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PARLIAMENT OF VICTORIA
Urban Land Corporation Act 1997
Act No.
TABLE OF PROVISIONS
Clause Page
PART 1--PRELIMINARY 1
1. Purposes 1
2. Commencement 1
3. Definitions 2
PART 2 --URBAN LAND CORPORATION 3
4. Establishment 3
5. ULC not to represent the Crown 3
6. Functions 3
7. General powers 4
8. Schedule 1 4
9. Delegation 4
10. ULC may enter into joint ventures etc. 5
11. Grant of land to ULC 5
12. Approval required for acquisition of private land 5
13. Non-commercial functions 6
PART 3--DUTIES OF DIRECTORS 7
14. Duties of directors 7
15. ULC or Minister may bring proceedings 7
16. ULC not to make loans to directors 8
17. Limitation on indemnity 8
PART 4--CORPORATE PLAN 9
18. Corporate plan 9
19. Statement of corporate intent: contents 10
20. Corporate plan to be followed 11
21. Nothing void merely because of non-compliance 11
22. Board to give notice of significant events 11
PART 5--FINANCIAL PROVISIONS 13
23. Borrowing and investment by ULC 13
24. Determination of initial capital 13
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Clause Page
25. Capital 13
26. Repayment of capital 14
27. Dividends 14
PART 6--REPORTS BY ULC 15
28. Reports to Minister or Treasurer 15
29. Annual report 15
PART 7--REPEALS, AMENDMENTS AND TRANSITIONAL 16
30. Repeal of Urban Land Authority Act 1979 16
31. Amendment of Borrowing and Investment Powers Act 1987 16
32. Amendment of Land Tax Act 1958 16
33. Amendment of Treasury Corporation of Victoria Act 1992 16
34. Transitional--superseded references 17
35. Transitional--Urban Land Authority 17
36. Transitional--staff 18
37. Saving of covenants 18
__________________
SCHEDULE 1--Provisions applying to ULC 19
NOTES 25
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s. 2
PARLIAMENT OF VICTORIA
A BILL
to establish the Urban Land Corporation, to repeal the Urban Land
Authority Act 1979 and for other purposes.
Urban Land Corporation Act 1997
The Parliament of Victoria enacts as follows:
PART 1--PRELIMINARY
1. Purposes
The main purposes of this Act are--
(a) to establish the Urban Land Corporation; and
5 (b) to repeal the Urban Land Authority Act
1979.
2. Commencement
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Urban Land Corporation Act 1997
Act No.
(1) This Part comes into operation on the day on
which this Act receives the Royal Assent.
(2) Subject to sub-section (3), the remaining
provisions of this Act come into operation on a
5 day to be proclaimed.
(3) If the provisions referred to in sub-section (2) do
not come into operation before 1 July 1998, they
come into operation on that day.
3. Definitions
10 In this Act--
"board" means the board of directors of ULC;
"ULC" means the Urban Land Corporation
established by this Act.
_______________
15
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Urban Land Corporation Act 1997
s. 4
Act No.
PART 2--URBAN LAND CORPORATION
4. Establishment
(1) There is established a body by the name "Urban
Land Corporation".
5 (2) ULC--
(a) is a body corporate with perpetual
succession;
(b) has an official seal;
(c) may sue and be sued;
10 (d) may acquire, hold and dispose of real and
personal property;
(e) may do and suffer all acts and things that a
body corporate may by law do and suffer.
(3) All courts must take judicial notice of the seal of
15 ULC affixed to a document and, until the contrary
is proved, must presume that it was duly affixed.
(4) The official seal of ULC must be kept in such
custody as ULC directs and must not be used
except as authorised by ULC.
20 5. ULC not to represent the Crown
ULC is a public authority but does not represent
the Crown.
6. Functions
(1) The functions of ULC are--
25 (a) to develop residential land in Victoria; and
(b) to develop other land in Victoria where this
is incidental to a residential development;
and
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Urban Land Corporation Act 1997
s. 7
Act No.
(c) to provide consultancy services in relation to
the development of land whether within or
outside Victoria or outside Australia; and
(d) to carry out any other functions conferred on
5 ULC by this Act.
(2) The functions of ULC are to be carried out on a
commercial basis.
7. General powers
ULC--
10 (a) may purchase, take on transfer or otherwise
acquire or dispose of real or personal
property, and may dispose of any such
property acquired by it;
(b) may enter into contracts, agreements, leases
15 and licences for the carrying out of its
functions;
(c) may employ agents or contractors;
(d) may act as agent of another person;
(e) may do all things necessary or convenient to
20 be done for, or in connection with, carrying
out its functions.
