exclusion of Judicial Review for excluded activities: The Judicial Review Act 1991 does not apply to decisions of the Corporation made in carrying out excluded activities, defined to include commercial activities and community service obligations prescribed by regulation (s 37). Non-application of judicial review reduces an external enforcement avenue for certain types of decisions, leaving remedy and review to other processes not specified in the Act.
Enforcement implications for corporate decisions and third parties
Continuity protections limit contract-based enforcement against transfer: Section 8 states the operation of the Act does not place the Corporation in breach of a contract or instrument and is taken not to fulfil a condition that would allow termination. This reduces the scope for counterparties to enforce contractual remedies purely on the basis of the transfer effected by the Act.
Public disclosure duty for MLA representations: The Corporation must make public details of representations by Members of the Legislative Assembly about assets it later acquires or disposes of (s 35). Failure to make such disclosure would presumably be subject to reputational or regulatory enforcement, but the Act does not specify a penalty in the text provided.
Regulatory rule-making and compliance mechanisms
Regulations may be made by Governor in Council to give effect to transfers and related matters (s 45). Regulations can create further enforceable obligations and steps for implementation not in the principal Act.
The board retains internal governance enforcement tools: it can give written directions to officers in conflict situations (s 32(5)-(6)), and non-compliance attracts the statutory penalty noted above.
In short, the Act prefers targeted monetary penalties (s 32), recovery and indemnity mechanisms (s 37A, s 33), and administrative powers of direction and regulation (ss 32, 45) as its primary enforcement tools. Contractual remedies against the Corporation or under antecedent instruments are constrained by statutory protections for transfers (s 8), and judicial review is excluded for specified activity classes (s 37), narrowing certain external enforcement pathways.
How it interacts with other laws
The Act is drafted to operate alongside, modify, or displace specific consequences under other legislation and instruments. The text itself identifies several interactions and carve-outs.
Interaction with the Government Owned Corporations Act 1993 (GOC Act)
The Act treats the Corporation as a government owned corporation (s 3 def Corporation; s 3 def GOC Act ins 1994 No. 38 s 4(2)). Parts of the GOC Act are applied, disapplied or otherwise interacted with expressly:
Section 34 restricts shareholding Ministers from exercising certain reserve powers under the GOC Act with respect to investment decision-making, dealing in securities, dealing with assets and liabilities, and control of entities in which the Corporation has investments (s 34(1)-(3)). It explicitly applies despite s 123, s 124, and s 161 of the GOC Act. It does not affect s 133 of the GOC Act, which requires the board to keep shareholding Ministers informed (s 34(2)).
Section 36 notes that despite s 12 of the GOC Act (application of other laws to GOCs), the GOC Act s 174 (preservation of leave entitlements) does not apply to the Corporation and instead this Act’s s 30 (rights of officers previously employed in the public service or by QTC) and s 38 (Taxation) do apply (s 36(1)-(2)).
Interaction with trust law and deeds
The Act expressly provides that except as modified or excluded by the Act, the law of trusts and the terms and conditions of the Investment Trust apply to the change of trustee effected (s 6(6)). At the same time the Act overrides deed provisions that would otherwise prevent the effective statute-driven retirement and appointment of trustee by deeming QTC to have retired and the Corporation to have been appointed for all purposes (s 6(1)(b)).
The Corporation is authorised to amend the deed by supplemental deed to incorporate the schedule changes; the Act is taken to be a statute passed affecting trusts of this nature and to require the changes set out in the schedule (s 44(1)-(2)). The schedule’s changes prevail subject to an existing 30 June 1989 agreement with the Board of Trustees established under the Superannuation (Government and Other Employees) Act 1988 for certain superannuation relationships (s 44(3)).
Interaction with registries and conveyancing law
The Act effects transfers and vestings by statute without the need for transfer or assignment instruments and requires registrars to make registry entries on request (s 6(1)(c); s 10). It also waives registration, lodgement and other fees which might otherwise be payable under other Acts for transfers effected under Part 2 (s 9). These provisions override or streamline interactions that would otherwise be governed by land title, securities or other registration regimes.
Interaction with Judicial Review Act 1991
The Act excludes the Judicial Review Act 1991 from applying to a decision of the Corporation made in carrying out excluded activities (commercial activities and prescribed community service obligations) (s 37). This reduces the scope for judicial review for particular classes of decisions; the Act also allows regulations to declare particular activities as commercial or not (s 37).
