Queensland Bills Queensland Bills[Index] [Search] [Download] [Related Items] [Help]
This is a Bill, not an Act. For current law, see the Acts databases.
Queensland
QUEENSLAND INVESTMENT
CORPORATION
AMENDMENT BILL 1994
Queensland
QUEENSLAND INVESTMENT
CORPORATION AMENDMENT BILL
1994
TABLE OF PROVISIONS
Section Page
PART 1--PRELIMINARY
1 Short title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
2 Commencement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
PART 2--AMENDMENT OF QUEENSLAND INVESTMENT
CORPORATION ACT 1991
3 Act amended in Pt 2 and Sch . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
4 Amendment of s 1.3 (Interpretation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
5 Replacement of s 2.7 (No breach of contracts etc.) . . . . . . . . . . . . . . . . . . . 8
2.7 Existing legal relationships not affected . . . . . . . . . . . . . . . . . . . . . . 8
6 Replacement of s 2.12 (Custody of official seal of Corporation) . . . . . . . . 9
2.12 Affixing of seal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
7 Replacement of s 3.2 (Powers of Corporation) . . . . . . . . . . . . . . . . . . . . . . . 9
3.2 Powers of Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
8 Replacement of ss 4.8 and 4.9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
Division 1--Disclosure of interests
4.8 Matters Corporation is concerned with . . . . . . . . . . . . . . . . . . . . . . . 11
4.9 Interest of director . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
4.10 Register of Relevant Interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
4.11 Meaning of "minor interest" . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
4.12 Meaning of "relevant particulars" . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
4.13 Directors to give notice of interests to chief executive officer . . . . 14
4.14 Board may require further information . . . . . . . . . . . . . . . . . . . . . . . . 15
2
Queensland Investment Corporation
Amendment
4.15 Voting by interested director . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
4.16 Transactions etc. not invalid because of this Division . . . . . . . . . . . 17
Division 2--General duty to disclose information
4.17 Register of General Disclosures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
4.18 General duty to make disclosure . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
4.18A Transactions etc. not invalid because of this Division . . . . . . . . . . . 18
Division 3--Miscellaneous
9 Replacement of s 4.20 (Position of Under Treasurer) . . . . . . . . . . . . . . . . . . 18
4.20 Director taken not to have interest as public servant . . . . . . . . . . . . 19
10 Replacement of s 5.7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
5.7 Superannuation for certain employees . . . . . . . . . . . . . . . . . . . . . . . . 19
11 Replacement of ss 6.46.6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
6.4 Restriction on reserve powers of shareholding Ministers . . . . . . . . . 19
6.5 Certain dealings must be made public . . . . . . . . . . . . . . . . . . . . . . . . 20
12 Replacement of s 7.1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
7.1 Non-application of certain provisions of GOC Act to
Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
7.1A Application of Freedom of Information Act and Judicial
Review Act . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
PART 3--AMENDMENT OF FREEDOM OF INFORMATION
ACT 1992
13 Act amended in Pt 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
14 Amendment of s 7 (Definitions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
15 Amendment of s 11 (Act not to apply to certain bodies etc.) . . . . . . . . . . . 22
16 Insertion of new s 11A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
11A Application of Act to GOCs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
17 Insertion of new Sch 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
SCHEDULE 2
APPLICATION OF ACT TO GOCs
PART 4--AMENDMENT OF JUDICIAL REVIEW ACT 1991
18 Act amended in Pt 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
19 Amendment of s 3 (Definitions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
3
Queensland Investment Corporation
Amendment
20 Insertion of new Pt 1, Div 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
Division 5--Application of Act
18A Application of Act to GOCs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
21 Amendment of Sch 2 (Decisions for which reasons need not be given) . . . 24
22 Insertion of new Sch 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
SCHEDULE 6
APPLICATION OF ACT TO GOCs
PART 5--AMENDMENT OF TRANSPORT INFRASTRUCTURE
ACT 1994
23 Act amended in Pt 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
24 Insertion of new s 61ZAA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
61ZAA Application of Freedom of
Information Act and Judicial Review Act . . . . . . . . . . . . . . . . . . . . . 26
SCHEDULE . . . . . . . . . . . . . . . . . . . . . . . . . 27
MINOR AMENDMENTS
1994
A BILL
FOR
An Act to amend the Queensland Investment Corporation Act 1991
and for other purposes
s1 6 s4
Queensland Investment Corporation
Amendment
The Parliament of Queensland enacts-- 1
PART 1--PRELIMINARY 2
title 3
Short
1. This Act may be cited as the Queensland Investment Corporation 4
Amendment Act 1994. 5
6
Commencement
2. This Act commences on the day Queensland Investment Corporation 7
becomes a government owned corporation under the Government Owned 8
Corporations Act 19931. 9
PART 2--AMENDMENT OF QUEENSLAND 10
INVESTMENT CORPORATION ACT 1991 11
amended in Pt 2 and Sch 12
Act
3. This Part and the Schedule amend the Queensland Investment 13
Corporation Act 1991. 14
of s 1.3 (Interpretation) 15
Amendment
4.(1) Section 1.3(1), definitions "Board", "chairperson", 16
"Corporation", "director", "financial year", "person", "prescribed 17
1 Under the Government Owned Corporations Regulation 1993, Queensland
Investment Corporation is a candidate GOC. A regulation under section 63 of
the Government Owned Corporations Act 1993 (Declaration of entity as GOC)
may declare a candidate GOC to be a government owned corporation.
