New South Wales Consolidated Acts(cf State Owned Corporations Act 1989 , section 20F)
The Corporation or any of its subsidiaries:
(a) is not and does not represent the constituent councils or the State, and
(b) is not exempt from any rate, tax, duty or other impost imposed by or under any law of the State merely because it is the Corporation, and
(c) cannot render the constituent councils or the State liable for any debts, liabilities or obligations of the Corporation or any of its subsidiaries,unless this or any other Act otherwise expressly provides.