New South Wales Consolidated Acts

LANDCOM CORPORATION ACT 2001 - SECT 12

12 Implementation of statement of priorities

(1) The board of the Corporation may decide to accept the statement of priorities provided by the portfolio Minister, but only with the approval of the voting shareholders.

(2) A decision to accept the statement of priorities may be made subject to such conditions or modifications to the statement as are agreed between the board and the voting shareholders.

(3) A decision not to accept the statement of priorities may be made by the board only with the approval of the voting shareholders.

(4) If a decision is made not to accept the statement of priorities provided by the portfolio Minister, or to accept the statement subject to conditions or modifications, the voting shareholders must notify the portfolio Minister of that decision and the reasons for it.

(5) In preparing a statement of corporate intent under section 21 of the State Owned Corporations Act 1989 for any period to which a statement of priorities relates, the board is to have regard to the statement of priorities, to the extent to which that statement has been accepted by the board.

(6) A copy of the statement of priorities is to be attached to the completed statement of corporate intent when it is laid before each House of Parliament under section 26 of the State Owned Corporations Act 1989 , together with a copy of a statement prepared by the board that indicates:

(a) whether the statement of priorities has been accepted by the board, and

(b) any conditions or modifications to which that acceptance is subject.

(7) The board is to provide to the portfolio Minister, within 6 months after the end of each financial year in respect of which a statement of priorities has been provided to the board, a report that:

(a) identifies the extent to which the priorities, projects, activities or outcomes set out in the statement of priorities, to the extent accepted by the board, have been undertaken or achieved by the Corporation in the financial year, and

(b) sets out the reasons for any failure to undertake or achieve those accepted priorities, projects, activities or outcomes.