STATE OWNED CORPORATIONS ACT 1989 - SECT 20Q Constitution of statutory SOCs

STATE OWNED CORPORATIONS ACT 1989 - SECT 20Q

20Q Constitution of statutory SOCs

(1) A statutory SOC is to have a constitution.

(2) As far as practicable, the constitution of a statutory SOC is to have the same operation and effect in relation to the SOC as the constitution of a company has in relation to the company.

(3) The constitution of a statutory SOC may contain matters that, for a company, would be found in the Corporations Act 2001 of the Commonwealth.

(4) The constitution of a statutory SOC may make provision for or with respect to the provision, form, custody and use of the seal of the SOC. Any such provisions have effect despite section 50 of the Interpretation Act 1987 .

(5) The constitution of a statutory SOC may contain provisions regarding the manner of alteration or replacement of the constitution.

(6) The Ministers who are the voting shareholders of a statutory SOC are responsible for ensuring that the constitution of the SOC at all times contains provisions to the effect of those required by Schedule 6.

(7) The constitution may contain other provisions, so long as they are not inconsistent with the provisions referred to in subsection (6) or any other provisions of this Act.

(8) This section does not apply to the extent provided in resolutions of both Houses of Parliament.