8. Schedule 1
Schedule 1 applies to ULC.
9. Delegation
25 ULC may, by instrument under its official seal,
delegate to 2 or more directors of ULC, to an
officer or employee of ULC or, with the consent
of the Minister, to another person any function or
power of ULC, other than--
30 (a) this power of delegation; and
(b) any other power that is prescribed for the
purposes of this section.
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Urban Land Corporation Act 1997
s. 10
Act No.
10. ULC may enter into joint ventures etc.
Without limiting the generality of the powers
conferred on it by or under this Act, ULC--
(a) may form, or participate in the formation of,
5 or be a member of, companies;
(b) may form, or participate in the formation of,
and may participate in, partnerships, trusts,
unincorporated joint ventures and other
arrangements for the sharing of profits;
10 (c) may act as trustee;
(d) may engage in any business, undertaking or
activity incidental to the performance of its
functions.
11. Grant of land to ULC
15 (1) The Governor in Council, on the recommendation
of the Minister, the Treasurer and the Minister for
the time being administering section 12 of the
Land Act 1958, may grant any unalienated land
of the Crown to ULC subject to any conditions,
20 reservations and exceptions that the Governor in
Council thinks fit.
(2) If ULC sells any land granted to it under this
section, the net proceeds of the sale of the land
less any administrative costs, interest and other
25 amounts expended by ULC for or in relation to the
development and sale of the land must be paid to
the Consolidated Fund.
12. Approval required for acquisition of private land
Despite section 7, ULC must obtain the approval
30 of the Minister and the Treasurer before
purchasing, taking on transfer or otherwise
acquiring land other than land owned by the
Crown, a public authority, a municipal council or
the Commonwealth.
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s. 13
Act No.
13. Non-commercial functions
(1) Despite section 6(2), the Treasurer, after
consultation with the Minister, may direct the
board of ULC--
5 (a) to perform certain functions that the
Treasurer considers to be in the public
interest but that may cause ULC to suffer
financial detriment; or
(b) to cease to perform functions of a kind
10 referred to in paragraph (a); or
(c) to cease to perform certain functions that the
Treasurer considers not to be in the public
interest.
(2) The board of ULC must comply with a direction
15 given under sub-section (1).
(3) If ULC satisfies the Treasurer that it has suffered
financial detriment as a result of complying with a
direction given under sub-section (1), ULC may
be reimbursed by the State an amount determined
20 by the Treasurer and the Consolidated Fund is
hereby appropriated to the necessary extent
accordingly.
(4) The reference in this section to suffering financial
detriment includes a reference to incurring net
25 costs that are greater than would have been
incurred if the direction were not complied with.
_______________
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Urban Land Corporation Act 1997
s. 14
Act No.
PART 3--DUTIES OF DIRECTORS
14. Duties of directors
(1) A director of ULC must at all times act honestly
in the performance of the functions of his or her
5 office.
(2) A director of ULC must at all times exercise a
reasonable degree of care and diligence in the
performance of his or her functions.
(3) A director, or former director, of ULC must not
10 make improper use of information acquired by
virtue of his or her position as a director to gain,
directly or indirectly, an advantage for himself or
herself or for any other person or to cause
detriment to ULC.
15 (4) A director of ULC must not make improper use of
his or her position as a director to gain, directly or
indirectly, an advantage for himself or herself or
for any other person or to cause detriment to ULC.
(5) This section has effect in addition to, and not in
20 derogation of, any Act or law relating to the
criminal or civil liability of a member of the
governing body of a corporation and does not
prevent the institution of any criminal or civil
proceedings in respect of such a liability.
25 15. ULC or Minister may bring proceedings
If a person contravenes section 14 in relation to
ULC, ULC or the Minister, in the name of ULC,
may recover from the person as a debt due to ULC
by action in a court of competent jurisdiction
30 either or both of the following--
(a) if that person, or any other person, made a
profit as a result of the contravention, an
amount equal to that profit;
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Act No.
(b) if ULC has suffered loss or damage as a
result of the contravention, an amount equal
to that loss or damage.
16. ULC not to make loans to directors
5 (1) The powers of ULC do not include a power,
whether directly or indirectly--
(a) to make a loan to a director of ULC, a
spouse of such a director, or a relative (as
defined in the Corporations Law) of such a
10 director or spouse; or
(b) to give a guarantee or provide security in
connection with a loan made or to be made
by another person to a director, spouse or
relative referred to in paragraph (a).
