Snowy Mountains Engineering Corporation (Conversion into Public Company) Act 1989

What This Law Does

This Act converts the Snowy Mountains Engineering Corporation (SMEC) — a government-owned body — into a public company registered under Australian corporations law. Think of it as changing SMEC from a special government agency created by its own Act of Parliament into a normal company that operates under the same rules as other Australian businesses.

Key Changes

• Corporate structure: SMEC gets a share capital (ownership divided into shares worth $1 each) and those shares are issued to the Commonwealth (the federal government) or its nominees. The Commonwealth becomes SMEC's owner in the way a shareholder owns a company.
• New name: SMEC becomes "Snowy Mountains Engineering Corporation Limited" — the word "Limited" signals it is now a registered company.
• No longer a government agency: After conversion, SMEC is not treated as a government body or Crown instrument for most legal purposes. This means it loses special government protections but also government-specific obligations.
• Same staff, same conditions: Existing employees keep their jobs on the same terms — their employment is not broken by this change. Long-service entitlements and leave balances carry over.
• Tax exemptions: The conversion process itself (issuing shares, changing the name, registering as a company) is exempt from most taxes, stamp duties and fees — so the paperwork of restructuring doesn't trigger a big tax bill.