STATE OWNED CORPORATIONS ACT 1989 - SECT 11
Non-commercial activities
STATE OWNED CORPORATIONS ACT 1989 - SECT 11
Non-commercial activities
11 Non-commercial activities
(1) If a Minister wishes a company SOC to perform activities, or to cease to
perform activities, or not to perform activities, in circumstances where the
board considers that it is not in the commercial interests of the SOC to do
so, that Minister with the approval of the Treasurer may, by written notice to
the board, direct the SOC to do so in accordance with any requirements set out
or referred to in the notice.
(2) The SOC is required to comply with any such
direction.
(3) The SOC is entitled to be reimbursed, from money advanced by
the Treasurer or appropriated by Parliament for the purpose, amounts equal
to--
(a) the net cost of performing any such activities, including the cost of
capital, and
(b) the net cost of complying with a direction to cease to
perform or not to perform any such activities.
(4) The amounts and times of
payment of those amounts are as agreed between the Treasurer and the SOC or
(failing agreement) as determined by a suitably qualified person or persons
nominated by the Premier.
(5) The SOC may be reimbursed, from money advanced
by the Treasurer or appropriated by Parliament for the purpose, amounts not
exceeding the estimated net amount of revenue forgone through ceasing to
perform or not performing any such activities, as determined by the Treasurer
having regard to such factors as the Treasurer considers relevant in the
circumstances.
