The Act introduces several key concepts that define the legal and operational framework for the Corporation. The Corporation itself is a proprietary company limited by shares, formed by councils under the Corporations Act (s 5). Its principal objectives are set out in s 6: efficient provision of water and sewerage functions, encouragement of water conservation and demand management, and operation as a successful business delivering sustainable returns to council members and cost-efficient services. These objectives are of equal importance, meaning no single objective can be subordinated to another in decision-making. The Board is the governing body responsible for all decisions relating to the Corporation’s operation, subject to delegation powers (s 16). The chief executive officer is appointed and may be removed by the Board (s 15). The shareholders’ letter of expectation is a key governance instrument issued by the members to the Board, specifying strategic priorities and high-level performance expectations (s 12). It must not be inconsistent with the Act, regulations or constitution. The corporate plan for each financial year must cover the period specified in the letter, contain information required by it, and be adopted in accordance with its procedure; the Corporation must comply with the plan (s 13). Transfer orders are Gazetted notices by the Minister that effect the transfer of assets, rights, liabilities and employees from transferors (councils, Regional Corporations, the Common Services Corporation, or the Crown) to transferees (the Corporation or its subsidiaries) (s 28). The transfer vests assets automatically (s 30). Water and sewerage functions are defined broadly to include collection, storage, treatment, conveyance, reticulation and supply of water, and analogous functions for sewerage, plus associated functions including stormwater and re-use, and any other functions prescribed by regulations (s 4). Disposal is defined in s 4 to include sale, transfer, assignment, creating a security interest, declaring a trust, or parting with any benefit. The Act also defines borrowing broadly as any form of raising funds where principal is repayable (s 4). State tax is defined in Part 3 as fees, taxes and charges imposed by Tasmanian law, and is not payable on transfers under s 28(8). The concept of excluded matter appears in s 8, which declares the Corporation and its officers excluded from certain Corporations Act provisions (e.g. Part 2M.4 on annual financial reports? Actually Part 2M.4 is audit and auditor? The Act excludes Part 2M.4, Chapter 6 (takeovers), Chapters 6A-6D, 7 (financial services), 8 (debentures), and any other provisions specified by regulations). This means those Commonwealth provisions do not apply to the Corporation. The entrenchment provision in Schedule 1 requires that the constitution cannot be modified or repealed in a way inconsistent with the Act, and any modification must comply with s 11. The Act to prevail clause in Schedule 1 provides that the Act prevails over inconsistent constitution provisions, and prohibits the company, directors and members from contravening the Act. The replaceable rules do not apply (Schedule 1, clause 4). The Act also defines elected government official (a current or former Member of Parliament or councillor) and imposes a three-year cooling-off period before such a person can be appointed as a director (s 14(3)(a)). Directors also cannot be current elected officials or employees of any council or the Crown (s 14(3)(b)). The Act establishes a dividend policy requirement (s 21) and mandates that the constitution must allocate dividends among non-Crown members and cannot entitle the Crown to dividends (s 21(3), (4)). The concept of main undertakings is defined through the most recent corporate plan; the Corporation cannot dispose of these main undertakings or permit their disposal by a subsidiary (s 20). GBE Treasurer’s Instruction is referenced but not fully elaborated in the Act; it means a Treasurer’s Instruction under the Government Business Enterprises Act 1995 (s 4). The Auditor-General is the auditor of the Corporation (s 24(5)).

