Victorian Consolidated Legislation

State Owned Enterprises Act 1992 - SECT 9

Reorganisation directed by Treasurer

9. Reorganisation directed by Treasurer



(1) The Treasurer, after consultation with the relevant Minister, may direct a
reorganising body to do any one or more of the following:

   (a)  To form or acquire a company within the meaning of the Corporations
        Act that is taken to be registered in Victoria and that is a wholly
        owned subsidiary;

   (b)  To transfer to a wholly owned subsidiary or State body specified
        assets, liabilities or undertakings, in exchange for the issue of
        shares to the reorganising body, or otherwise;

   (c)  Transfer to a State owned enterprise or to another statutory
        corporation or to the State certain assets, liabilities or
        undertakings;

   (d)  To guarantee a particular liability, or the liabilities generally, of
        a wholly owned subsidiary or a State body;

   (e)  To sell assets, including its shares in a wholly owned subsidiary;

   (f)  To reorganise its affairs in anticipation of the reorganising body
        becoming a State business corporation or State owned company.

(2) Despite anything to the contrary in its constituting Act or in any other
Act conferring functions or powers on it, a reorganising body may, under the
authority of this Act, do all things necessary to comply with, and must comply
with, a direction under subsection (1).