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GOVERNMENT OWNED CORPORATIONS ACT 1993 - As at 28 February 2023 - Act 28 of 1993

- As at 28 February 2023 - Act 28 of 1993

Table of Provisions

Long Title

CHAPTER 1 - PRELIMINARY

PART 1 - INTRODUCTION

1 Short title

PART 2 - INTERPRETATION

2 Definitions

3 References to doing of act by GOC

PART 3 - BASIC CONCEPTS

4 Meaning of government entity

5 Meaning of GOC

6 GOC and portfolio Ministers

7 Meaning of statement of corporate intent

PART 4 - OPERATION OF ACT AND APPLICATION OF LAWS

8 Act binds State

9 Extraterritorial operation

10 Application of other laws to GOCs

11 Application of other laws to candidate GOCs

PART 5 - OUTLINE OF ACT AND ITS BACKGROUND AND OBJECTIVES

12 What Act provides

13 Meaning of corporatisation

14 Objectives of corporatisation

15 How objectives of corporatisation are to be achieved—key principles and their elements

16 Meaning of key principles of corporatisation

17 Key objectives of GOC under corporatisation

18 How Act will enable management of the corporatisation process

CHAPTER 2 - MECHANISMS FOR CREATING GOCS

PART 1 - OUTLINE OF THE PROCESSES

19 What this part provides

20 Government entity becoming a GOC

21 Meaning of candidate GOC

22 Meaning of associate of candidate GOC

23 Meaning of certain expressions about government entities

PART 2 - NOMINATION AND DECLARATION OF ENTITIES

24 Nomination of government entity to become candidate GOC

25 Nomination of GOC Act entity to become candidate GOC associate

26 Declaration of GOC Act entity to be subsidiary of candidate GOC associate

PART 3 - PREPARATION OF CORPORATISATION CHARTER

Division 1 - Preliminary

27 Meaning of corporatisation charter

28 Candidate GOC may become GOC following corporatisation charter

Division 2 - Responsible Ministers

29 Responsible Ministers of candidate GOC

30 Responsible Ministers of candidate GOC associate

31 Responsible Ministers not directors etc.

Division 3 - Draft corporatisation charter

32 Responsible Ministers may determine that draft corporatisation charter be prepared and submitted

33 Matters to be included in draft corporatisation charter

34 Responsible Ministers may determine other matters relevant to draft corporatisation charter preparation

35 Responsible Ministers may give directions to candidate GOC about charter preparation

Division 4 - Charter preparation committee

36 Charter preparation committee may be appointed

37 Conduct of meetings and other business

38 Terms of appointment

39 Resignation and removal from office

40 Draft corporatisation charter to be given to responsible Ministers

Division 5 - Corporatisation charter

41 Approval of draft corporatisation charter

42 Approval of amendments of corporatisation charter

PART 4 - IMPLEMENTATION OF CORPORATISATION CHARTER

43 Charter administration committee may be appointed

44 Conduct of meetings and other business

45 Terms of appointment

46 Resignation and removal from office

47 Responsible Ministers may give directions to candidate GOC about charter implementation

48 Responsible Ministers may give directions to candidate GOC associate about its functions

49 Corporatisation charter stops having effect when candidate GOC becomes GOC

PART 5 - CORPORATISATION FACILITATIVE MECHANISMS

50 Purpose of part

51 Unincorporated entities

52 Entities that are parts of bodies corporate

53 Candidate GOC associates and subsidiaries of candidate GOC associates

54 Transfer of assets, liabilities etc. to government entity to become GOC or GOC subsidiary

55 Debt owned by State

56 Constitution of candidate GOC

57 Existing board of directors

58 Interim board of directors for entity to become GOC or GOC subsidiary

59 Interim board of directors and chief executive officer for candidate GOC associate or associate subsidiary

60 Application of certain provisions about interim board of directors and executives of candidate GOC associates and associate subsidiaries

61 Assistance to candidate GOC associates and associate subsidiaries

62 Entity must comply with directions

63 Share capital and issue of shares

64 Variation of share capital

65 Registration under Corporations Act

66 Part does not affect existing legal relationships

67 Regulations may deal with other matters

PART 6 - FIRST CHIEF EXECUTIVE OFFICERS AND SENIOR EXECUTIVES OF GOCS

68 Definition for pt 6

69 Application of pt 6

70 Appointment of GOC’s first chief executive officer

71 Appointment of GOC’s first senior executives

PART 7 - CANDIDATE GOCS AND CANDIDATE GOC ASSOCIATES BECOMING GOCS

72 Declaration of entity as GOC

73 Declaration of candidate GOC associate as GOC

74 Declaration does not affect legal personality etc.

CHAPTER 3 - GOVERNMENT OWNED CORPORATIONS (GOCS)

