STATE OWNED CORPORATIONS ACT 1989 - SECT 21
Statement of corporate intent: timetable and procedure
STATE OWNED CORPORATIONS ACT 1989 - SECT 21
Statement of corporate intent: timetable and procedure
21 Statement of corporate intent: timetable and procedure
(1) The board of a State owned corporation must prepare and submit to the
voting shareholders a draft written statement of corporate intent not later
than one month after the commencement of each financial year of the
corporation.
(2) The board must consider any comments on the draft statement
of corporate intent that are made to it by the voting shareholders within 2
months after the commencement of the financial year of the corporation.
(3)
The board must consult in good faith with the voting shareholders following
communication to it of the comments, make such changes to the statement as are
agreed between the voting shareholders and the board and deliver the completed
written statement to the voting shareholders within 3 months after the
commencement of the financial year.
(4) The statement may not, before it is
laid before both Houses of Parliament, be published or made available to the
public without the prior approval of the board and the voting shareholders.
(7) The
voting shareholders may, from time to time, by written notice to the board,
direct the board to include in, or omit from, a statement of corporate intent
any specified matters.
(8) Before giving a direction under this section, the
voting shareholders are to consult with the board as to the matters to be
referred to in the notice.
(9) The corporation is required to comply with any
such direction.
(10) At any particular time, the statement of corporate
intent for the corporation is the completed statement, with any modifications
or deletions made in accordance with this Part.
