New South Wales Consolidated Acts New South Wales Consolidated Acts(cf State Owned Corporations Act 1989 , section 20O)
(1) The voting shareholders may notify the Board, in writing, of a policy adopted by the constituent councils that is to apply to the Corporation and its subsidiaries, if the voting shareholders are satisfied that it is necessary to give the notification in the public interest.
(2) The Board must ensure that the policy is carried out in relation to the Corporation and must, as far as practicable, ensure that the policy is carried out in relation to its subsidiaries.
(3) Before giving a notification under this section, the voting shareholders:(a) must consult with the Board, and(b) must request the Board to advise the voting shareholders whether, in its opinion, carrying out the policy would not be in the best interests of the Corporation or any of its subsidiaries.
(4) The Corporation may be reimbursed, from money advanced by the constituent councils for the purpose, amounts not exceeding the estimated net cost of complying with such a notification, or the estimated net amount of revenue forgone through complying with such a notification, as determined by the voting shareholders having regard to such factors as they consider relevant in the circumstances.
(5) The voting shareholders are required to cause a notice to be published in the Gazette setting out the reasons why a notification was given under this section and why it is in the public interest that the notification be given.
(6) A notice referred to in subsection (5) is to be published within one month after the notification is given.