15 (2) Nothing in sub-section (1) prohibits ULC entering
into an agreement or arrangement with a person
referred to in sub-section (1) if similar agreements
or arrangements are entered into by ULC with
members of the public on the same terms and
20 conditions.
17. Limitation on indemnity
The powers of ULC do not include a power to
exempt, whether directly or indirectly, a director
of ULC from, or to indemnify (whether by paying
25 a premium in respect of a contract of insurance or
otherwise) a director of ULC against, any liability
that by law would otherwise attach to the director
in respect of a wilful breach of duty or breach of
trust of which the director may be guilty in
30 relation to ULC.
_______________
8
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Urban Land Corporation Act 1997
s. 18
Act No.
PART 4--CORPORATE PLAN
18. Corporate plan
(1) The board of ULC must prepare a corporate plan
for each financial year.
5 (2) The board must give a copy of the proposed plan
to the Minister and the Treasurer on or before 31
May in each year.
(3) The proposed corporate plan must be in or to the
effect of a form approved by the Minister and the
10 Treasurer and must include--
(a) a statement of corporate intent in accordance
with section 19;
(b) a business plan containing such information
as the Minister or Treasurer requires;
15 (c) financial statements containing such
information as the Treasurer requires.
(4) The board must consider any comments on the
proposed plan that are made to it by the Minister
or the Treasurer within 2 months after the plan
20 was submitted to the Minister and the Treasurer.
(5) The board must consult in good faith with the
Minister and the Treasurer following
communication to it of the comments, must make
such changes to the plan as are agreed between
25 the Minister, the Treasurer and the board and must
deliver the completed plan to the Minister and
Treasurer within 2 months after the
commencement of the financial year.
(6) The plan, or any part of the plan, must not be
30 published or made available except for the
purposes of this Part without the prior approval of
the board, the Minister and the Treasurer.
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s. 19
Act No.
(7) The plan may be modified at any time by the
board with the agreement of the Minister and the
Treasurer.
(8) If the board, by written notice to the Minister and
5 the Treasurer, proposes a modification of the plan,
the board may, within 14 days, make the
modification unless the Minister or the Treasurer,
by written notice to the board, directs the board
not to make it.
10 (9) The Treasurer, after consultation with the Minister
may, from time to time, by written notice to the
board, direct the board to include in, or omit from,
a statement of corporate intent, a business plan or
a financial statement of a specified kind, any
15 specified matters.
(10) Before giving a direction under this section, the
Treasurer must consult with the board as to the
matters to be referred to in the notice.
(11) The board must comply with a direction under this
20 section.
(12) At any particular time, the statement of corporate
intent, the business plan or the financial
statements for ULC are the statements and plan
last completed, with any modifications or
25 deletions made in accordance with this Part.
19. Statement of corporate intent: contents
Each statement of corporate intent must specify
for ULC and its subsidiaries (if any), in respect of
the financial year to which it relates and each of
30 the 2 following financial years, the following
information--
(a) the business objectives of ULC and of its
subsidiaries;
(b) the main undertakings of ULC and of its
35 subsidiaries;
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Urban Land Corporation Act 1997
s. 20
22
Act No.
(c) the nature and scope of the activities to be
undertaken by ULC and its subsidiaries;
(d) the accounting policies to be applied in the
accounts;
5 (e) the performance targets and other measures
by which the performance of ULC and of its
subsidiaries may be judged in relation to
their stated business objectives;
(f) the kind of information to be provided to the
10 Minister and the Treasurer by ULC during
the course of those financial years;
(g) such other matters as may be agreed on by
the Minister, the Treasurer and the board of
ULC from time to time.
15 20. Corporate plan to be followed
ULC must act only in accordance with its
corporate plan, as existing from time to time,
unless it has first obtained the written approval of
the Minister and the Treasurer to do otherwise.
20 21. Nothing void merely because of non-compliance
Nothing done by ULC is void or unenforceable
merely because ULC has failed to comply with
section 18, 19 or 20.
22. Board to give notice of significant events
25 If the board of ULC forms the opinion that matters
have arisen--
(a) that may prevent, or significantly affect,
achievement of the business objectives of
ULC and its subsidiaries (if any) under the
30 corporate plan; or
(b) that may prevent, or significantly affect
achievement of the targets under the plan--
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Urban Land Corporation Act 1997
Act No.
the board must immediately notify the Minister
and the Treasurer of its opinion and the reasons
for the opinion.
