12Direction and control of WSN and transaction companies

12 Direction and control of WSN and transaction companies

12 Direction and control of WSN and transaction companies

(1) WSN and any transaction company (while it is a public sector agency) are subject to the direction and control of the Treasurer in the exercise of any of their functions for the purposes of the authorised transaction.

(2) The Treasurer may give directions for the purposes of the authorised transaction to WSN and to any transaction company, and to the directors and other officers of WSN or a transaction company. Any such directions must be complied with by WSN, the transaction company or the directors or other officers concerned.

(3) Directions to a transaction company (or its directors and other officers) can only be given and are only required to be complied with while the transaction company is a public sector agency.

(4) The power to give directions under this section extends to directions with respect to the way in which WSN or a transaction company is to conduct its business and other affairs.

(5) Action taken by WSN to comply with a direction of the Treasurer under this Act does not require the approval of the voting shareholders or portfolio Minister of WSN.

(6) Anything done or omitted to be done by a director or other officer of WSN or a transaction company in complying with a direction given by the Treasurer under this Act does not subject the director or officer personally to any action, liability, claim or demand.

(7) The provisions of this section are declared to be Corporations legislation displacement provisions for the purposes of section 5G of the Corporations Act.