STATE OWNED CORPORATIONS ACT 1989 - SECT 37B
Establishment of Ministerial Holding Corporation
STATE OWNED CORPORATIONS ACT 1989 - SECT 37B
Establishment of Ministerial Holding Corporation
37B Establishment of Ministerial Holding Corporation
(1) There is constituted by this Act a corporation with the corporate name of
the Ministerial Holding Corporation.
(2) The affairs of the Corporation are
to be managed by the Minister who may authorise another Minister to exercise
functions in relation to particular assets, rights and liabilities.
(3) Any
act, matter or thing done in the name of, or on behalf of, the Corporation by
the Minister or a Minister authorised by the Minister, or with the authority
of any such Minister, is taken to have been done by the Corporation.
(4) The
Corporation has the functions conferred or imposed on it by or under this or
any other Act.
(5) The functions of the Corporation are--
(a) to hold on
behalf of the Crown, retain, transfer and dispose of assets, rights and
liabilities transferred to it by or under this or any other Act, and
(b) to
acquire, exchange, lease, dispose of and otherwise deal with property, and
(c) to develop and manage land transferred to it under this Act or otherwise
acquired by it, and
(d) to carry on any activities or business that relate to
any of the above or are incidental or ancillary to any of the above, including
demanding, collecting and receiving charges, levies, rates and fees.
(6)
Without limiting the generality of subsection (5), the Corporation may
transfer and dispose of any such assets, rights and liabilities to the Crown
or to any person on behalf of the Crown.