10Transaction companies

#### 10 Transaction companies 10 Transaction companies > > (1) The Treasurer may for the purposes of the authorised transaction establish, or direct the establishment of, companies as transaction companies in any of the following ways— > > > > > (a) the formation or acquisition by or on behalf of the State or a SOC of a company limited by shares, so that all the issued shares in the company are held by or on behalf of the State or a SOC (or both), > > > > > (b) the formation or acquisition of a company as a wholly owned subsidiary company of a transaction company, > > > > > (c) the conversion of Pillar or a transaction SOC into a company limited by shares as provided by Schedule 3. > > > (2) A transaction company that is a public sector agency may be converted from one kind of company to any other kind of company. > > > (3) Except by express agreement with the Treasurer— > > > > > (a) a transaction company is not and does not represent the State, and > > > > > (b) the debts, liabilities and obligations of a transaction company are not guaranteed by the State. > > > (4) The Treasurer may act for or on behalf of the State, a SOC or a transaction company that is a public sector agency in connection with the rights, privileges and benefits, and the duties, liabilities and obligations, of the State, a SOC or a transaction company as the holder of shares or other securities in or issued by a transaction company. > > > (5) Shares and other securities in or issued by a transaction company that is a public sector agency may be issued or transferred in accordance with the directions of the Treasurer. The Treasurer may on behalf of the State, a SOC or a transaction company that is a public sector agency, enter into and carry out transaction arrangements for the issue or transfer of shares and other securities in or issued by a transaction company. > > > (6) If Pillar becomes a transaction company by being converted into a company under this section, a reference in this Act to Pillar includes a reference to that transaction company. > > > (7) The provisions of this section are declared to be Corporations legislation displacement provisions for the purposes of section 5G of the Corporations Act in relation to the provisions of the Corporations legislation generally.