20ZCRestrictions on statutory SOCs

#### 20ZC Restrictions on statutory SOCs 20ZC Restrictions on statutory SOCs > > (1) Section 20ZB has effect in relation to a statutory SOC subject to any restrictions on the SOC’s powers expressly imposed by or under this or another Act. > > > (2) Section 20ZB also has effect in relation to the SOC subject to any restrictions expressly imposed by— > > > > > (a) the SOC’s constitution, and > > > > > (b) any relevant statement of corporate intent of the SOC, and > > > > > (c) any relevant directions, notifications or approvals given to the SOC by the SOC’s voting shareholders or portfolio Minister. > > > (3) If— > > > > > (a) the SOC exercises a power contrary to a restriction mentioned in subsection (1) or (2), or > > > > > (b) the SOC’s foundation charter sets out the SOC’s objects or functions and the SOC does an act otherwise than in pursuance of the objects or functions, > > > > the SOC contravenes this subsection. > > > (4) The exercise of the power mentioned in subsection (3) (a), or the act mentioned in subsection (3) (b), is not invalid merely because of the contravention. > > > (5) An officer of the SOC who is involved in the contravention contravenes this subsection. > > > (6) An act of the officer is not invalid merely because, by doing the act, the officer contravenes subsection (5). > > > (7) The SOC or officer of the SOC is not guilty of an offence merely because of the relevant contravention. > > > (8) The fact that— > > > > > (a) by exercising the powers mentioned in subsection (3) (a), or doing the act as mentioned in subsection (3) (b), the SOC contravened, or would contravene, subsection (3), or > > > > > (b) by doing a particular act, an officer of the SOC contravened, or would contravene, subsection (5), > > > > may be asserted or relied on only in proceedings between the voting shareholders or the State and officers of the SOC. > > **pt 3, div 3 (ss 20Z–20ZE):** Ins 1995 No 32, Sch 1 \[13\].