Interaction with consolidated fund and appropriation law
The Treasurer is authorised to pay amounts from the consolidated fund to satisfy liabilities under guarantees or indemnities agreed under s 33 without further appropriation (s 33(2)). This provision creates a statutory authority to pay from the consolidated fund in specific circumstances and to account for recovered amounts back into the consolidated fund.
Interaction with taxation and state taxes
The Corporation is to pay sums of money to the Treasurer, as determined by the Treasurer in consultation with the Corporation, that reasonably reflect the amounts the Corporation would have paid in taxes, duties, rates or similar if it did not represent the State; if the Corporation becomes liable for the amounts in practice, the Treasurer’s determination does not require duplicate payments (s 38(1)-(3)). That structure interacts with State taxation laws and creates a tax-equivalent payment regime as between a Crown-representative entity and the State.
Interaction with other Acts and instruments
Section 8 expressly provides that the operation of Pt 2, Pt 5 and ss 40 and 44, an amendment of the Act, or the Corporation becoming a GOC, does not place the Corporation in breach of a contract or instrument or otherwise allow parties to exercise termination or acceleration rights that would otherwise flow from assignment (s 8(1)-(4)). This limits the downstream legal consequences under other laws and instruments that would normally follow assignment or change of party.
The Governor in Council may make regulations under this Act about matters necessary or convenient to give effect to transfers, assignments or vesting contemplated by the Act (s 45(2)). Those regulations may interact with other statutory regimes by specifying steps, forms or exemptions.
Other statutory interactions flagged by amendment notes
The Act text contains amendment and insertion annotations (e.g. references to various amending Acts such as 1994 No. 38, 1997 No. 17, 2001 No. 31, 2007 No. 10, 2016 No. 64). Those amendment notes indicate that specified definitions and sections have been added, omitted or altered in response to later legislative changes (see s 3 and various annotations). Any interpretive analysis should therefore read this version as incorporating those amendments where indicated.
In sum, the Act is drafted to effect statutory vesting and continuity in preference to private conveyancing, to align the Corporation’s financial position with State expectations through tax-equivalent and fee arrangements, to limit certain political directions under the GOC Act, to narrow judicial review for commercial activities, and to preserve contractual stability for third parties by insulating them from termination or acceleration claims arising solely from the statutory transition.
Amendment history
The Act text contains inline amendment annotations that disclose a history of legislative changes. The operative text and annotations together indicate the following pattern of amendments and adjustments, as they are recorded in the Act:
1994 amendments (No. 38): Multiple sections were amended, inserted or renumbered by 1994 No. 38. The commencement section notes that s 1 and the commencement provision commence on the day the Act is assented to and remaining provisions commence on 1 July 1991, with a 1994 amendment note attached to s 2. Numerous definitions in s 3 carry the note "amd 1994 No. 38 s 3 sch" or similar annotation reflecting that 1994 amending instrument.
1997 amendment (No. 17): Some definitions have specific amendment references to 1997 No. 17 s 32 (for example the definition of 'bank' in s 3 includes s 32 of 1997 No. 17).
1999 amendment (No. 69): Section 41 carries a note "om 1999 No. 69 s 7 sch," indicating omission of earlier text in 1999.
2000 amendments (No. 52): Section 32 includes an amendment notation "2000 No. 52 s 48 sch" indicating that s 32 was amended in 2000 regarding disclosure matters and governance.
2001 amendments (Nos. 31 and 45, and No. 71): Some definitional provisions and sections carry annotations referencing 2001 No. 31 s 48 sch, 2001 No. 45 s 29 sch 3, and 2001 No. 71 s 551 sch 1, suggesting further definition and structural changes were made across 2001 instruments.
2003 amendment (No. 19): There is an annotation in s 3 indicating "2003 No. 19 s 3 sch" in relation to 'relevant interest' and relevant particulars definitions, showing that the Act was updated in 2003.
2007 amendments (No. 10): Multiple sections and definitions show the annotation "om 2007 No. 10 s 62 sch," reflecting a 2007 amending statute that omitted or replaced text in various schedule items.
2009 amendment (No. 13): Section 37 was amended by 2009 No. 13 s 213 sch 5, as seen in the insertion notes regarding the Judicial Review Act interaction and definition of excluded activities.
