(1) The portfolio Minister with the approval of the Treasurer may give the
board of a statutory SOC a written direction in relation to the SOC and its
subsidiaries if the portfolio Minister is satisfied that, because of
exceptional circumstances, it is necessary to give the direction in the public
interest.
(2) The board must ensure that the direction is carried out in
relation to the SOC and must, as far as practicable, ensure that the direction
is complied with in relation to its subsidiaries.
(3) Before giving a
direction under this section, the portfolio Minister must--
(b) request the board to advise the portfolio Minister
whether, in its opinion, complying with the direction 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 direction, or the estimated net amount of revenue forgone through
complying with such a direction, 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 direction was given under this section
and why it is in the public interest that the direction be given.
(6) A
notice referred to in subsection (5) is to be published within 1 month after
the direction is given.
