4Constitution of Water NSW

4 Constitution of Water NSW

4 Constitution of Water NSW

(1) State Water Corporation continues in existence as a corporation constituted by this Act, but with the new corporate name of Water NSW.

(2) Accordingly, Water NSW is taken for all purposes (including the rules of private international law) to be a continuation of, and the same legal entity as, State Water Corporation.

Note.

Schedule 3 to this Act, as originally enacted, amended the State Owned Corporations Act 1989 to provide for Water NSW to continue to be a statutory State owned corporation.

The State Owned Corporations Act 1989 contains a number of provisions that will apply to Water NSW as a statutory State owned corporation. In particular—

(a) Part 3 contains provisions relating to the status of Water NSW, the application of the Corporations Act 2001 of the Commonwealth, the issue of shares to the Treasurer and another Minister, the board of directors, the chief executive officer, the employment of staff, the giving of directions by the portfolio Minister (including directions for the performance of non-commercial activities or the carrying out of public sector policies), the constitution of Water NSW, dividends and tax-equivalent payments, government guarantees, the sale or disposal of assets and the legal capacity and general powers of Water NSW, and

(b) Part 4 deals with the accountability of Water NSW (including statements of corporate intent, annual reports and accounts), and

(c) Part 5 deals with miscellaneous matters (including the duties and liabilities of directors and the application of public sector legislation).