2016 amendment (No. 64): Section 31 and s 32 show amendment notes referring to 2016 No. 64 s 79 sch 1, suggesting further governance-related changes.
Occasional expiry annotations: The text contains references to sections that were inserted with expiry dates or later expirations (e.g. notes "exp 1 April 1995 (see s 49)" for some inserted sections), indicative of transitional or temporary provisions that were time-limited by earlier amendments.
The Act as printed contains multiple "om" (omitted) and "ins" (inserted) annotations indicating the legislature has, over time, removed or added specified subsections, often aligning with structural or definitional updates to accommodate changes in related statutes (for example the GOC Act) or policy choice (e.g. Judicial Review carve-outs). The schedule referred to in s 40(3) and s 44 likely contains detail on trustee fee calculations and the specific contractual amendments to the Investment Trust deed, and s 44 makes the Act itself "to be taken" as the statutory authority for those trust changes.
The annotation trail in s 3 demonstrates iterative refining of core definitions (assets, bank, benefit, board, Corporation, director, holding company, related body corporate, public company, etc.), reflecting that the legislative drafting has been updated to maintain compatibility with other corporate and financial definitions across Queensland statute law.
Where the text states a subsection has been amended or omits previous wording it does not always supply the earlier text; however, the inline annotations are the legislature’s record in the printed Act that particular clauses were subject to later amendment instruments identified by year and number. Anyone analysing changes in depth should consult the amending Acts cited (for example 1994 No. 38, 1997 No. 17, 2000 No. 52, 2001 No. 71, 2007 No. 10, 2009 No. 13, 2016 No. 64) to reconstruct the precise amendment sequence and the text replaced or excised at each stage.
The Act also contains specific temporal qualifications: for instance s 42(2) makes the indemnity provision apply only to acts done before 1 October 1994, mapping to earlier transitional drafting and indicating that some indemnities were phased out or limited by later amendments.
In short, the printed Act demonstrates a multi-year amendment history tracked through inline annotations identifying the amending instruments and their sections. The annotations provide a record of legislative evolution but the full practical effect and historical text would require consulting the individual amending statutes referred to in the annotations for line-by-line change history.
Litigation history
The Act text supplied does not name, summarise or reproduce any court decisions, published litigation, or legal proceedings construing its provisions. There are no case citations, reported judgments or references to litigation history within the statutory text provided.
Consequences of the absence of litigation references in the statute text
No statutory record of judicial interpretation: The Act itself does not record or summarise judicial determinations on its provisions. Where practitioners seek precedent or judicial construction of specific clauses (for example s 6 transfers, s 32 disclosure obligations, s 37 Judicial Review Act exclusions, or s 37A director recovery mechanics), those determinations would need to be located in court reports, databases or tribunal records external to this printed Act.
Practical implications for legal advice: Because the Act provides rules that shift legal rights, vest liabilities and limit certain external review pathways, uncertainty over interpretive points (e.g. the scope of "assets or liabilities which relate to the investment activities of QTC" in s 7; the operation of the chief executive’s finality in s 6(4); what qualifies as an "excluded activity" under s 37 in the absence of regulatorily prescribed community service obligations) may be material. In the absence of reported judicial exegesis in the statutory text, practitioners should look to external case law, administrative decisions, or seek declaratory relief where necessary.
Where litigation might arise given the Act’s mechanics: The statutory devices used , statutory vesting without transfer instruments (s 6(1)(c)), final executive determinations (s 6(4)), waiver of registration fees and registrars’ duty to update records (ss 9, 10), and the preclusion of specific ministerial reserve powers (s 34) , are all provisions that, in ordinary practice, could give rise to disputes about interpretation, scope and compliance. Litigation could concern validity of transfers, the scope of protections under s 8, the ambit of the Corporation’s representation of the State (s 11), directors’ liability under s 37A, or the non-application of judicial review under s 37. None of these potential disputes are recorded in the Act text itself.
No statutory list of precedent authorities: The Act does not identify any administrative determinations, arbitration awards, or tribunal decisions that interpret it. As such the Act should be treated as a primary source laying out the statutory mechanics and allocation of responsibilities; assessing how courts have treated specific wording requires separate case-law research.