The Act directly affects several categories of persons and entities. Councils in Tasmania are the original members who form the Corporation (s 5) and are the only entities, along with the Crown, that may hold shares or securities in the Corporation (s 10(1)). Councils cannot dispose of their shares (s 10(3)). They may give guarantees or indemnities to the Corporation or its subsidiaries, which exposes them to liability only to the extent of that guarantee (s 7(3), s 26). Councils are also entitled to receive dividends from the Corporation, but only if they are members who are not the Crown (s 21(1)-(4)). The Corporation itself is the central entity created by the Act; it is subject to all the duties, restrictions and governance requirements imposed by the Act, including the principal objectives (s 6), the requirement to have a constitution (s 11), to prepare a corporate plan (s 13), to maintain financial records and provide financial statements to the Auditor-General (s 24), to provide an annual report to members (s 25), and to comply with borrowing restrictions (s 18). The Corporation’s directors must possess experience and skills necessary to achieve the principal objectives (s 14(1)). They cannot be persons who have been elected government officials within the past three years or who currently hold such office or are employees of a council or the Crown (s 14(3)). Directors are subject to the Corporations Act except where excluded (s 8). The chief executive officer is appointed by the Board and is responsible for day-to-day management (s 15, s 16(3)). Employees of the former Regional Corporations and Common Services Corporation are transferred to the Corporation under Part 3. They retain their accrued leave entitlements and receive no less remuneration (excluding bonuses) than before transfer (s 36(1)). Their conditions of employment are preserved subject to awards, agreements and determinations, and they can be assigned different roles by the transferee (s 35(3)). They are not entitled to any payment or dual benefits merely because they cease to be employees of the transferor (s 38). Customers of water and sewerage services are indirectly affected as the Corporation must deliver services in the most cost-efficient manner (s 6(1)(c)(iii)). The Crown may hold shares in the Corporation (s 10(1)), but is not liable for its debts unless it gives a guarantee (s 7(2)). The Crown is also not entitled to dividends under the constitution (s 21(4)). The Minister has powers to issue transfer orders (s 28), to determine disputes about transfer (s 29), to approve borrowings from persons other than the Tasmanian Public Finance Corporation (s 18(1)), to delegate powers (s 39), and to consult on regulations (s 40(1)). The Treasurer may issue guidelines for borrowing after consulting councils and the Corporation (s 18(3)-(4)). The Auditor-General is the statutory auditor (s 24(5)). Subsidiaries of the Corporation are subject to the same constraints: their constitutions must include the same provisions as the Corporation’s (s 11(5)), they must not issue shares or securities except to existing members or the Crown (s 10(4)), they are subject to the same asset disposal restrictions (s 19, s 20), and the Corporation must ensure they comply with the Act (Schedule 1, clause 3). The Tasmanian Public Finance Corporation is the primary lender to the Corporation unless the Minister approves otherwise (s 18(1)). ASIC may be given functions under regulations made under s 8(4), but only if there is an agreement under the ASIC Act. The Recorder of Titles is involved in registering transfers of interests in land under s 32. The public is entitled to access the constitution after adoption or modification (s 11(4)) and the annual report within five months after the financial year (s 25(2)).

The Act imposes a range of duties and confers rights on various parties. The Corporation has a duty to pursue its principal objectives of efficient service provision, water conservation, and commercial operation (s 6). It must have a constitution containing specified provisions (s 11), must have a corporate plan each financial year and comply with it (s 13), must maintain accurate financial records and prepare financial statements within 45 days after year-end (s 24), and must provide an annual report to members within three months and make it public within five months (s 25). The Corporation must not borrow from any person other than the Tasmanian Public Finance Corporation unless the Minister approves, and must comply with Treasurer’s borrowing guidelines (s 18). It must not acquire or dispose of assets or investments other than in the ordinary course of business without prior unanimous approval of members (s 19(1)), and must not dispose of its main undertakings at all (s 20). It must ensure its subsidiaries comply with the same constraints, including on share issues (s 10(4)), asset transactions (s 19), and constitution requirements (s 11(5)). It must also comply with any superannuation instruction from the Minister administering the Public Sector Superannuation Reform Act 2016 (s 37(2)) and make adequate provision for superannuation liabilities (s 37(5)). The Board has the duty to ensure directors have the necessary experience and skills (s 14(1)). It makes all operational decisions, may delegate functions (s 16), and must determine a dividend policy for the Corporation (s 21(1)). The Board must provide financial statements to the Auditor-General (s 24(2)) and provide a copy of the Auditor-General’s opinion to the members (s 24(6)). The members (councils or the Crown) have rights to approve certain transactions: unanimous approval is required for acquisitions or disposals of assets outside the ordinary course (s 19(1)); approval is needed for the Corporation to form subsidiaries or acquire interests in other entities (Schedule 1, clause 3); approval is required for the issue of shares to existing members pro rata (s 10(4)(c)); and members can direct the Board to include additional financial information in financial statements (s 24(3)). Members also issue the shareholders’ letter of expectation (s 12) and must consult with the Board before preparing or amending it (s 12(5)). Members can initiate amendment or revocation of the letter (s 12(4)). The Minister has the power to make transfer orders (s 28), determine disputes about transfers (s 29), specify consideration for vesting (s 34), approve borrowing from non-TPF persons (s 18(1)), delegate powers (s 39), and consult on regulations (s 40). The Minister must consult councils and the Corporation on proposed regulations (s 40(1)). Transferred employees have the right to no less remuneration (excluding bonuses) than before transfer (s 36(1)(a)), to be employed according to applicable awards and agreements (s 36(1)(b)), and to retain accrued leave entitlements (s 36(1)(c)). They are not entitled to redundancy payments merely by reason of the transfer (s 38). The transferor (e.g. a council or Regional Corporation) has a duty to take all reasonable steps to enable a transfer order to take effect (s 28(4)) and to give written notice to employees of the transfer (s 35(1)). The transferee may determine different position descriptions for transferred employees (s 35(3)), but must preserve conditions. The Auditor-General has the right to audit the Corporation (s 24(5)) and must provide an opinion to the Board and members (s 24(6)). The Treasurer may issue borrowing guidelines after consulting councils and the Corporation (s 18(3), (4)). Councils have the right to give guarantees or indemnities on request (s 26), but no liability otherwise (s 7(3)). The constitution must entrench its provisions: any modification or repeal that would cause inconsistency with the Act is ineffective, and the Act prevails over inconsistent constitution provisions (Schedule 1, clauses 1, 2). The Corporation must make its constitution publicly available (s 11(4)).

