12Members' statement of expectations

12 Members' statement of expectations

(1)  [Section 12 Subsection (1) amended by No. 9 of 2018, s. 25, Applied:10 Sep 2018] As soon as practicable after the day on which the Company is incorporated, the members of the Company must provide the Board with a statement of expectations.

(2)  [Section 12 Subsection (2) amended by No. 9 of 2018, s. 25, Applied:10 Sep 2018] The statement of expectations is to specify –

(a) the strategic priorities of the Company; and

(b) the high-level policy expectations of members of the Company for the performance and business of the Company and its subsidiaries.

(3)  The members of the Company may at any time at their own discretion or on receipt of an application from the Board –

(a) [Section 12 Subsection (3) amended by No. 9 of 2018, s. 25, Applied:10 Sep 2018] amend the statement of expectations; or

(b) [Section 12 Subsection (3) amended by No. 9 of 2018, s. 25, Applied:10 Sep 2018] revoke the statement of expectations and substitute another statement of expectations.

(4)  [Section 12 Subsection (4) amended by No. 9 of 2018, s. 25, Applied:10 Sep 2018] Before or while preparing a statement of expectations or an amendment to a statement of expectations, the members of the Company must consult with the Board.

(5)  [Section 12 Subsection (5) inserted by No. 9 of 2018, s. 25, Applied:10 Sep 2018] A statement of expectations and an amendment to a statement of expectations are to be in writing and signed by each member.

(6)  [Section 12 Subsection (6) inserted by No. 9 of 2018, s. 25, Applied:10 Sep 2018] A statement of expectations, or an amendment to a statement of expectations, takes effect on a day specified in it, being a day not earlier than the day on which the statement or amendment is provided to the Company.