New South Wales Consolidated Acts

TREASURY CORPORATION ACT 1983 - SECT 4

4 New South Wales Treasury Corporation

(1) There is hereby constituted a corporation with the corporate name “New South Wales Treasury Corporation”.

(2) The policies of the Corporation shall be as determined by the Board.

(3) The affairs of the Corporation shall be managed by the Chief Executive in accordance with such policies as may be determined by, and such directions as may be given by, the Board.

(4) Any act, matter or thing done in the name of, or on behalf of, the Corporation by the Chief Executive, or with the authority of the Chief Executive, shall be taken to have been done by the Corporation.

(5) The Corporation is subject to the control and direction of the Treasurer.

(6) If the Corporation is of the opinion that compliance with a direction given under subsection (5) is likely to have a significantly adverse effect on the performance by the Corporation of its functions:

(a) the Corporation may request the Treasurer to review the direction, and

(b) if the Corporation is of the same opinion after the direction has been reviewed, the Corporation shall include particulars of the direction, and of its opinion as to the effect of compliance with the direction, in its annual report under the Annual Reports (Statutory Bodies) Act 1984 .

(7) A direction given by the Treasurer under subsection (5) does not cease to have effect merely because a request has been made for a review of the direction under subsection (6).

(8) In the event of an inconsistency between a direction given by the Treasurer and a direction given by the Board, the direction given by the Treasurer prevails to the extent of the inconsistency.

(9) Any act, matter or thing done by the Chief Executive may not be called into question, by any person transacting any business or otherwise dealing with the Corporation, because of a contravention of any direction under this section.

(10) The Corporation cannot employ any staff.

Note: Staff may be employed under Chapter 1A of the Public Sector Employment and Management Act 2002 in the Government Service to enable the Corporation to exercise its functions.