s4 7 s4
Queensland Investment Corporation
Amendment
interest", "Public Finance Standards", "QTC", "related body 1
corporate", "relevant interest", "Treasurer", "Under Treasurer" and 2
"writing"-- 3
omit. 4
(2) Section 1.3(1)-- 5
insert-- 6
` "benefit" means a financial or other benefit, and includes a benefit that 7
does not involve the payment of cash. 8
"board" means the Corporation's board of directors. 9
"Corporation" means Queensland Investment Corporation. 10
"director" means a director of the Corporation. 11
"GOC" has the same meaning as in the GOC Act. 12
"GOC Act" means the Government Owned Corporations Act 1993. 13
"holding company" has the same meaning as in the Corporations Law. 14
"minor interest" see section 4.11. 15
"person" includes an unincorporated body. 16
"public company" has the same meaning as in the Corporations Law. 17
"QTC" means Queensland Treasury Corporation. 18
"related body corporate" of another body corporate means a body 19
corporate related to the other body corporate within the meaning of 20
section 50 of the Corporations Law. 21
"relative" of a person means the person's-- 22
(a) spouse; or 23
(b) parent or remoter lineal ancestor; or 24
(c) child or remoter issue; or 25
(d) brother or sister. 26
"relevant interest"-- 27
(a) for a share--has the meaning given by Chapter 1, Part 1.2, 28
Division 5 (other than section 44) of the Corporations Law; and 29
s5 8 s5
Queensland Investment Corporation
Amendment
(b) for a security other than a share--has the meaning given by 1
Chapter 1, Part 1.2, Division 5 of the Corporations Law as it 2
applies because of section 44 of that Law. 3
"relevant particulars" see section 4.12. 4
"shareholding Ministers" means the Ministers who are the Corporation's 5
shareholding Ministers under the GOC Act. 6
"spouse" includes de facto spouse. 7
"statutory GOC" has the same meaning as in the GOC Act. 8
"subsidiary" has the same meaning as in the Corporations Law. 9
"transaction" includes contract.'. 10
of s 2.7 (No breach of contracts etc.) 11
Replacement
5. Section 2.7-- 12
omit, insert-- 13
legal relationships not affected 14
`Existing
`2.7(1) The operation of this Part, Part 5 and sections 7.4 and 7.8, an 15
amendment of this Act or the Corporation becoming a GOC-- 16
(a) does not place the Corporation in breach of a contract or 17
confidence or otherwise make it guilty of a civil wrong; and 18
(b) does not make the Corporation in breach of an instrument, 19
including, for example, an instrument prohibiting, restricting or 20
regulating the assignment or transfer of a right or liability or the 21
disclosure of information; and 22
(c) is taken not to fulfil a condition-- 23
(i) allowing a person to end an instrument or obligation or 24
change the operation or effect of an instrument or obligation; 25
or 26
(ii) requiring an amount to be paid before its stated maturity; and 27
(d) does not release a surety or other obligee (in whole or part) from 28
an obligation; and 29
s6 9 s7
Queensland Investment Corporation
Amendment
(e) does not require any attornment to the Corporation by a lessee 1
from QTC. 2
`(2) In this section-- 3
"instrument" has the same meaning as in the GOC Act.'. 4
of s 2.12 (Custody of official seal of Corporation) 5
Replacement
6. Section 2.12-- 6
omit, insert-- 7
of seal 8
`Affixing
`2.12 Despite section 178(2) of the GOC Act (Statutory GOC's seal), the 9
affixing of the Corporation's official seal to a document is also effective if it 10
is witnessed by 2 persons who take part in the Corporation's management 11
and are authorised for the purpose by the Board.'. 12
of s 3.2 (Powers of Corporation) 13
Replacement
7. Section 3.2-- 14
omit, insert-- 15
of Corporation 16
`Powers
`3.2(1) As a statutory GOC, the Corporation has the powers given by 17
section 149 of the GOC Act (General powers of statutory GOCs). 18
`(2) The Corporation also has the following powers-- 19
(a) to purchase, acquire, take on lease, hire, sell, improve, subdivide, 20
amalgamate, dispose of, exchange, lease, mortgage, charge, 21
encumber, grant licences and other rights about, and otherwise 22
deal in any way with, assets of any kind and wherever situated, 23
and interests in the assets; and 24
(b) to deposit money with any entity; and 25
(c) to carry on any activity, enterprise or undertaking; and 26
(d) to invest moneys in any way, whether secured or unsecured, 27
