sec.294Transitional provisions applying in relation to port authorities that are candidate GOCs

### sec.294 Transitional provisions applying in relation to port authorities that are candidate GOCs This section applies in relation to a port authority that is a candidate GOC. A regulation may prescribe matters about the administration and operation of the port authority, including, for example, matters about— the port authority’s board, chief executive officer and senior management; and the port authority’s powers; and the port authority’s employees; and the port authority’s superannuation schemes; and dealings with the port authority. Without limiting subsection (2) , a regulation under the subsection may make provision to the same or similar effect as the following provisions of the Government Owned Corporations Act 1993 — chapter 3 (Government Owned Corporations (GOCs)), part 10 (General reserve powers of shareholding Ministers) sections 124 and 125 sections 146 to 153 schedule 1 (Interim boards of directors) schedule 2 (Executives of candidate GOC associates and associate subsidiaries). Subsections (2) and (3) are in addition to, and do not limit, section 290 . A regulation under this section may create offences and prescribe penalties for the offences of not more than 100 penalty units. A regulation may prescribe transitional provisions about the port authority and an entity to which its assets and liabilities are to be transferred by a regulation under the Government Owned Corporations Act 1993 . The port authority is a statutory body for the purposes of the Statutory Bodies Financial Arrangements Act 1982 . This section ceases to apply to the port authority when its assets and liabilities are transferred to an entity by regulation under the Government Owned Corporations Act 1993 or 18 months after it first applied to the authority. s 294 ins 1994 No. 32 s 5 amd 1994 No. 43 s 143 sch 3 ; 2007 No. 10 s 62 sch ; 2010 No. 13 s 84 sch pt 1 (sec.294-ssec.1) This section applies in relation to a port authority that is a candidate GOC. (sec.294-ssec.2) A regulation may prescribe matters about the administration and operation of the port authority, including, for example, matters about— the port authority’s board, chief executive officer and senior management; and the port authority’s powers; and the port authority’s employees; and the port authority’s superannuation schemes; and dealings with the port authority. (sec.294-ssec.3) Without limiting subsection (2) , a regulation under the subsection may make provision to the same or similar effect as the following provisions of the Government Owned Corporations Act 1993 — chapter 3 (Government Owned Corporations (GOCs)), part 10 (General reserve powers of shareholding Ministers) sections 124 and 125 sections 146 to 153 schedule 1 (Interim boards of directors) schedule 2 (Executives of candidate GOC associates and associate subsidiaries). (sec.294-ssec.4) Subsections (2) and (3) are in addition to, and do not limit, section 290 . (sec.294-ssec.5) A regulation under this section may create offences and prescribe penalties for the offences of not more than 100 penalty units. (sec.294-ssec.6) A regulation may prescribe transitional provisions about the port authority and an entity to which its assets and liabilities are to be transferred by a regulation under the Government Owned Corporations Act 1993 . (sec.294-ssec.7) The port authority is a statutory body for the purposes of the Statutory Bodies Financial Arrangements Act 1982 . (sec.294-ssec.8) This section ceases to apply to the port authority when its assets and liabilities are transferred to an entity by regulation under the Government Owned Corporations Act 1993 or 18 months after it first applied to the authority. - (a) the port authority’s board, chief executive officer and senior management; and - (b) the port authority’s powers; and - (c) the port authority’s employees; and - (d) the port authority’s superannuation schemes; and - (e) dealings with the port authority. - • chapter 3 (Government Owned Corporations (GOCs)), part 10 (General reserve powers of shareholding Ministers) - • sections 124 and 125 - • sections 146 to 153 - • schedule 1 (Interim boards of directors) - • schedule 2 (Executives of candidate GOC associates and associate subsidiaries).