(1) The portfolio Minister with the approval of the Treasurer may notify the
board of a statutory SOC, in writing, of a public sector policy that is to
apply to the SOC and its subsidiaries if the portfolio Minister is 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 SOC 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
portfolio Minister must--
(b) request the
board to advise the portfolio Minister whether, in its opinion, carrying out
the policy would not be in the best interests of the SOC or any of its
subsidiaries.
(4) The SOC may be reimbursed, from money advanced by the
Treasurer or appropriated by Parliament 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 Treasurer having regard to such factors as the Treasurer
considers relevant in the circumstances.
(5) The portfolio Minister is
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 1 month after the notification is
given.