Given the lack of litigation material in this statute print, a researcher or practitioner requiring authoritative statutory interpretation will need to consult legal databases and court repositories for relevant case law, or seek advisory opinions and declaratory judgments in cases of legal uncertainty. The Act’s internal finality clauses (for example s 6(4)) and exclusions (for example s 37) may affect the availability or scope of judicial review and remedy in particular factual contexts, emphasising the need to check whether any judicial decisions have addressed these limitations and how courts have reconceptualised the balance between administrative finality and judicial oversight.
Gotchas
This Act contains several provisions that create implementation frictions, concentrated discretion points, or unusual legal mechanics that practitioners and compliance officers should flag. Each item cites the statutory basis and explains the mechanism and likely practical implication.
Statutory transfers without conveyancing instruments (s 6(1)(c), (f))
Mechanism: Assets, rights and contracts that belonged to QTC as trustee are transferred to the Corporation "without any transfer, assignment, notice or assurance other than this Act" (s 6(1)(c)); contracts entered into by QTC as trustee remain in force as contracts of the Corporation (s 6(1)(f)).
Practical issue: Counterparties and registries may need confirmation and operational steps to update records, but the Act prohibits charging registration fees for these transfers (s 9). Nonetheless, third parties should verify that their counterparty has legally changed and that performance obligations remain clear, even though the law deems the contract assignment effective. Potentially overlooked consequences include contractual consent provisions that technically restrict assignment but are overridden by s 8 protections; counterparties may still seek extrastatutory remedies or assert other contractual breaches.
Chief executive’s final determination on trustee-related disputes (s 6(4))
Mechanism: When there is doubt whether a matter relates to QTC as trustee, the chief executive of the department decides in writing and that determination is "final and binding upon all persons" (s 6(4)).
Practical issue: This places concentrated administrative discretion in a single executive office with statutory finality. Parties wishing to challenge such determinations must look for statutory appeal routes or seek remedies in contexts not excluded by the Judicial Review Act (bearing in mind s 37’s exclusions), making litigation strategy complex.
Exemption from Judicial Review for excluded activities (s 37)
Mechanism: Decisions of the Corporation made in carrying out commercial activities or prescribed community service obligations are excluded from the Judicial Review Act 1991 (s 37).
Practical issue: Ordinary administrative law remedies are narrowed for decisions classified as excluded. The Act allows regulations to declare activities commercial or not, and to prescribe community service obligations. If disputes involve excluded activities, litigants cannot rely on Judicial Review Act remedies for errors of law or procedural fairness that would otherwise apply; they must pursue other routes (contractual remedies, statutory appeals where available, or damages where appropriate).
Shareholding Ministers cannot use specified reserve powers (s 34)
Mechanism: The Act precludes shareholding Ministers from giving directions under parts of the GOC Act about investment decision-making, dealing in securities, assets, liabilities or control of entities in which the Corporation invests (s 34(1), (3)).
Practical issue: While the restriction promotes operational independence, it may create tension between political oversight and operational autonomy. There is a narrow remaining role to keep Ministers informed (s 34(2)). Practitioners advising on governance must ensure compliance with both the GOC Act information obligations and the limits on ministerial directions.
Liability recovery against directors when trust cannot indemnify (s 37A)
Mechanism: Where trustee liabilities cannot be met from trust assets and the Corporation cannot discharge them, the State pays and then may recover amounts and losses from directors who were not "innocent directors" when the liabilities were incurred; liability is joint and several (s 37A(1)-(2)).
Practical issue: Directors are potentially exposed to personal liability via recovery actions by the State. Interpretation of "innocent director" in s 37A(2) is critical. Directors need to be wary of trustee operations that could create contingent liabilities not indemnifiable from trust assets, and ensure appropriate risk management and insurance arrangements.
Indemnity limited to pre-1 October 1994 acts (s 42)
Mechanism: The statutory indemnity in s 42 applies only to acts done before 1 October 1994.
Practical issue: Newer acts by directors and officers lack the broad statutory indemnity in s 42, so reliance on that indemnity is misplaced for post-1994 conduct. Directors must ensure corporate indemnity and insurance arrangements are in place and be aware of the limited temporal scope of s 42.
Disclosure register open but non-compliance does not invalidate board decisions (s 32)
Mechanism: The register of officers’ interests must be available to directors, the CEO and the Auditor-General; failure to comply attracts a penalty (50 penalty units), but contravention does not invalidate corporate decisions (s 32(7)-(9)).