_______________
5
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Urban Land Corporation Act 1997
s. 23
Act No.
PART 5--FINANCIAL PROVISIONS
23. Borrowing and investment by ULC
ULC has the powers conferred on it by the
Borrowing and Investment Powers Act 1987.
5 24. Determination of initial capital
(1) The Treasurer, after consultation with the
Minister, must determine the amount of initial
capital of ULC.
(2) In making the determination, the Treasurer must
10 have regard to any relevant advice that the board
of ULC has given to the Treasurer.
(3) The determination must be in writing.
(4) The value of the capital is the value specified in
the determination or, if the Treasurer and the
15 board of ULC agree that the value so specified
does not correctly represent the value, the value
agreed by the Treasurer and the board.
25. Capital
The capital of ULC is equal to the sum of--
20 (a) the amount of ULC's initial capital under this
Act in accordance with section 24(1); and
(b) any part of ULC's liabilities that is converted
into capital at the direction of the Treasurer;
and
25 (c) any amounts paid to ULC out of money
appropriated by the Parliament for the
purpose of providing capital; and
(d) any part of ULC's reserves that is converted
into capital at the direction of the Treasurer
30 after consultation with the board--
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s. 26
Act No.
less any amount of capital repaid under section
26.
26. Repayment of capital
(1) The capital of ULC is repayable to the State at
5 such times, and in such amounts, as the Treasurer,
after consultation with the Minister, directs in
writing after consultation with the board of ULC.
(2) In giving such a direction, the Treasurer shall
have regard to any advice that the board of ULC
10 has given to the Treasurer in relation to ULC's
affairs.
27. Dividends
ULC must pay to the State such amounts, at such
times and in such manner, as are determined by
15 the Treasurer after consultation with the board of
ULC and the Minister.
_______________
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Urban Land Corporation Act 1997
s. 28
Act No.
PART 6--REPORTS BY ULC
28. Reports to Minister or Treasurer
The Minister or the Treasurer may, in writing,
require the board of ULC to give the Minister or
5 the Treasurer such information as the Minister or
the Treasurer requires.
29. Annual report
ULC, in its annual report for a financial year
under Part 7 of the Financial Management Act
10 1994, must include--
(a) a copy of each direction given to it during
that year under section 13 together with a
statement of its response to the direction; and
(b) a copy of the statement of corporate intent
15 last completed.
_______________
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Urban Land Corporation Act 1997
s. 30
Act No.
PART 7--REPEALS, AMENDMENTS AND TRANSITIONAL
30. Repeal of Urban Land Authority Act 1979
The Urban Land Authority Act 1979 is
repealed.
5 31. Amendment of Borrowing and Investment Powers Act
1987
In Schedule 1 to the Borrowing and Investment
Powers Act 1987, after item 20 insert--
"20AA Urban Land 5, 8, 10, 11, 11AA, 11AB, 13,
Corporation 14, 14A, 15, 20, 20A and 21".
32. Amendment of Land Tax Act 1958
10 In section 9 of the Land Tax Act 1958--
(a) for "Urban Land Authority" (wherever
occurring) substitute "Urban Land
Corporation"; and
(b) in sub-section (2C) for "Urban Land
15 Authority Act 1979" substitute "Urban
Land Corporation Act 1997".
33. Amendment of Treasury Corporation of Victoria Act
1992
(1) In section 36A of the Treasury Corporation of
20 Victoria Act 1992 in the definition of "public
authority" before "the Port of Melbourne
Authority" insert "the Urban Land Corporation,".
(2) At the end of Schedule 1 to the Treasury
Corporation of Victoria Act 1992 insert--
"Urban Land Corporation Urban Land Corporation
Act 1997".
25
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s. 34
Act No.
34. Transitional--superseded references
On and from the commencement of this section, in
any Act (other than this Act) or in any instrument
made under any Act or in any other document of
5 any kind--
(a) a reference to the Urban Land Authority
Act 1979 is deemed to be a reference to the
Urban Land Corporation Act 1997; and
(b) a reference to the Urban Land Authority is
10 deemed to be a reference to ULC.
