New South Wales Consolidated Acts

TRANSPORT ADMINISTRATION ACT 1988 - SECT 18N

18N Statement of corporate intent

(1) The board of Transport Infrastructure Development Corporation must prepare and submit to the voting shareholders and portfolio Minister a draft written statement of corporate intent not later than one month after the commencement of each financial year of the corporation.

(2) The statement of corporate intent must include:

(a) performance benchmarks for the rail services and rail infrastructure facilities and other transport development provided by Transport Infrastructure Development Corporation, as agreed by the board and the portfolio Minister, and included in a performance agreement between the Minister and Transport Infrastructure Development Corporation, and

(b) financial and any other performance benchmarks, as agreed by the board and the voting shareholders after consultation with the portfolio Minister.

(3) The board must consider any comments on the draft statement of corporate intent that are made to it by the voting shareholders or the portfolio Minister within 2 months after the commencement of the financial year of Transport Infrastructure Development Corporation.

(4) The board must consult in good faith with the voting shareholders and the portfolio Minister following communication to it of the comments, make such changes to the statement:

(a) in relation to the performance benchmarks agreed under subsection (2) (a) (the "development performance benchmarks"), as are agreed between the board and the portfolio Minister, and

(b) in relation to the remainder of the statement, as are agreed between the board and the voting shareholders,

and deliver the completed written statement to the voting shareholders and portfolio Minister within 3 months after the commencement of the financial year.

(5) 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.

(6) The statement, other than the development performance benchmarks, may be modified at any time by the board with the agreement of the voting shareholders after consultation with the portfolio Minister.

(7) The development performance benchmarks may be modified at any time by the board with the agreement of the portfolio Minister after consultation with the Independent Transport Safety and Reliability Regulator.

(8) If the board, by written notice to the voting shareholders and the portfolio Minister, proposes a modification of the statement (other than the development performance benchmarks), the board may, within 14 days, make the modification unless the voting shareholders, by written notice to the board, direct the board not to make it.

(9) 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, other than matters relating to the development performance benchmarks.

(10) Before giving a direction under this section, the voting shareholders are to consult with the portfolio Minister and the board as to the matters to be referred to in the notice.

(11) The corporation is required to comply with any such direction.

(12) At any particular time, the statement of corporate intent for Transport Infrastructure Development Corporation is the completed statement, with any modifications or deletions made in accordance with this section or Part 4 of the State Owned Corporations Act 1989 .

(13) The State Owned Corporations Act 1989 (other than section 21 of that Act) applies to a statement of corporate intent for Transport Infrastructure Development Corporation in the same way that it applies to a statement of corporate intent under that Act.