Practical issue: The enforcement emphasis is personal penal liability rather than invalidating corporate actions. Litigation attacking corporate decisions on the basis of defective disclosure is less likely to void decisions; remedies against individuals may be the recourse. Boards should maintain strong disclosure practices to manage reputational and regulatory risk.
Required trustee fees and authorised amendments to the Investment Trust deed (ss 40(3), 44)
Mechanism: Despite prior deed terms, the Corporation is required to charge trustee fees to Investment Trust members such that the Corporation can derive fees in excess of total costs as set out in the schedule, and the Corporation is authorised to amend the trust deed to incorporate schedule changes (s 40(3), s 44(1)-(2)).
Practical issue: Members used to earlier fee regimes may face a materially different fee structure. The statute authorises forcible amendment of the deed despite deed terms; practitioners should examine the schedule and the consequential ancillary rights of trust members, especially where superannuation arrangements intersect the trust (s 44(3)).
Registrars’ duty and fee waiver (ss 9-10)
Mechanism: Registrars and persons keeping registers must make entries to record transfers effected by the Act (s 10). Registration or lodgement fees that might otherwise be payable under any Act are not payable in respect of determinations under s 6 or transfers under this part (s 9).
Practical issue: Operational friction is reduced but registries and counterparties must still be provided with sufficient documentary evidence to satisfy internal controls. The statutory fee waiver does not remove administrative requirements for accurate record-keeping.
Ministerial and regulatory ambiguity in "prescribed" and "excluded" terms (s 37)
Mechanism: A regulation may declare activities to be or not to be conducted on a commercial basis; "excluded activities" include commercial activities or community service obligations prescribed by regulation (s 37).
Practical issue: The final classification of activities depends on subordinate instruments, creating regulatory uncertainty until regulations are made or clarified. Parties should monitor regulation-making to determine whether particular activities will be subject to Judicial Review Act exclusion.
These items are concrete statutory mechanics that can create consequences in governance, indemnity exposure, regulatory oversight, disclosure compliance, and contract performance. Each requires targeted operational controls: clear documentation of transfers, board reporting and disclosure systems, insurance and indemnity arrangements for directors, and legal review of trust deed amendments and fee schedules.
How to comply
This section translates the Act’s obligations into concrete compliance steps for the Corporation, directors, officers, the Treasurer and registrars. Where the Act specifies who must do what, compliance steps follow directly; where statutory discretion exists, the steps emphasise record-keeping, consultation and legal preparedness.
For the Corporation (trustee role and corporate obligations)
Accept and document trusteeship
Ensure the board records formal acceptance of trusteeship and records the statutory vesting produced by s 6 in board minutes. Document the basis for treating assets, contracts and suits as transferred per s 6(1)(c)-(f).
Maintain a central register mapping assets, rights, liabilities and contracts said to have vested under s 6, noting the source QTC references and any ancillary certificates under s 7.
Implement trustee administration consistent with trust law and statute
Apply and document trust administration consistent with the Investment Trust deed as amended under s 44, while ensuring the Corporation does not become a beneficiary (s 6(5)).
Fee setting and accounting
Coordinate with the Treasurer to determine tax-equivalent payments (s 38) and with the Treasurer regarding fees for State services (s 39).
Implement trustee fee structures required by s 40(3) and by the schedule; ensure accounting systems can track fees, costs, and any excess fee entitlements for reporting and audit.
Maintain a register of officers’ interests and comply with disclosure rules (s 32)
The board should nominate which officers must disclose. Maintain the register in the custody and control of the CEO or nominated director. Create processes for initial disclosures and immediate recording of material changes (s 32(1), (3), (8)).
Ensure the register is available at board meetings and to the Auditor-General or nominee on request.
Prepare written directions for officers’ conduct where duties and interests conflict, including preclusion procedures for involvement in conflicted matters (s 32(5)-(6)).
Provide training to officers on disclosure obligations and the penalty for non-compliance (s 32(7)) to reduce personal risk exposure.
Conflict and decision-making protocols
Where conflicts arise, apply board directions to exclude officers from dealing or discussions about the matter as authorised by the board (s 32(5)-(6)).
Document any MLA representation matters and ensure the public disclosure obligations in s 35 are observed at or before acquisition or disposal of contested assets.
