TRANSPORT INTEGRATION ACT 2010 - SECT 155 Transport Corporation not to make loans to directors

TRANSPORT INTEGRATION ACT 2010 - SECT 155

S. 155(1) amended by No. 34/2023 s. 87(1).

    (1)     The powers of a Transport Corporation that is not V/Line Transport Corporation do not include a power, whether directly or indirectly—

S. 155(1)(a) amended by No. 45/2010 s. 9.

        (a)     to make a loan to a director of the Transport Corporation, a partner of such a director, or a relative (as defined in the Corporations Act) of such a director or partner; or

S. 155(1)(b) amended by No. 45/2010 s. 9.

        (b)     to give a guarantee or provide security in connection with a loan made or to be made by another person to a director, partner or relative referred to in paragraph (a).

S. 155(2) amended by No. 34/2023 s. 87(2).

    (2)     Nothing in subsection (1) prohibits a Transport Corporation that is not V/Line Transport Corporation from entering into an agreement or arrangement with a person referred to in subsection (1) if similar agreements or arrangements are entered into by the Transport Corporation with members of the public on the same terms and conditions.