New South Wales Consolidated Acts

NEW SOUTH WALES LOTTERIES CORPORATISATION ACT 1996 - SECT 5

5 Establishment of New South Wales Lotteries Corporation as statutory SOC

(1) There is constituted by this Act a corporation with the corporate name of New South Wales Lotteries Corporation.

(2) The State Owned Corporations Act 1989 is amended by inserting in Schedule 5, in alphabetical order, the words “New South Wales Lotteries Corporation”.

Note: The State Owned Corporations Act 1989 contains many provisions that apply to New South Wales Lotteries Corporation as a statutory State owned corporation. In particular, Part 3 contains provisions relating to its status, the application of the Corporations Act 2001 of the Commonwealth, the issue of shares to the Treasurer and another Minister, 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 memorandum and articles, dividends and tax-equivalent payments, government guarantees, the sale or disposal of assets and legal capacity. Part 4 deals with the accountability of State owned corporations (including statements of corporate intent, annual reports and accounts). Part 5 deals with miscellaneous matters (including the duties and liabilities of directors and the application of public sector legislation).
Schedules 8 and 9 to the State Owned Corporations Act 1989 contain provisions dealing with the board of directors and the chief executive officer that are to be read in conjunction with Part 2A of this Act.