GOVERNMENT OWNED CORPORATIONS ACT 2001 - SECT 16 Chief executive officer

GOVERNMENT OWNED CORPORATIONS ACT 2001 - SECT 16

    (1)     There is to be a chief executive officer for a Government owned corporation.

    (2)     The Government owned corporation's board must appoint a person to be the chief executive officer.

    (2A)     The person appointed cannot be the chairperson or deputy chairperson of the board.

    (3)     The board may terminate the appointment at any time.

    (4)     An appointment or termination may be made only after consultation with the Government owned corporation's shareholding Minister.

    (4A)     The chief executive officer holds office:

        (a)     for the period, of less than 4 years, specified in the appointment; and

        (b)     on the terms and conditions (including as to remuneration and allowances) agreed by the board and the shareholding Minister.

    (5)     The chief executive officer of a Government owned corporation is, subject to the directions of the board of the corporation, responsible for the day to day management of the operation of the corporation.

    (6)     The chief executive officer of a Government owned corporation may, subject to the directions of the board of the corporation, delegate any of his or her powers and functions under this or any other Act to an employee of the Government owned corporation.

    (7)     A person ceases to be the chief executive of a Government owned corporation:

        (a)     if the person dies; or

        (b)     if the person completes a term of office and is not reappointed; or

        (c)     if the person resigns by letter to the board; or

        (d)     if the person's appointment is terminated by the board; or

        (e)     if the person becomes bankrupt, applies to take the benefit of any law for the relief of bankrupt or insolvent debtors, compounds with his or her creditors or makes an assignment of his or her remuneration for their benefit; or

        (f)     if the person is:

            (i)     convicted in the Territory of an offence that is punishable by imprisonment for 12 months or more; or

            (ii)     convicted elsewhere than in the Territory of an offence that, if committed in the Territory, would be an offence punishable by imprisonment for 12 months or more; or

            (iii)     disqualified under Part 2D.6 of the Corporations Act 2001 from managing a corporation; or

        (g)     in the circumstances set out in the Government owned corporation's constitution.