including, for example, in capital market investments, debentures, 28
s7 10 s7
Queensland Investment Corporation
Amendment
securities or other obligations of governments, government 1
authorities and corporations, shares, stock, notes, certificates, 2
provident funds, bonds, units or other interests in trusts, options, 3
futures, currency transactions, secondary mortgage securities, 4
mortgages over assets and bills of exchange; and 5
(e) to trade in commodities; and 6
(f) to build, demolish, improve, maintain, develop, restore, work, 7
manage, perform, control or otherwise deal with buildings, 8
fixtures, works, roads, bridges, ways, services, earthworks, 9
infrastructure or other structures or improvements or help in 10
doing so; and 11
(g) to enter into a partnership or other arrangement for sharing 12
profits, or a union of interest, cooperation, joint venture, 13
reciprocal concession or other arrangement with any entity in any 14
undertaking, business, transaction or other investment, and act as 15
a principal, agent, contractor, trustee or beneficiary for the 16
undertaking, business, transaction or other investment; and 17
(h) to invest in other investments, activities or undertakings; and 18
(i) to carry out anything ancillary to the operation of an investment 19
portfolio; and 20
(j) to promote, incorporate or form a company, joint venture, 21
partnership, association (corporate or unincorporate) or trust for 22
any purpose the Corporation considers may directly or indirectly 23
benefit the Corporation; and 24
(k) to enter into contracts, promises, guarantees and indemnities to 25
meet liabilities incurred or to be incurred or directed at the giving 26
of financial accommodation by or to any person, whether or not 27
the person is a party to the contracts, promises, guarantees or 28
indemnities; and 29
(l) to accept money on deposit; and 30
(m) to enter into and perform deferred payment arrangements as 31
debtor or creditor; and 32
(n) to keep accounts, whether interest bearing or not, with a bank or 33
other financial entity; and 34
s8 11 s8
Queensland Investment Corporation
Amendment
(o) to enter into purchase obligations as buyer or sale obligations as 1
seller, to buy or sell outputs or other products or services; and 2
(p) to borrow or raise money, or otherwise obtain financial 3
accommodation, including, for example, by issuing debentures, 4
bonds or other securities; and 5
(q) to advance or lend money, otherwise make financial 6
accommodation available and enter into financial arrangements 7
with or without security, at or without interest, and for or without 8
other consideration; and 9
(r) to act as agent or trustee; and 10
(s) to issue, draw, make, accept, endorse or discount bills of 11
exchange, promissory notes, payment orders or other negotiable 12
instruments; and 13
(t) to underwrite issues of shares in, or debentures or other securities 14
of, corporations or other business undertakings; and 15
(u) to enter into transactions to manage or change financial returns or 16
financial or currency risks or obligations, or to return a gain or 17
avoid a loss, by reference to currency exchange rate movements, 18
interest or discount rate movements or other risks. 19
`(3) Subsection (2) does not limit the powers the Corporation has under 20
this Act or the GOC Act.'. 21
of ss 4.8 and 4.9 22
Replacement
8.(1) Sections 4.8 and 4.9-- 23
omit, insert-- 24
1--Disclosure of interests 25
`Division
Corporation is concerned with 26
`Matters
`4.8(1) For this Division, matters the Corporation is concerned with 27
include a transaction it has entered into or is proposing to enter into. 28
s8 12 s8
Queensland Investment Corporation
Amendment
`(2) Also, the Corporation may be concerned with a matter even though 1
the matter has not been and will not be considered by the board. 2
of director 3
`Interest
`4.9(1) A director is taken to have an interest in a matter if, because of the 4
matter, a benefit will, is likely to or might accrue to-- 5
(a) the director; or 6
(b) a relative of the director; or 7
(c) a relative of the director's spouse; or 8
(d) a person, other than the Corporation, to whom the director has a 9
duty about the matter. 10
11
Example of paragraph (d)--
12
If the Corporation has contracted with another body corporate, a director who is
13
also a director of the other body corporate has an interest in the contract.
