Commonwealth Consolidated Acts

COMMONWEALTH AUTHORITIES AND COMPANIES ACT 1997 - SECT 40

             (1)  If a wholly‑owned Commonwealth company, or any of its subsidiaries, proposes to do any of the following things, the directors of the Commonwealth company must immediately give the responsible Minister written particulars of the proposal:

                     (a)  form a company or participate in the formation of a company;

                     (b)  participate in a significant partnership, trust, unincorporated joint venture or similar arrangement;

                     (c)  acquire or dispose of a significant shareholding in a company;

                     (d)  acquire or dispose of a significant business;

                     (e)  commence or cease a significant business activity;

                      (f)  make a significant change in the nature or extent of its interest in a significant partnership, trust, unincorporated joint venture or similar arrangement.

             (2)  The responsible Minister may in writing exempt the directors of a Commonwealth company from the requirement to notify matters covered by paragraph (1)(a). The exemption may be granted subject to conditions.

             (3)  The responsible Minister may give written guidelines to the directors that are to be used by the directors in deciding whether a proposal is covered by paragraph (1)(b), (c), (d), (e) or (f).