New South Wales Consolidated Acts

STATE OWNED CORPORATIONS ACT 1989 - SECT 20ZC

20ZC Restrictions on statutory SOCs

(1) Section 20ZB has effect in relation to a statutory SOC subject to any restrictions on the SOC’s powers expressly imposed by or under this or another Act.

(2) Section 20ZB also has effect in relation to the SOC subject to any restrictions expressly imposed by:

(a) the SOC’s constitution, and

(b) any relevant statement of corporate intent of the SOC, and

(c) any relevant directions, notifications or approvals given to the SOC by the SOC’s voting shareholders or portfolio Minister.

(3) If:

(a) the SOC exercises a power contrary to a restriction mentioned in subsection (1) or (2), or

(b) the SOC’s foundation charter sets out the SOC’s objects or functions and the SOC does an act otherwise than in pursuance of the objects or functions,

the SOC contravenes this subsection.

(4) The exercise of the power mentioned in subsection (3) (a), or the act mentioned in subsection (3) (b), is not invalid merely because of the contravention.

(5) An officer of the SOC who is involved in the contravention contravenes this subsection.

(6) An act of the officer is not invalid merely because, by doing the act, the officer contravenes subsection (5).

(7) The SOC or officer of the SOC is not guilty of an offence merely because of the relevant contravention.

(8) The fact that:

(a) by exercising the powers mentioned in subsection (3) (a), or doing the act as mentioned in subsection (3) (b), the SOC contravened, or would contravene, subsection (3), or

(b) by doing a particular act, an officer of the SOC contravened, or would contravene, subsection (5),

may be asserted or relied on only in proceedings between the voting shareholders or the State and officers of the SOC.