LOCAL GOVERNMENT ACT 2009 - SECT 40
Conducting beneficial enterprises
LOCAL GOVERNMENT ACT 2009 - SECT 40
Conducting beneficial enterprises
40 Conducting beneficial enterprises
(1) A local government may conduct a beneficial enterprise. (2) To conduct
the beneficial enterprise, the local government — (a) may participate with an
association , other than by being an unlimited partner of a partnership; and
(b) must not, either directly or by participating with an association ,
participate with an unlimited corporation ; and (c) must not enter into an
agreement that does not limit the liability of the local government , as
between the parties to the agreement, to the amount committed by the
local government under the agreement. Note— Under the
Statutory Bodies Financial Arrangements Act 1982 , a local government may need
the Treasurer’s approval before entering into particular financial
arrangements. (3) An
"association" is— (a) a partnership; or (b) a corporation limited by shares
but not listed on a stock exchange; or (c) a corporation limited by guarantee
but not listed on a stock exchange; or (d) another association of persons
that is not a corporation. (4) An
"unlimited corporation" means a corporation whose members have no limit placed
on their liability. (5) A local government
"participates" with an association or unlimited corporation if the
local government — (a) forms, or takes part in forming, an association or
unlimited corporation ; or (b) becomes a member of an association or
unlimited corporation ; or (c) takes part in the management of an association
or unlimited corporation ; or (d) acquires or disposes of shares, debentures
or securities of an association or unlimited corporation .
http://www.austlii.edu.au/au/legis/qld/consol_act/lga2009182/s40.html