35. Transitional--Urban Land Authority
On the commencement of this section--
(a) the Urban Land Authority is abolished and
its members go out of office; and
15 (b) ULC is the successor in law of the Urban
Land Authority; and
(c) all rights, assets, liabilities and obligations of
the Urban Land Authority immediately
before its abolition become rights, assets,
20 liabilities and obligations of ULC; and
(d) all moneys standing to the credit of the
Urban Land Fund become moneys of ULC;
and
(e) ULC is substituted as a party in any
25 proceedings, contract, agreement or
arrangement commenced or made by or
against or in relation to the Urban Land
Authority; and
(f) ULC may continue and complete any other
30 continuing matter or thing commenced by or
against or in relation to the Urban Land
Authority.
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Urban Land Corporation Act 1997
s. 36
Act No.
36. Transitional--staff
(1) On the commencement of this section all persons
who are employees of the Urban Land Authority
at that commencement are deemed to be
5 employees of ULC on the same terms and
conditions and with the same accrued and
accruing entitlements as applied to that person
immediately before that commencement as an
employee of the Urban Land Authority.
10 (2) If sub-section (1) applies to a person--
(a) the service of the person as an employee
with ULC is to be regarded for all purposes
as having been continuous with the service
of the employee with the Urban Land
15 Authority; and
(b) the person is not entitled to receive any
payment or other benefit by reason only of
having ceased to be an employee of the
Urban Land Authority.
20 37. Saving of covenants
Despite the repeal of the Urban Land Authority
Act 1979, section 14 of that Act continues to
apply in relation to any covenant entered into
under that section and existing immediately before
25 the commencement of this section as if--
(a) any reference in that section to the Authority
were a reference to ULC; and
(b) the covenant had been created for the benefit
of land of ULC.
30 __________________
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Urban Land Corporation Act 1997
Sch. 1
Act No.
SCHEDULE 1
PROVISIONS APPLYING TO ULC
1. Board of directors
(1) There shall be a board of directors of ULC consisting of not
5 less than 4, and not more than 7, directors appointed in
accordance with this Schedule.
(2) The board of directors of ULC--
(a) is responsible for the management of the affairs of
ULC; and
10 (b) may exercise the powers of ULC.
2. Constitution of board
The board of ULC shall consist of--
(a) a chairperson;
(b) a deputy chairperson;
15 (c) subject to clause 1, such number of other directors as
are appointed by the Governor in Council in
accordance with this Schedule.
3. Appointment of directors
(1) The chairperson, deputy chairperson and other directors of
20 ULC shall be appointed by the Governor in Council.
(2) The Public Sector Management Act 1992 does not apply
to a director of ULC in respect of the office of director.
4. Terms and conditions of appointment
(1) A director of ULC shall be appointed for such term, not
25 exceeding 3 years, as is specified in the instrument of
appointment, but is eligible for re-appointment.
(2) A director of ULC holds office, subject to this Act, on such
terms and conditions as are determined by the Minister after
consultation with the Treasurer.
30 5. Acting appointments
(1) When--
(a) the office of chairperson of the board of ULC is
vacant; or
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Sch. 1
Act No.
(b) the chairperson of the board of ULC is absent from
Victoria or is, for any reason, unable to attend
meetings of the board or otherwise unable to perform
the duties of the office--
5 the deputy chairperson of the board must act as chairperson.
(2) While the deputy chairperson of the board of ULC is acting
as chairperson, the deputy chairperson has and may exercise
all the powers, and must perform all the duties of the
chairperson.
10 (3) The Minister may appoint a director of ULC to act as deputy
chairperson of the board of ULC--
(a) during a vacancy in the office of deputy chairperson;
or
(b) during any period, or during all periods, when the
15 deputy chairperson is acting as chairperson or is
unable, for any reason, to attend meetings of the
board.
(4) The Minister may appoint a person to act as a director (other
than the chairperson or deputy chairperson) of ULC--
20 (a) during a vacancy in the office of such a director; or
(b) during any period, or during all periods, when such a
director is acting as deputy chairperson or is unable,
for any reason, to attend meetings of the board.
6. Chief executive officer and other staff
25 (1) The board of ULC, after consultation with the Minister and
the Treasurer, may appoint a person as the chief executive
officer of ULC.
(2) The chief executive officer of ULC holds office on a full-
time basis and on such terms and conditions as are
30 determined by the board, after consultation with the
Minister and the Treasurer, and specified in the instrument
of appointment.
(3) The board, after consultation with the Minister and the
Treasurer, may remove the chief executive officer of ULC
35 from office.
(4) The chief executive officer of ULC may be a director of
ULC but may not be the chairperson or deputy chairperson.
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Act No.
(5) The board of ULC may engage such other officers and
employees as are necessary for the performance of its
functions.
