43AFacilitation of alterations to governance of Corporation

43A Facilitation of alterations to governance of Corporation

[Section 43A Inserted by No. 12 of 2018, s. 4, Applied:14 Sep 2018]

(1)  In this section –

memorandum of understanding means the memorandum of understanding entered into on 1 May 2018 between the Crown, the Chief Owners' Representative, within the meaning of the constitution, and the Corporation.

(2)  Despite any provision of this Act, any other law, or the constitution, the members of the Corporation may –

(a) make a relevant constitution resolution; or

(b) make a relevant shareholders' letter resolution; or

(c) make a relevant share issue resolution –

if the relevant requirements in relation to the resolution are met.

(3)  A resolution to which subsection (2) relates is, if the relevant requirements in relation to the resolution are met, not to be taken to be invalid or in breach of this Act by reason only that, but for that subsection, the resolution would not have been, at the time of the resolution, a resolution that the members of the Corporation could make under this Act, another law, or the constitution.

(4)  For the purposes of this section –

(a) a relevant constitution resolution is a resolution to amend the constitution for the purposes of implementing, or enabling the implementation of, the memorandum of understanding; and

(b) a relevant shareholders' letter resolution is a resolution to amend the shareholders' letter of expectation for the purposes of implementing, or enabling the implementation of, the memorandum of understanding; and

(c) a relevant share issue resolution is a resolution to approve the issue, and the terms of issue, of shares in the Corporation for the purposes of implementing, or enabling the implementation of, the memorandum of understanding.

(5)  For the purposes of this section, the relevant requirements in relation to a resolution are that –

(a) the resolution is made after the day on which this section commences and before the day on which a bill entitled the is introduced into the House of Assembly; and