The Act itself does not contain specific penalty provisions for non-compliance. However, several provisions impose obligations that, if breached, may attract consequences under other laws or through governance mechanisms. The primary enforcement mechanism is the Act’s interaction with the Corporations Act and the duties of directors and officers. Under s 8, certain provisions of the Corporations Act are excluded, but others apply, including the duties in Chapter 2D (subject to the exclusion of appointment and removal of directors from Chapter 2D - s 8(2) only excludes those matters). Directors of the Corporation remain subject to the Corporations Act’s general duties of care and diligence, good faith, and proper purpose, as well as the prohibition on insolvent trading. Breach of those duties can lead to civil penalties under the Corporations Act. The Act also provides for regulations under s 40, which may create offences and prescribe penalties, but the current text does not specify any. The Act does not create any specific criminal offences. For breach of the borrowing restriction (s 18), the consequence is that the borrowing is unauthorised; there is no stated penalty, but directors authorising such borrowing may breach their duties. Similarly, if the Corporation disposes of main undertakings (s 20), the transaction is prohibited; the Act does not void it, but directors may be liable. The share ownership restrictions in s 10 are enforceable as corporations law matters; any disposal of shares by a member is prohibited (s 10(3)), and an attempt to issue shares to a non-permitted person would be invalid to the extent it conflicts with the Act. The constitution must include provisions that entrench the Act’s supremacy (Schedule 1), so any action inconsistent with the Act may be challenged as ultra vires the constitution. The Minister has power under s 29 to determine disputes about transfers, and that determination is final and binding on the transferor and transferee. There is no appeal mechanism stated, but judicial review may be available. The Auditor-General performs an audit function under s 24; an adverse audit opinion could lead to political or governance consequences but not direct penalties under this Act. The members (councils) have powers to approve or withhold approval for key transactions (s 19, Schedule 1 clause 3), so they can enforce compliance through that control. The shareholders’ letter of expectation and corporate plan (ss 12, 13) are not directly enforceable as statutory duties, but the Board’s failure to comply could be a factor in director removal or member action. The Act does not include provisions for suspension or disqualification of directors beyond the eligibility restrictions in s 14. The Minister may delegate functions under s 39, but that does not create enforcement powers. Overall, enforcement relies heavily on existing corporations law and the governance relationship between members and the Board, rather than on specific penalties within the Act.

