sec.79Restructure direction

### sec.79 Restructure direction The responsible Ministers may give a direction (a restructure direction ) to a declared entity or its board requiring the entity or board to do something the responsible Ministers consider necessary or convenient for effectively carrying out the restructure of a declared entity. Without limiting subsection (1) , a restructure direction may be about— forming a company for the purpose of transferring a business, asset or liability to the company; or winding up or deregistering a company; or making or executing an instrument; or making a particular decision about disposing of an interest held in a declared entity or a business, asset or liability; or making a particular decision for the purpose of returning the proceeds of a disposal mentioned in paragraph (d) to the State; or a decision about a dividend or return of capital disclosing information. A restructure direction must be in writing, signed by the responsible Ministers. A declared entity must comply with a restructure direction given to it. A declared entity’s board must— if a restructure direction is given to the board—comply with the direction; or if a restructure direction is given to the entity—take the action necessary to ensure the entity complies with the direction. A declared entity’s employees must help the entity or board to comply with a restructure direction given to the entity or board. (sec.79-ssec.1) The responsible Ministers may give a direction (a restructure direction ) to a declared entity or its board requiring the entity or board to do something the responsible Ministers consider necessary or convenient for effectively carrying out the restructure of a declared entity. (sec.79-ssec.2) Without limiting subsection (1) , a restructure direction may be about— forming a company for the purpose of transferring a business, asset or liability to the company; or winding up or deregistering a company; or making or executing an instrument; or making a particular decision about disposing of an interest held in a declared entity or a business, asset or liability; or making a particular decision for the purpose of returning the proceeds of a disposal mentioned in paragraph (d) to the State; or a decision about a dividend or return of capital disclosing information. (sec.79-ssec.3) A restructure direction must be in writing, signed by the responsible Ministers. (sec.79-ssec.4) A declared entity must comply with a restructure direction given to it. (sec.79-ssec.5) A declared entity’s board must— if a restructure direction is given to the board—comply with the direction; or if a restructure direction is given to the entity—take the action necessary to ensure the entity complies with the direction. (sec.79-ssec.6) A declared entity’s employees must help the entity or board to comply with a restructure direction given to the entity or board. - (a) forming a company for the purpose of transferring a business, asset or liability to the company; or - (b) winding up or deregistering a company; or - (c) making or executing an instrument; or - (d) making a particular decision about disposing of an interest held in a declared entity or a business, asset or liability; or - (e) making a particular decision for the purpose of returning the proceeds of a disposal mentioned in paragraph (d) to the State; or Example— a decision about a dividend or return of capital - (f) disclosing information. - (a) if a restructure direction is given to the board—comply with the direction; or - (b) if a restructure direction is given to the entity—take the action necessary to ensure the entity complies with the direction.