`(2) Subsection (1) does not, by implication, limit what amounts to an 14
interest had by a director in a matter. 15
of Relevant Interests 16
`Register
`4.10(1) The Corporation must keep a register called the Register of 17
Relevant Interests. 18
`(2) The chief executive officer is responsible for keeping the register. 19
`(3) The register must contain particulars of the interests of each director 20
of which notice has been given under section 4.13 (Directors to give notice 21
of interests to chief executive officer). 22
`(4) The Corporation must ensure the register is open for inspection 23
during normal business hours by the directors, the chief executive officer, 24
the shareholding Ministers, the Auditor-General and persons nominated by 25
the shareholding Ministers or Auditor-General. 26
`(5) The Corporation must also ensure the register is available and open 27
for inspection by the directors and the chief executive officer immediately 28
before and during each meeting of the board. 29
s8 13 s8
Queensland Investment Corporation
Amendment
`(6) If a person entitled to inspect the register asks the Corporation for a 1
copy of it or a part of it, the Corporation must give the copy to the person 2
within 7 days of receiving the request. 3
of "minor interest" 4
`Meaning
`4.11(1) This section applies to a director's interest in a body corporate 5
(other than the Corporation). 6
`(2) The interest is a "minor interest" if-- 7
(a) it consists of the director also being a director of the other body 8
corporate; and 9
(b) the other body corporate is a related body corporate of the 10
Corporation. 11
`(3) The interest is also a "minor interest" if-- 12
(a) it consists of the director having a relevant interest in shares in the 13
other body corporate; but 14
(b) the nominal value of the shares is not more than 5% of the 15
nominal value of all the issued shares in the body corporate. 16
`(4) In deciding the nominal value of the shares it must be assumed 17
that-- 18
(a) an option or right to buy shares in the body corporate under an 19
option contract in which the person has a relevant interest has 20
been exercised and the person has a relevant interest in the shares; 21
and 22
(b) any convertible note issued by the body corporate in which the 23
person has a relevant interest has been converted into shares and 24
the person has a relevant interest in the shares. 25
of "relevant particulars" 26
`Meaning
`4.12.(1) The "relevant particulars" of a director's interest include-- 27
(a) if, in the director's opinion, the interest is a minor interest because 28
of section 4.11(3) (Meaning of "minor interest")--a statement to 29
s8 14 s8
Queensland Investment Corporation
Amendment
that effect; or 1
(b) in any other case--particulars of the nature of the interest and, if 2
the director is of the opinion that the interest is a minor interest or 3
is for any other reason not a material interest, a statement of the 4
opinion giving the reasons for it. 5
`(2) The "relevant particulars" also include other particulars of the 6
interest reasonably necessary to enable the other directors to decide what 7
action about the matter should be taken in the Corporation's interest. 8
to give notice of interests to chief executive officer 9
`Directors
`4.13(1) A director who has an interest in a matter with which the 10
Corporation is concerned must give written notice to the chief executive 11
officer containing the relevant particulars of the interest-- 12
(a) as soon as practicable after the relevant facts come to the 13
director's knowledge; or 14
(b) if the facts came to the director's knowledge before the director's 15
appointment as a director--as soon as practicable after the 16
appointment. 17
Maximum penalty--50 penalty units. 18
`(2) Within 3 days after receiving the notice, the chief executive officer 19
must-- 20
(a) for the director who gave the notice--enter the relevant particulars 21
in the Register of Relevant Interests; and 22
(b) give a copy of the notice to each other director. 23
`(3) The directors must ensure particulars of the director's interest 24
contained in the notice are recorded in the minutes of the next meeting of the 25
board held after the notice is given. 26
`(4) If a notice given by a director under section 4.18 (General duty to 27
make disclosure) contains the relevant particulars of an interest had by the 28
director in a matter with which the Corporation is concerned, the notice is 29
taken to have been given under this section. 30
`(5) If a director gives a general notice to the chief executive officer to the 31
s8 15 s8
Queensland Investment Corporation
Amendment
effect that the director is an officer or member of a specified entity and is to 1
be regarded as interested in each transaction that may, after the notice is 2
given, be entered into by the Corporation with the entity, the giving of the 3
notice is sufficient compliance with subsection (1) for a transaction entered 4
into, or proposed to be entered into, by the entity with the Corporation 5
within 1 year after the giving of the notice. 6
`(6) Subsection (5) applies only if-- 7
(a) the notice states the nature and extent of the director's interest in 8
the entity; and 9
(b) when the question of confirming or entering into the transaction is 10
first considered by the board, the extent of the director's interest 11
in the entity is not greater than stated in the notice. 12
`(7) If the interest of a person in a body corporate is a minor interest 13
because of section 4.11(3) (Meaning of "minor interest"), it is sufficient 14
compliance with subsection (6)(a) if the notice contains a statement to that 15
effect. 16
may require further information 17
`Board
`4.14(1) This section applies if, in the board's opinion, a notice given by 18
a director under section 4.13 (Directors to give notice of interests to chief 19
executive officer) about the director's interest in a matter is insufficient to 20
allow the board to form an opinion about whether the interest is material or 21
to decide what action should be taken about the matter in the Corporation's 22