PART 1 - BASIC REQUIREMENTS

75 GOC must be public company limited by shares

PART 2 - APPLICATION OF CORPORATIONS ACT

76 Application of Corporations Act to GOCs

77 GOC not exempt public authority

PART 3 - SHARES AND SHAREHOLDING MINISTERS

78 Shareholders of a GOC

79 Shareholding Ministers must have equal number of voting shares and equal rights

80 Shareholders hold shares for State etc.

81 Transfer, issue etc. of shares

82 Shareholding Ministers must act jointly

83 Ministers not directors etc.

84 Resolutions without meetings

PART 4 - CONSTITUTION

85 Constitution of GOC may be amended by shareholding Ministers

86 Shareholding Ministers of GOC may require amendment of subsidiary’s constitution

87 Constitutions of GOC and its subsidiaries must not be inconsistent with Act or Corporations Act

PART 5 - BOARD OF DIRECTORS

88 Role of board

89 Composition of board

90 Public service officers not eligible for appointment as directors

91 First board of GOC

PART 6 - CHIEF EXECUTIVE OFFICER

92 Appointment of chief executive officer

93 Appointment of chief executive officer—particular subsidiaries

PART 7 - CORPORATE PLAN

Division 1 - General

94 GOC must have corporate plan

95 Corporate plan to apply to subsidiaries

96 Guidelines in relation to corporate plans

Division 2 - Preparation, agreement on and modification of corporate plan

97 Draft corporate plan

98 Special procedures in relation to draft corporate plan

99 Corporate plan on agreement

100 Corporate plan pending agreement

101 Modifications of corporate plan

PART 8 - STATEMENT OF CORPORATE INTENT

Division 1 - General

102 GOC must have statement of corporate intent

103 Statement of corporate intent to apply to subsidiaries

104 Statement of corporate intent must be consistent with corporate plan

Division 2 - Matters to be included in statement of corporate intent

105 Matters to be included in statement of corporate intent

106 Additional matters may be included in statement of corporate intent

Division 3 - Preparation, agreement on and modification of statement of corporate intent

107 Draft statement of corporate intent

108 Special procedures in relation to draft statement of corporate intent

109 Statement of corporate intent on agreement

110 Statement of corporate intent pending agreement

111 Modifications of statement of corporate intent

PART 9 - COMMUNITY SERVICE OBLIGATIONS

112 Meaning of community service obligations

113 Community service obligations to be specified in statement of corporate intent

PART 10 - GENERAL RESERVE POWERS OF SHAREHOLDING MINISTERS

114 Reserve power of shareholding Ministers to notify board of public sector policies

115 Reserve power of shareholding Ministers to give directions in public interest

116 Notice of suspected insolvency because of direction or notification

117 GOC and board not otherwise subject to government direction

PART 11 - REPORTS AND OTHER ACCOUNTABILITY MATTERS

118 Application of Financial Accountability Act 2009

119 Quarterly reports

120 Matters to be included in annual report

121 Deletion of commercially sensitive matters from annual report etc.

122 Board to keep shareholding Ministers informed

PART 12 - DUTIES AND LIABILITIES OF DIRECTORS AND OTHER OFFICERS

123 Application of Corporations Act to officers of GOC

124 Application of Corporations Act to officers of GOC subsidiaries

125 Notice of suspected insolvency otherwise than because of direction or notification

PART 13 - LEGAL CAPACITY AND POWERS

126 General powers of GOCs

127 Doctrine of ultra vires etc. not revived

PART 14 - FINANCE

Division 1 - Taxation

128 Liability to State taxes

129 Liability for Commonwealth tax equivalents

Division 2 - Guarantees

130 Guarantees by State

Division 3 - Dividends

131 Payment of dividends

132 GOC’s financial statements must state dividend payable

133 Interim dividends

134 Definitions

135 Dividend payment for financial year of becoming a GOC

136 Interim dividend for financial year of becoming a GOC

137 Dividend payment for previous financial year

PART 15 - ACQUISITION AND DISPOSAL OF ASSETS AND SUBSIDIARIES

138 Reserve power of shareholding Ministers to direct that asset not be disposed of

139 Disposal of main undertakings

140 Acquiring and disposing of subsidiaries

PART 16 - GOCS AND GOC SUBSIDIARIES BECOMING AND RETIRING AS TRUSTEES

141 GOCs and subsidiaries becoming trustees

142 GOCs and subsidiaries retiring as trustees

143 Part applies despite Corporations Act

PART 17 - EMPLOYEES

144 Part applies to subsidiaries

145 Employees not employed under Public Service Act

146 Appointment of senior executives

147 Arrangements relating to staff

148 Application of equal opportunity provisions under Public Service Act 2008

149 Employment and industrial relations plan

150 Superannuation schemes

152 Preservation of leave entitlements of certain former officers and employees of government entities

153 Right of return to public service

PART 18 - OTHER MATTERS

154 Relationship of GOCs with the State

155 Application of chapter to certain GOC subsidiaries

156 Application of Crime and Corruption Act

157 Application of Ombudsman Act 2001

CHAPTER 4 - MISCELLANEOUS

157A Application of particular provisions

158 Monitoring and assessment of GOCs

159 Giving of documents to board

160 Proceedings for offences

161 Transfer of assets, liabilities etc. to or from GOC or GOC subsidiary

162 Effect of regulation made under s 161(1) on legal relationships

162A Effect of GOC repeal regulation on legal relationships

163 Regulation about assets and liabilities not dealt with under s 54

164 Debt owned by State

165 Regulation about liability

166 Regulation dissolving certain government entities

167 Regulations

CHAPTER 5 - TRANSITIONAL PROVISIONS FOR GOVERNMENT OWNED CORPORATIONS AMENDMENT ACT 2007

168 Company GOCs—transfer of non-voting shares

169 References to statutory GOCs and company GOCs

SCHEDULE 1

SCHEDULE 2

SCHEDULE 4

SCHEDULE 5

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