Insurance and indemnity planning
Given s 37A’s director recovery mechanism, ensure directors’ and officers’ insurance and corporate indemnity policies are aligned to address exposures that could lead to trustee liabilities not covered by trust assets. Recognise that s 42 indemnity is limited to acts before 1 October 1994 (s 42(2)) and cannot be relied on for subsequent acts.
For directors and officers
Disclosure and personal compliance
Make all required initial disclosures and promptly record material changes. Keep copies and timestamped evidence of disclosures in the register.
For the purposes of this Act, a trustee, merely because the relevant trust has no assets, or the assets of the relevant trust are insufficient to indemnify the trustee in respect of the liability concerned, does not cease to be entitled to be fully indemnified out of the assets of the relevant trust in respect of the liability.
s 4 amd 1994 No. 38 s 3
(prev s 1.3(2)) renum 1994 No. 38 s 3 sch
Section sec.5
s 5 amd 1994 No. 38 s 3 sch
om 2007 No. 10 s 62 sch
Section sec.2.2
s 2.2 om 1994 No. 38 s 3 sch
pt.2 Queensland Investment Corporation
Queensland Investment Corporation
sec.6 Change of trustee of Investment Trust
sec.6 Change of trustee of Investment Trust
On and from the commencement of this Act—
QTC is removed as trustee of the Investment Trust and the Corporation is appointed as the trustee of the Investment Trust to act in the execution of the trusts of the Investment Trust in the place of QTC and—
has and may exercise all the powers; and
enjoys all the rights; and
is subject to all the duties; and
is to carry out all the obligations;
of QTC as trustee of the Investment Trust as fully as though it had originally been named as trustee of the Investment Trust; and
for all purposes QTC is to be taken to have duly retired, and the Corporation is to be taken to have been duly appointed, as trustee in accordance with the provisions of the deed recording the terms of the Investment Trust in all respects, despite any provisions of that deed relating to the requirements for the valid retirement or appointment of trustees or any law, so as to enable the Investment Trust to continue and the Corporation to act as trustee of the Investment Trust in place of QTC; and
all assets and rights and all management or control of anything which, immediately prior to that commencement were vested in, payable to, recoverable by, or which belonged to, QTC as trustee of the Investment Trust are transferred to and vested in, payable to or recoverable by and belong to the Corporation as trustee of the Investment Trust without any transfer, assignment, notice or assurance other than this Act and despite any other Act or law; and
all suits, actions and proceedings commenced and pending immediately prior to that commencement by or against QTC as trustee of the Investment Trust are to be taken to be pending and may be carried and prosecuted by or against the Corporation as trustee of the Investment Trust, and no such suit, action or proceeding is abated or prejudicially affected by this Act; and
all liabilities of QTC as trustee of the Investment Trust in respect of which (and only to the extent that) QTC is entitled to be fully indemnified out of the assets of the Investment Trust immediately prior to that commencement are liabilities of the Corporation as trustee of the Investment Trust; and
all contracts entered into by or with QTC as trustee of the Investment Trust and in force immediately prior to that commencement are to be taken to be contracts entered into by or with the Corporation as trustee of the Investment Trust.
On and from the commencement of this Act the name by which the Investment Trust is known is changed to the ‘Queensland Investment Corporation Investment Trust’.
This section, other than subsection (4) , does not affect assets, liabilities, rights, suits, actions proceedings, contracts or any other matter or thing, whether specifically mentioned in subsection (1) or not, of or relating to QTC otherwise than in its capacity as trustee of the Investment Trust.
In the event that any question or dispute arises as to whether or not any matter or thing, whether specifically mentioned in subsection (1) or not, is a matter or thing of or relating to QTC as trustee of the Investment Trust or QTC in some other capacity then the question or dispute is to be determined in writing by the chief executive of the department whose determination of the question or dispute is final and binding upon all persons (whether or not party to the question or dispute).
The Corporation is prohibited from becoming a beneficiary of the Investment Trust.