interests. 23
`(2) The board may ask the director to give further information about the 24
director's interest. 25
`(3) The director must comply with the requirement. 26
Maximum penalty--50 penalty units. 27
`(4) The other provisions of this Division do not, by implication, limit 28
the powers of the board under this section. 29
s8 16 s8
Queensland Investment Corporation
Amendment
by interested director 1
`Voting
`4.15(1) This section applies if-- 2
(a) a matter is being considered by the board; and 3
(b) a director has given notice under section 4.13 (Directors to give 4
notice of interests to chief executive officer) of an interest the 5
director has in the matter. 6
`(2) If the director's interest is a minor interest, the director is not entitled 7
to vote on a resolution about the matter if the board resolves that the interest 8
is a material interest. 9
`(3) If the directors's interest is not a minor interest, the director is 10
entitled to vote on a resolution about the matter only if the board resolves 11
that the interest is not a material interest. 12
`(4) A director who has given notice under section 4.13 (Directors to 13
give notice of interests to chief executive officer) of an interest the director 14
has in a matter is not entitled to vote on a resolution (a "related 15
resolution") about whether the director or another director has a material 16
interest about the matter. 17
`(5) The directors who are present at the meeting at which the related 18
resolution is passed must ensure that the minutes of the meeting record-- 19
(a) the passing of the related resolution; and 20
(b) the names of the directors who cast votes in favour of the 21
resolution; and 22
(c) if any of the directors cast votes against the resolution--the 23
names of the directors; and 24
(d) if any of the directors abstained from voting on the 25
resolution--the names of the directors. 26
`(6) For this section, a quorum is present during a consideration of a 27
matter by the board only if at least 2 directors are present who are entitled to 28
vote on any motion that may be moved about the matter. 29
`(7) The shareholding Ministers may, by each signing consent to a 30
proposed resolution, deal with a matter if the board cannot deal with it 31
because of subsection (6). 32
s8 17 s8
Queensland Investment Corporation
Amendment
etc. not invalid because of this Division 1
`Transactions
`4.16 A transaction entered into, or something else done, by the 2
Corporation is not invalid merely because of this Division or a 3
contravention of this Division. 4
2--General duty to disclose information 5
`Division
of General Disclosures 6
`Register
`4.17(1) The Corporation must keep a register called the Register of 7
General Disclosures. 8
`(2) The chief executive officer is responsible for keeping the register. 9
`(3) The register must contain the notices given under section 4.18 10
(General duty to make disclosure). 11
`(4) Within 7 days after receiving notice from a director under 12
section 4.18 (General duty to make disclosure) or within 3 days after 13
receiving notice of any change of particulars previously advised under the 14
section, the chief executive officer must enter the notice in the register. 15
`(5) The Corporation must ensure the register is open for inspection 16
during normal business hours by the directors, the chief executive officer, 17
the shareholding Ministers, the Auditor-General and persons nominated by 18
the shareholding Ministers or Auditor-General. 19
`(6) The Corporation must also ensure the register is available and open 20
for inspection by the directors and the chief executive officer immediately 21
before and during each meeting of the board. 22
`(7) If a person entitled to inspect the register asks the Corporation for a 23
copy of it or a part of it, the Corporation must give the copy to the person 24
within 7 days of receiving the request. 25
duty to make disclosure 26
`General
`4.18(1) A director must, as specified in subsection (2), give written 27
notice to the chief executive officer of-- 28
(a) particulars of directorships and changes in directorships held by 29
s9 18 s9
Queensland Investment Corporation
Amendment
the director in public companies, or subsidiaries of public 1
companies, other than public companies or subsidiaries that are 2
related bodies corporate of the Corporation; and 3
(b) other matters affecting or about the director that are necessary to 4
allow the Corporation to comply with Chapter 6 of the 5
Corporations Law. 6
Maximum penalty--50 penalty units. 7
`(2) The director must give the notice-- 8
(a) if subsection (1)(a)applies--within 14 days after he or she 9
becomes a director of the company or subsidiary; and 10
(b) if subsection (1)(b) applies--as soon as practicable after the 11
director becomes aware that the Corporation requires, or will 12
require, information about the matters to allow it to comply with 13
Chapter 6 of the Corporations Law. 14
`(3) If a person is a director of 1 or more subsidiaries of the same 15
holding company, it is sufficient compliance with subsection (1)(a) if the 16
person discloses that he or she is the holder of 1 or more directorships in 17
the group of companies that are subsidiaries of the holding company. 18
`(4) The group may be described by the name of the holding company 19
with the addition of the word `Group'. 20
etc. not invalid because of this Division 21
`Transactions
`4.18A A transaction entered into, or something else done, by the 22
Corporation is not invalid merely because of this Division or a 23
contravention of this Division. 24
3--Miscellaneous'. 25
`Division
26
of s 4.20 (Position of Under Treasurer) 27
Replacement
9. Section 4.20-- 28
omit, insert-- 29
s 10 19 s 11
Queensland Investment Corporation
Amendment
taken not to have interest as public servant 1
`Director
`4.20 For this Act, a director is not taken to be interested in anything, or 2
to be in a position where the director's duties and interests may conflict with 3
the director's duties to, or the interests of, the Corporation, merely because 4
the director is an officer of the public service or is performing a function or 5