The Act explicitly interacts with several Tasmanian and Commonwealth laws. The Corporations Act 2001 (Cth) is the most significant. Section 8 modifies its application to the Corporation in multiple ways. The Corporation and its officers are declared an excluded matter under s 5F of the Corporations Act for Part 2M.4 (financial reports and audit? Actually Part 2M.4 relates to appointment and removal of auditors? The Act lists Part 2M.4 which covers financial reporting and audit requirements? Must check: Corporations Act Part 2M.4 is about appointment, removal and resignation of auditors. But s 24(4) says Chapter 2M applies to the Corporation as if it were a large proprietary company. So there is an apparent inconsistency: s 8(1) excludes Part 2M.4, but s 24(4) says Chapter 2M applies. The resolution is that s 8(1) excludes certain chapters including Part 2M.4, but s 24(4) specifically applies Chapter 2M. The Act is designed to apply Chapter 2M (annual financial reports, directors' report, audit) but exclude certain parts? Actually, s 8(1)(a)(i) says "Part 2M.4" is excluded. Part 2M.4 is about appointment, removal and resignation of auditors. So the Act excludes the appointment/removal of auditor provisions because s 24(5) designates the Auditor-General as auditor. So Chapter 2M generally applies subject to that exclusion. Also excluded are Chapters 6, 6A, 6B, 6C, 6CA, 6D (takeovers, compulsory acquisitions, information about ownership), Chapter 7 (financial services), Chapter 8 (debentures). This means the Corporation is not subject to takeover rules, disclosure of beneficial ownership, or licensing for financial services. Section 8(2) excludes appointment and removal of directors from Chapter 2D, meaning the Corporations Act’s rules on those matters do not apply; instead, the constitution governs. However, the disqualification of persons from managing corporations under the Corporations Act still applies. Section 8(3) provides that if any provision of the Act is incapable of concurrent operation with the Corporations Act, it is a Corporations legislation displacement provision. Section 8(4)-(6) allows regulations to declare the Corporation an applied Corporations legislation matter for Part 3 of the Corporations (Ancillary Provisions) Act 2001, with modifications, potentially applying selective provisions of the Corporations Act as if they were Tasmanian law. This gives flexibility. The Audit Act 2008 is referenced in the definition of Auditor-General and in s 24(2)(c) which requires providing financial statements to the Auditor-General under that Act. The Auditor-General’s opinion under the Audit Act must be provided to the Board and members (s 24(6)). The Land Titles Act 1980 is engaged for the transfer of interests in part of an area of land. Section 32 includes detailed rules about caveats, plans, registration, and the Recorder’s powers. The Recorder may create new folios despite subdivision restrictions. The transfer is not a subdivision under the Land Use Planning and Approvals Act 1993, and no permit is required (s 32(10)). Part 3 of the Local Government (Building and Miscellaneous Provisions) Act 1993 does not apply (s 32(11)). The Environmental Management and Pollution Control Act 1994 is referenced in s 43 transitional provisions: environment protection notices and permits are deemed to continue with the transferee. The Public Sector Superannuation Reform Act 2016 applies to transferred employees (s 37). The Government Business Enterprises Act 1995 is referenced through the definition of GBE Treasurer’s Instruction (s 4). The Administrative Arrangements Act 1990 assigns administration to the Minister for Finance and the Department of Treasury and Finance until ordered otherwise (s 41). The Competition and Consumer Act 2010 (Cth) Part IV is referenced in s 40(3), which allows regulations to authorise acts or things for the purposes of that Part, effectively providing an authorisation under Commonwealth competition law to avoid certain anti-competitive conduct provisions. The Commonwealth Tax Act is defined in s 4 as the Income Tax Assessment Act 1936 and other income tax enactments. The Act also lists consequential amendments in Schedule 2 to several Acts including the Audit Act 2008, Drains Act 1954, Land Use Planning and Approvals Act 1993, Tasmanian Planning Commission Act 1997, Tasmanian Public Finance Corporation Act 1985, Water Management Act 1999, and others. These consequential amendments are not restated in the Act text but are referenced. The Water and Sewerage Corporations Act 2008 is repealed? Schedule 2 includes it for amendment, but the Act itself replaces that earlier structure. The Water and Sewerage Industry Act 2008 and Water and Sewerage Industry (Community Service Obligation) Act 2009 are also amended. The Rules Publication Act 1953 is excluded for transfer orders (s 28(7)) and consideration notices (s 34(2)).