Except as modified or excluded by this Act, the law of trusts and the terms and conditions of the Investment Trust apply to the change of trustee effected by this Act.
s 6 amd 1994 No. 38 s 3 sch
(sec.6-ssec.1) On and from the commencement of this Act— QTC is removed as trustee of the Investment Trust and the Corporation is appointed as the trustee of the Investment Trust to act in the execution of the trusts of the Investment Trust in the place of QTC and— has and may exercise all the powers; and enjoys all the rights; and is subject to all the duties; and is to carry out all the obligations; of QTC as trustee of the Investment Trust as fully as though it had originally been named as trustee of the Investment Trust; and for all purposes QTC is to be taken to have duly retired, and the Corporation is to be taken to have been duly appointed, as trustee in accordance with the provisions of the deed recording the terms of the Investment Trust in all respects, despite any provisions of that deed relating to the requirements for the valid retirement or appointment of trustees or any law, so as to enable the Investment Trust to continue and the Corporation to act as trustee of the Investment Trust in place of QTC; and all assets and rights and all management or control of anything which, immediately prior to that commencement were vested in, payable to, recoverable by, or which belonged to, QTC as trustee of the Investment Trust are transferred to and vested in, payable to or recoverable by and belong to the Corporation as trustee of the Investment Trust without any transfer, assignment, notice or assurance other than this Act and despite any other Act or law; and all suits, actions and proceedings commenced and pending immediately prior to that commencement by or against QTC as trustee of the Investment Trust are to be taken to be pending and may be carried and prosecuted by or against the Corporation as trustee of the Investment Trust, and no such suit, action or proceeding is abated or prejudicially affected by this Act; and all liabilities of QTC as trustee of the Investment Trust in respect of which (and only to the extent that) QTC is entitled to be fully indemnified out of the assets of the Investment Trust immediately prior to that commencement are liabilities of the Corporation as trustee of the Investment Trust; and all contracts entered into by or with QTC as trustee of the Investment Trust and in force immediately prior to that commencement are to be taken to be contracts entered into by or with the Corporation as trustee of the Investment Trust.
(sec.6-ssec.2) On and from the commencement of this Act the name by which the Investment Trust is known is changed to the ‘Queensland Investment Corporation Investment Trust’.
(sec.6-ssec.3) This section, other than subsection (4) , does not affect assets, liabilities, rights, suits, actions proceedings, contracts or any other matter or thing, whether specifically mentioned in subsection (1) or not, of or relating to QTC otherwise than in its capacity as trustee of the Investment Trust.
(sec.6-ssec.4) In the event that any question or dispute arises as to whether or not any matter or thing, whether specifically mentioned in subsection (1) or not, is a matter or thing of or relating to QTC as trustee of the Investment Trust or QTC in some other capacity then the question or dispute is to be determined in writing by the chief executive of the department whose determination of the question or dispute is final and binding upon all persons (whether or not party to the question or dispute).
(sec.6-ssec.5) The Corporation is prohibited from becoming a beneficiary of the Investment Trust.
(sec.6-ssec.6) Except as modified or excluded by this Act, the law of trusts and the terms and conditions of the Investment Trust apply to the change of trustee effected by this Act.
(a) QTC is removed as trustee of the Investment Trust and the Corporation is appointed as the trustee of the Investment Trust to act in the execution of the trusts of the Investment Trust in the place of QTC and— (i) has and may exercise all the powers; and (ii) enjoys all the rights; and (iii) is subject to all the duties; and (iv) is to carry out all the obligations; of QTC as trustee of the Investment Trust as fully as though it had originally been named as trustee of the Investment Trust; and
(i) has and may exercise all the powers; and
(ii) enjoys all the rights; and
(iii) is subject to all the duties; and
(iv) is to carry out all the obligations;
(b) for all purposes QTC is to be taken to have duly retired, and the Corporation is to be taken to have been duly appointed, as trustee in accordance with the provisions of the deed recording the terms of the Investment Trust in all respects, despite any provisions of that deed relating to the requirements for the valid retirement or appointment of trustees or any law, so as to enable the Investment Trust to continue and the Corporation to act as trustee of the Investment Trust in place of QTC; and
(c) all assets and rights and all management or control of anything which, immediately prior to that commencement were vested in, payable to, recoverable by, or which belonged to, QTC as trustee of the Investment Trust are transferred to and vested in, payable to or recoverable by and belong to the Corporation as trustee of the Investment Trust without any transfer, assignment, notice or assurance other than this Act and despite any other Act or law; and
(d) all suits, actions and proceedings commenced and pending immediately prior to that commencement by or against QTC as trustee of the Investment Trust are to be taken to be pending and may be carried and prosecuted by or against the Corporation as trustee of the Investment Trust, and no such suit, action or proceeding is abated or prejudicially affected by this Act; and
(e
This is an opening excerpt, not the complete document.