exercising a power as an officer of the public service.'. 6
of s 5.7 7
Replacement
10. Section 5.7-- 8
omit, insert-- 9
for certain employees 10
`Superannuation
`5.7(1) This section applies to a person who, immediately before the 11
commencement of this section, was-- 12
(a) a person to whom section 5.7(1) of this Act as in force before the 13
commencement applied; and 14
(b) a contributor to the State Service Superannuation Fund or a 15
member of the State Public Sector Superannuation Scheme. 16
`(2) A person to whom this section applies is to continue to be a 17
contributor to the State Service Superannuation Fund or a member of the 18
State Public Sector Superannuation Scheme and, for that purpose, is taken 19
to be an officer within the meaning of the State Service Superannuation Act 20
1972 or eligible for membership of the scheme under the Superannuation 21
(State Public Sector) Act 1990.'. 22
of ss 6.46.6 23
Replacement
11. Sections 6.4 to 6.6-- 24
omit, insert-- 25
on reserve powers of shareholding Ministers 26
`Restriction
`6.4(1) The shareholding Ministers of the Corporation may not notify, or 27
give directions to, the Corporation's board under the GOC Act about the 28
Corporation's-- 29
s 12 20 s 12
Queensland Investment Corporation
Amendment
(a) decision making generally about investments; or 1
(b) dealing in, or exercising voting rights attached to, securities of a 2
corporation; or 3
(c) otherwise dealing with assets or liabilities; or 4
(d) control, or conduct of affairs, of an entity (including a business 5
undertaking or trust) in which the Corporation has an investment. 6
`(2) Subsection (1) does not affect section 133 of the GOC Act (Board to 7
keep shareholding Ministers informed). 8
`(3) Subsection (1) applies despite the following sections of the GOC 9
Act-- 10
· section 123 (Reserve power of shareholding Ministers to notify 11
board of public sector policies) 12
· section 124 (Reserve power of shareholding Ministers to give 13
directions in public interest) 14
· section 161 (Reserve power of shareholding Ministers to direct 15
that asset not be disposed of). 16
dealings must be made public 17
`Certain
`6.5 If a member of the Legislative Assembly makes a direct or indirect 18
representation to the Corporation or a director about an asset and the 19
Corporation later acquires or disposes of the asset, the Corporation must, 20
either at or before the acquisition or disposal, make details of the 21
representation public.'. 22
of s 7.1 23
Replacement
12. Section 7.1-- 24
omit, insert-- 25
of certain provisions of GOC Act to Corporation 26
`Non-application
`7.1 Despite section 12 of the GOC Act (Application of other laws to 27
GOCs)-- 28
(a) the following sections of the GOC Act do not apply to the 29
s 12 21 s 12
Queensland Investment Corporation
Amendment
Corporation as a statutory GOC-- 1
· section 134 (Disclosure of interests of directors) 2
· section 135 (Voting by interested director) 3
· section 154 (Liability to State taxes) to the extent that the 4
Corporation would be liable for stamp duty under the Stamp 5
Act 1894 6
· section 174 (Preservation of leave entitlements of certain 7
former officers and employees of government entities); and 8
(b) the following provisions of this Act do apply-- 9
· Part 4, Division 1 (Disclosure of interests) 10
· Part 4, Division 2 (General duty to disclose information) 11
· section 5.5 (Rights of officers previously employed in the 12
public service or by QTC) 13
· section 7.2 (Taxation). 14
of Freedom of Information Act and Judicial Review Act 15
`Application
`7.1A(1) In this section-- 16
"commercial activities" means activities conducted on a commercial 17
basis.2 18
"community service obligations" has the same meaning as in the GOC 19
Act. 20
"excluded activities" means-- 21
(a) commercial activities; or 22
(b) community service obligations prescribed by regulation. 23
2 Section 16 of the GOC Act (Meaning of "corporatisation") defines
corporatisation as a structural reform process for nominating government entities
that, among other things, changes the conditions and (where required) the
structure under which the entities operate so that they operate, as far as
practicable, on a commercial basis and in a competitive environment (emphasis
added).
s 13 22 s 16
Queensland Investment Corporation
Amendment
`(2) A regulation may declare the activities of the Corporation that are 1
taken to be, or are taken not to be, activities conducted on a commercial 2
basis. 3
`(3) The Freedom of Information Act 1992 does not apply to a document 4
received or brought into existence by the Corporation in carrying out its 5
excluded activities. 6
`(4) The Judicial Review Act 1991 does not apply to a decision of the 7
Corporation made in carrying out its excluded activities.'. 8
ART 3--AMENDMENT OF FREEDOM OF 9
P
INFORMATION ACT 1992 10
amended in Pt 3 11
Act
13. This Part amends the Freedom of Information Act 1992. 12
of s 7 (Definitions) 13
Amendment
14. Section 7 14
insert-- 15
` "GOC" has the same meaning as in the Government Owned 16
Corporations Act 1993.'. 17
of s 11 (Act not to apply to certain bodies etc.) 18
Amendment
15. Section 11(1)(k) and (l)-- 19
omit. 20
of new s 11A 21
Insertion
16. After section 11-- 22
insert-- 23
s 17 23 s 17
Queensland Investment Corporation
Amendment
of Act to GOCs 1
`Application
`11A. This Act does not apply to documents received, or brought into 2
existence, in carrying out activities of a GOC mentioned in Schedule 2 to 3
the extent provided under the application provision mentioned for the GOC 4
in the Schedule.'. 5
of new Sch 2 6
Insertion
17. After Schedule-- 7
insert-- 8
`SCHEDULE 2 9
PPLICATION OF ACT TO GOCs 10
`A
section 11A 11
GOC Application provision
1. A port authority, within the Transport Infrastructure Act 1994, 12
meaning of the Transport s 61ZAA 13
Infrastructure Act 1994, that is a 14
GOC
2. Queensland Investment Queensland Investment 15
Corporation Corporation Act 1991, s 7.1A
3. Queensland Industry Queensland Industry Development 16
Development Corporation Corporation Act 1994, s 35'.