The Act has been amended on several occasions since its enactment in 2012. The first significant amendment was by No. 54 of 2016, which came into effect on 31 March 2017. This amendment substituted section 37(1) and (2) to replace references to the former superannuation regime with references to the Public Sector Superannuation Reform Act 2016. It also omitted former subsections (3) and (4) of s 37 and amended subsection (5) to refer to that new Act. This amendment aligned the Corporation’s superannuation obligations with the new State superannuation framework. Next, No. 4 of 2017 amended section 4 to insert the definition of Auditor-General, cross-referencing the Audit Act 2008, with effect from 1 July 2019. This change likely updated the terminology after amendments to the Audit Act. In 2018, two amending Acts were passed. No. 12 of 2018 inserted section 43A, which came into effect on 14 September 2018. This section facilitated alterations to the governance of the Corporation to implement a memorandum of understanding entered into on 1 May 2018 between the Crown, the Chief Owners’ Representative and the Corporation. It allowed the members to make a relevant constitution resolution, shareholders’ letter resolution, or share issue resolution for the purposes of implementing that memorandum, even if such resolutions would otherwise be invalid under the Act or other law. The power was time-limited: resolutions had to be made after commencement of s 43A and before the introduction of the Water and Sewerage Legislation (Corporate Governance and Pricing) Amendment Bill 2018 into the House of Assembly. The amendments could only take effect after amendments to the Act to enable shares to be issued to the Crown had commenced. No. 23 of 2018 was a substantial amending Act that took effect on 10 December 2018 (with some provisions effective from 1 January 2019). It made several key changes. Section 6(1)(c)(ii) was amended to require the Corporation to deliver sustainable returns to such of its members as are councils, not just to members generally. Section 7(1)(b) was amended to clarify that the Corporation is not exempt from rates, taxes or duties merely because a member or the Corporation holds shares. Section 10(1) was amended to allow the Crown to hold shares or securities in the Corporation, and former subsection (2) (which had required a Crown nominee or representation) was omitted. Section 10(4) was amended to reflect that shares or securities may be issued to the Crown as well as existing members pro rata. Section 14(3)(b) was amended to prohibit any person who holds office as an elected government official or who is currently an employee of any council or of the Crown from being a director. Section 21 was amended: subsection (2)(a) and (d) were amended to refer to payments to members who are not the Crown, and new subsection (4) was inserted to provide that the constitution must not entitle the Crown to any dividends. Sections 22 and 23 were repealed with effect from 1 January 2019; these had dealt with appointed directors? Actually, s 22 was about appointed directors? The original Act text provided for appointed directors? The repealed sections are not reproduced, but the repealing Act notes they are omitted. Section 42 was also repealed on 10 December 2018, which had been about annual reporting? Not clear from the source. The 2018 amendments overall removed Crown representation and restricted dividends to councils, aligning the Corporation with a more commercially-oriented structure where the Crown can be a shareholder but not receive dividends.

The Act itself does not reference any specific litigation, and the source text contains no citations of court cases, judgments or legal proceedings that have interpreted the Act. The deep dive must not invent cases. Therefore, it is accurate to report that the source provides no information about litigation history. It may be that disputes under the Act, for example concerning the scope of transfer orders or the validity of Ministerial determinations, have been considered by Tasmanian courts, but the Act text does not mention them. Section 29 gives the Minister power to determine disputes about whether an asset, right, liability or employee is transferred, and that determination is final and binding on the parties. This might oust judicial review to some extent, but the section does not preclude review on jurisdictional error. The Act’s interaction with the Corporations Act may give rise to proceedings under that Act, but again the source is silent. Given the requirement to ground every claim in the source, it must be stated that the Act includes no reference to litigation history, and no cases are cited.

Practitioners should be alert to several less obvious provisions that can trap the unwary. First, the borrowing restriction in s 18(1) is absolute: the Corporation and its subsidiaries must not borrow from any person other than the Tasmanian Public Finance Corporation unless the Minister approves. This applies to any form of borrowing, including bank loans or commercial paper. The Treasurer may issue guidelines, and consultation with councils and the Corporation is required before guidelines are issued (s 18(3)-(4)), but the restriction itself is statutory. Second, the prohibition on disposal of main undertakings in s 20 is not subject any ministerial or member approval; it is an absolute prohibition. The definition of “main undertakings” is tied to the most recent corporate plan, so the Board has some influence over what constitutes main undertakings, but once specified, disposal is banned. Third, the asset acquisition and disposal restriction in s 19(1) requires prior written and unanimous approval of the members for any acquisition or disposal outside the ordinary course of business. This is a higher threshold than typical section approval; a single member can block a transaction. The definition of “dispose” is very broad, covering creation of security interests and declarations of trust. Fourth, the share ownership rules in s 10 are restrictive: only councils or the Crown may hold shares; members cannot dispose of