(6) The terms and conditions of employment of officers and
5 employees of ULC are as determined by the board of ULC.
7. Vacancies, resignations, removal from office
(1) The office of a director of ULC becomes vacant if the
director--
(a) without the board's approval, fails to attend 3
10 consecutive meetings of the board; or
(b) 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
15 benefit; or
(c) is convicted of an indictable offence or an offence
which, if committed in Victoria, would be an
indictable offence.
(2) A director of ULC may resign by writing delivered to the
20 Minister.
(3) The Governor in Council may remove a director, or all
directors, of ULC from office.
(4) If a director of ULC--
(a) is convicted of an offence relating to his or her duties
25 as a director; or
(b) fails, without reasonable excuse, to comply with
clause 11--
the director must be removed from office by the Governor
in Council.
30 8. Validity of decisions
(1) An act or decision of the board of ULC is not invalid merely
because of--
(a) a defect or irregularity in, or in connection with, the
appointment of a director of ULC; or
35 (b) a vacancy in the membership of the board, including a
vacancy arising from the failure to appoint an original
director.
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Act No.
(2) Anything done by or in relation to a person purporting to act
as chairperson, deputy chairperson or as a director is not
invalid merely because--
(a) the occasion for the appointment had not arisen; or
5 (b) there was a defect or irregularity in relation to the
appointment; or
(c) the appointment had ceased to have effect; or
(d) the occasion for the person to act had not arisen or
had ceased.
10 9. Proceedings of board
(1) Subject to sub-clause (2), meetings of the board of ULC
shall be held at such times and places as the board
determines.
(2) The chairperson of ULC may at any time convene a meeting
15 but must do so when requested by a director of ULC.
(3) A majority of the directors for the time being of ULC
constitute a quorum of the board of ULC.
(4) A question arising at a meeting of the board of ULC shall be
determined by a majority of votes of directors of ULC
20 present and voting on that question and, if voting is equal,
the person presiding has a casting, as well as a deliberative,
vote.
(5) The board of ULC must ensure that minutes are kept of each
of its meetings.
25 (6) Subject to this Act, the board of ULC may regulate its own
proceedings.
10. Resolutions without meetings
(1) If--
(a) ULC has taken reasonable steps to give notice to each
30 director setting out the terms of a proposed resolution;
and
(b) a majority of directors for the time being of the board
sign a document containing a statement that they are
in favour of the resolution in the terms set out in the
35 document--
a resolution in those terms is deemed to have been passed at
a meeting of the board held on the day on which the
document is signed or, if the directors referred to in
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Act No.
paragraph (b) do not sign it on the same day, on the day on
which the last of those directors signs the document.
(2) For the purposes of sub-section (1), 2 or more separate
documents containing a statement in identical terms, each of
5 which is signed by one or more directors, are deemed to
constitute one document.
(3) If a resolution is deemed by this section to have been passed
at a meeting of the board, each member must as soon as
practicable be advised of the matter and given a copy of the
10 resolution.
(4) The majority of directors referred to in sub-clause (1)(b)
must not include a director who, because of clause 11, is not
entitled to vote on the resolution.
11. Disclosure of interests
15 (1) If--
(a) a director of ULC has a direct or indirect pecuniary
interest in a matter being considered, or about to be
considered, by the board of ULC; and
(b) the interest could conflict with the proper
20 performance of the director's duties in relation to the
consideration of the matter--
the director, as soon as practicable after the relevant facts
come to the director's knowledge, must disclose the nature
of the interest at a meeting of the board.
25 (2) A disclosure under sub-clause (1) must be recorded in the
minutes of the meeting and, unless the Minister or the board
otherwise determines, the director--
(a) must not be present during any deliberation of the
board in relation to the matter; and
30 (b) must not take part in any decision of the board in
relation to the matter.
(3) For the purpose of the making of a determination by the
board of ULC under sub-clause (2) in relation to a director
who has made a disclosure under sub-clause (1), a director
35 who has a direct or indirect pecuniary interest in the matter
to which the disclosure relates--
(a) must not be present during any deliberation of the
board for the purpose of making the determination;
and
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Act No.
(b) must not take part in the making by the board of the
determination.
(4) Sub-clauses (1) and (2) do not apply in relation to a matter
relating to the supply of goods or services to the director if
5 the goods or services are, or are to be, available to members
of the public on the same terms and conditions.
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Urban Land Corporation Act 1997
Notes
Act No.
NOTES
By Authority. Government Printer for the State of Victoria.
25
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