s 18 24 s 22
Queensland Investment Corporation
Amendment
PART 4--AMENDMENT OF JUDICIAL REVIEW ACT 1
1991 2
amended in Pt 4 3
Act
18. This Part amends the Judicial Review Act 1991. 4
of s 3 (Definitions) 5
Amendment
19. Section 3-- 6
insert-- 7
` "GOC" has the same meaning as in the Government Owned 8
Corporations Act 1993.'. 9
of new Pt 1, Div 5 10
Insertion
20. After section 18-- 11
insert-- 12
5--Application of Act 13
`Division
of Act to GOCs 14
`Application
`18A. This Act does not apply to decisions of a GOC mentioned in 15
Schedule 6 to the extent provided under the application provision mentioned 16
for the GOC in the Schedule.'. 17
of Sch 2 (Decisions for which reasons need not be given) 18
Amendment
21. Schedule 2, clause 14(c) and (d)-- 19
omit. 20
of new Sch 6 21
Insertion
22. After Schedule 5-- 22
s 23 25 s 24
Queensland Investment Corporation
Amendment
insert-- 1
`SCHEDULE 6 2
PPLICATION OF ACT TO GOCs 3
`A
section 18A 4
GOC Application provision
1. A port authority, within the Transport Infrastructure Act 1994, 5
meaning of the Transport s 61ZAA 6
Infrastructure Act 1994, that is a 7
GOC
2. Queensland Investment Queensland Investment 8
Corporation Corporation Act 1991, s 7.1A
3. Queensland Industry Queensland Industry Development 9
Development Corporation Corporation Act 1994, s 35'.
ART 5--AMENDMENT OF TRANSPORT 10
P
INFRASTRUCTURE ACT 1994 11
amended in Pt 5 12
Act
23. This Part amends the Transport Infrastructure Act 1994. 13
of new s 61ZAA 14
Insertion
24. After section 61ZA-- 15
insert-- 16
s 24 26 s 24
Queensland Investment Corporation
Amendment
of Freedom of Information Act and Judicial Review Act 1
`Application
`61ZAA.(1) In this section-- 2
"commercial activities" means activities conducted on a commercial 3
basis.1 4
"community service obligations" has the same meaning as in the 5
Government Owned Corporations Act 1993. 6
"excluded activities" means-- 7
(a) commercial activities; or 8
(b) community service obligations prescribed by regulation. 9
"GOC port authority" means a port authority that is a GOC. 10
`(2) A regulation may declare the activities of a GOC port authority that 11
are taken to be, or are taken not to be, activities conducted on a commercial 12
basis. 13
`(3) The Freedom of Information Act 1992 does not apply to a document 14
received or brought into existence by a GOC port authority in carrying out 15
its excluded activities. 16
`(4) The Judicial Review Act 1991 does not apply to a decision of a GOC 17
port authority made in carrying out its excluded activities.'. 18
19
1 Section 16 of the Government Owned Corporations Act 1993 defines
corporatisation as a structural reform process for nominating government entities
that, among other things, changes the conditions and (where required) the
structure under which the entities operate so that they operate, as far as
practicable, on a commercial basis and in a competitive environment (emphasis
added).
27
Queensland Investment Corporation
Amendment
CHEDULE 1
¡S
INOR AMENDMENTS 2
M
section 3 3
1. Long title-- 4
omit, insert-- 5
`An Act to provide for the constitution of the Queensland Investment 6
Corporation, its objective and certain of its powers as a 7
government owned corporation, and for related purposes'. 8
2. Section 1.2(2), from `which' to `"commencement of this Act"'-- 9
omit. 10
3. Section 1.3, heading-- 11
omit, insert-- 12
`Definitions'. 13
4. Section 1.3(2), as a heading-- 14
insert-- 15
`Entitlement of trustee to be indemnified'. 16
5. Section 1.3(2)-- 17
renumber as 1.3A. 18
28
Queensland Investment Corporation
Amendment
6. Section 2.1(2), `, by that name and style'-- 1
omit. 2
7. Section 2.1(3)-- 3
omit. 4
8. Section 2.2-- 5
omit. 6
9. Section 2.3(4), `Under Treasurer'-- 7
omit, insert-- 8
`chief executive of the department'. 9
10. Section 2.4, `Under Treasurer'-- 10
omit, insert-- 11
`chief executive of the department'. 12
11. Sections 2.5 and 2.6-- 13
omit. 14
12. Section 2.8, `Under Treasurer'-- 15
omit, insert-- 16
`chief executive of the department'. 17
13. Sections 2.9 and 2.10-- 18
omit, insert-- 19
29
Queensland Investment Corporation
Amendment
`Duty to assist transfer of property 1
`2.9(1) The Registrar of Titles and all other persons who are required or 2
authorised to keep a register or other record about dealings in property 3
must, if asked by the Corporation or QTC, make in the register or other 4
record all entries necessary to record a transfer, acquisition, or vesting of 5