their shares; and the Corporation cannot issue shares except to existing members pro rata or to the Crown. This effectively locks the share register; there is no market for shares and no ability to bring in private investors. Fifth, directors face a stringent eligibility bar under s 14(3): a three-year cooling-off period for former elected government officials, and current elected officials or employees of councils or the Crown are entirely ineligible. This may catch individuals who have served on local councils or as MPs, even if only briefly. Sixth, the Act prevails over the constitution (Schedule 1, clause 2), and the constitution must entrench its own provisions so that any modification inconsistent with the Act is void. This means even if members agree to change the constitution, they cannot override the Act. Seventh, the Minister’s power to determine transfer disputes under s 29 is final and binding, but this does not necessarily preclude judicial review for jurisdictional error; however, the Act does not provide an internal appeal mechanism. Eighth, the State tax exemption in s 28(8) applies only to transfers under Part 3 and only if the Minister certifies something as a consequence of the transfer. It does not cover ongoing transactions by the Corporation. The Corporation is also not exempt from rates, taxes or duties merely because a member holds shares (s 7(1)(b)). Ninth, the Act’s modification of the Corporations Act (s 8) means that certain protections for shareholders under Commonwealth law (e.g. takeover provisions, disclosure of substantial holdings) do not apply. However, the replaceable rules also do not apply (Schedule 1, clause 4), so the constitution must comprehensively cover governance matters. Tenth, the requirement in s 32(5) that a transferee of an interest in part of land must lodge a caveat under the Land Titles Act 1980, and later must make an application under s 138A with a surveyor’s plan, involves specific procedural steps that if not followed may leave the interest unregistered. The Recorder can refuse registration if not satisfied. Also, the transfer does not constitute a subdivision for planning laws (s 32(10)), but the transferee must still comply with other land use requirements. Finally, the dividend policy must provide for adequate future capital and operational expenditure before paying dividends (s 21(2)(d)), which constrains distributions even if the Corporation is profitable.

For the Corporation and its Board, compliance with the Act requires a systematic approach. The first step is to ensure the constitution is in place as required by s 11 and contains all mandatory provisions including those in Schedule 1. The constitution must not be inconsistent with the Act, and any amendment must comply with s 11 and the entrenchment provisions. The constitution should also address share classes, dividend allocation (excluding the Crown), and subsidiary governance. The Board must appoint a chief executive officer (s 15) and ensure that all directors meet the eligibility criteria under s 14(3) (no current or recent elected officials or employees of councils/Crown). Directors must collectively have the necessary experience and skills (s 14(1)). The members must issue a shareholders’ letter of expectation as soon as practicable after incorporation (s 12), specifying strategic priorities and performance expectations, and must consult the Board before issuing or amending it. The Corporation must prepare a corporate plan for each financial year covering the period and content specified in the letter, and must comply with the plan (s 13). Financial compliance is critical: the Corporation must maintain accurate financial records (s 24(1)), prepare financial statements within 45 days after year-end (s 24(2)), and provide them to the Auditor-General in accordance with the Audit Act 2008. The Auditor-General is the auditor (s 24(5)), and must provide his or her opinion to the Board and members (s 24(6)). The annual report must be provided to members within three months and made public within five months after year-end (s 25). In terms of capital management, the Corporation must not borrow from anyone other than the Tasmanian Public Finance Corporation unless the Minister approves in writing (s 18(1)). It must adhere to any Treasurer’s borrowing guidelines (s 18(2)). Any acquisition or disposal of assets outside the ordinary course of business requires prior unanimous approval of all members (s 19(1)). The Corporation must not dispose of its main undertakings (s 20). It must ensure subsidiaries do not issue shares or securities except to existing members pro rata or to the Crown (s 10(4)). The Board must determine a dividend policy (s 21) that establishes the aggregate amount payable to non-Crown members, ensures adequate provision for future capital and operational expenditure, and does not entitle the Crown to any dividend. The constitution must reflect this prohibition on Crown dividends. For subsidiaries, the Corporation must ensure their constitutions contain equivalent provisions (s 11(5)) and that the subsidiaries comply with the Act (Schedule 1, clause 3). The Corporation must make its constitution available to the public (s 11(4)). It must also comply with superannuation obligations under the Public Sector Superannuation Reform Act 2016 (s 37) and must not establish a superannuation scheme unless approved by members (s 37(6)). For any transfer under Part 3, the transferor must take all reasonable steps to give effect to the transfer order (s 28(4)), give written notice to employees (s 35(1)), and the transferee must preserve employee conditions (s 36) and consider any superannuation instructions. The Corporation should also monitor regulations made under s 40, which may prescribe additional functions, specify applied Corporations legislation, or authorise certain acts for competition law purposes. Finally, the Corporation should maintain records of all transactions requiring member approval and document compliance with consultation requirements (e.g., s 12(5) on shareholders’ letter, s 18(4) on borrowing guidelines, s 40(1) on regulations).