property to, by or in the Corporation under this Part or because of the 6
change of trustee effected by this Act. 7
`(2) In this section-- 8
"property" includes assets, liabilities, rights and contracts. 9
`Corporation represents State 10
`2.10(1) The Corporation represents the State. 11
`(2) The Corporation has all the powers, immunities, privileges, rights 12
and remedies of the State.'. 13
14. Sections 2.11, 2.13, 2.15 and 3.3-- 14
omit. 15
15. Part 4, heading-- 16
omit, insert-- 17
`PART 4--DUTIES AND LIABILITIES OF 18
DIRECTORS'. 19
16. Sections 4.1 to 4.7-- 20
omit. 21
17. Sections 4.10 to 4.18-- 22
omit. 23
30
Queensland Investment Corporation
Amendment
18. Sections 5.1 to 5.4-- 1
omit. 2
19. Section 5.6-- 3
omit. 4
20. Section 5.8(5)-- 5
omit. 6
21. Part 6, heading-- 7
omit, insert-- 8
`PART 6--FINANCE'. 9
22. Sections 6.1 and 6.2-- 10
omit. 11
23. Section 6.3(1), `Crown in right of the'-- 12
omit. 13
24. Section 7.2(1), `or contract'-- 14
omit. 15
25. Section 7.2(3), `Crown'-- 16
omit, insert-- 17
`State'. 18
31
Queensland Investment Corporation
Amendment
26. Section 7.2(3), ` the Commonwealth or a State or Territory of 1
Australia'-- 2
omit, insert-- 3
`this, another State or a Territory'. 4
27. Section 7.4(1), `performing or exercising its powers, authorities, 5
functions and duties under this Act'-- 6
omit, insert-- 7
`performing its functions or exercising its powers'. 8
28. Section 7.4(2), `exercising or performing its powers, authorities, 9
functions and duties'-- 10
omit, insert-- 11
`performing its functions or exercising its powers'. 12
29. Section 7.6, `any act, matter or thing'-- 13
omit, insert-- 14
`anything'. 15
30. Section 7.6-- 16
insert-- 17
`(2) Subsection (1) applies only for anything done before the Corporation 18
became a GOC under the GOC Act.'. 19
31. Section 7.9-- 20
omit, insert-- 21
`Regulations 22
`7.9(1) The Governor in Council may make regulations under this Act. 23
32
Queensland Investment Corporation
Amendment
`(2) A regulation may be made about matters that are necessary or 1
convenient to give effect to a transfer, assignment or vesting of assets or 2
liabilities contemplated by this Act. 3
`PART 8--SAVING AND TRANSITIONAL 4
PROVISIONS 5
`Approvals about superannuation schemes 6
`8.1(1) This section applies to an approval of the Governor in Council 7
given under section 5.6 (Superannuation scheme) of this Act as in force 8
before the commencement of this section. 9
`(2) If the approval is in force immediately before the commencement, it 10
is taken to be an approval given under section 172 of the GOC Act 11
(Superannuation schemes) for the Corporation as a GOC under that Act. 12
`(3) Subsections (1) and (2) are laws to which section 20A of the Acts 13
Interpretation Act 1954 applies. 14
`Existing directors go out of office 15
`8.2 On the commencement of this section, the persons who were 16
directors immediately before the commencement because of 17
section 4.2(1)(a) of this Act, or an appointment made under this Act before 18
the commencement, go out of office. 19
`Provisions about registers and notices 20
`8.3(1) In this section a reference to section 4.8 or 4.9 as being repealed 21
is a reference to the section as in force before the commencement of this 22
section. 23
`(2) The register kept under repealed section 4.8(8) may be combined 24
with the Register of Relevant Interests kept under section 4.10. 25
`(3) The register kept under repealed section 4.9(3) may be combined 26
33
Queensland Investment Corporation
Amendment
with the Register of General Disclosures kept under section 4.17. 1
`(4) Without limiting subsection (2), if a notice given by a director under 2
repealed section 4.8(6), (16) or (17) is about a matter being considered at a 3
meeting of the board, the notice is taken to have been given under section 4
4.13(1), (4) or (5) respectively. 5
`(5) Without limiting subsection (3), a notice given under repealed 6
section 4.9(1)(b) or (c) is taken to have been given under section 4.18. 7
`(6) Subsections (1) to (5) are laws to which section 20A of the Acts 8
Interpretation Act 1954 applies.'. 9
`Numbering and renumbering of Act 10
`8.4 In the next reprint of this Act produced under the Reprints Act 1992, 11
section 43 (Numbering and renumbering of provisions) of that Act must be 12
used. 13
`Expiry of Part 14
`8.5 This Part expires 6 months after it commences.'. 15
16
© State of Queensland 1994
[Index] [Search] [Download] [Related Items] [Help]