STATE OWNED CORPORATIONS ACT 1989 - As at 1 July 2023 - Act 134 of 1989

Table of Provisions

• Long Title

PART 1 - PRELIMINARY

• 1 Name of Act
• 2 Commencement
• 3 Definitions
• 3A Classes of State owned corporations

PART 2 - COMPANY SOCS

Division 1 - Establishment of company SOCs

• 4 Establishment of company SOCs
• 5 Change or removal of name of company
• 6 Authorisation to participate in formation of companies
• 7 Transfer of assets and liabilities etc
• 7A Ministerial direction
• 7B Inter-relationship with Corporations legislation

Division 2 - Provisions relating to company SOCs

• 8 Principal objectives of company SOCs
• 9 Status of company SOCs
• 10 Directors
• 10A Authority for Minister to act for and on behalf of a voting shareholder
• 11 Non-commercial activities
• 12 Constitutions of company SOCs
• 13 Constitutions of subsidiaries
• 14 Dividends
• 15 Tax-equivalents
• 16 Government guarantee
• 17 State taxation
• 18 Subsidiaries
• 19 Acquisition and disposal of assets etc
• 20 Sale or disposal of main undertaking

PART 3 - STATUTORY SOCS

Division 1 - Establishment of statutory SOCs

• 20A Establishment of statutory SOCs
• 20B Change or removal of name of statutory SOC
• 20C Transfer of assets, rights and liabilities
• 20D Ministerial direction

Division 2 - Provisions relating to statutory SOCs

• 20E Principal objectives of statutory SOCs
• 20F Status of statutory SOCs
• 20G Application of Commonwealth Corporations Act 2001
• 20H Share capital, shares and shareholders
• 20HA Authority for Minister to act for and on behalf of a voting shareholder
• 20I Portfolio Minister
• 20J Directors
• 20K Chief executive officer
• 20L Operation and management
• 20M Staff
• 20N Non-commercial activities
• 20O Power of portfolio Minister to notify board of public sector policies
• 20P Power of portfolio Minister to give directions in public interest
• 20Q Constitution of statutory SOCs
• 20R Constitution of subsidiaries
• 20S Dividends
• 20T Tax-equivalents
• 20U Government guarantee
• 20V State taxation
• 20W Private corporations and subsidiaries
• 20X Acquisition and disposal of assets, investments and liabilities
• 20Y Sale or disposal of main undertaking

Division 3 - Legal capacity and powers of statutory SOCs

• 20Z Interpretation
• 20ZA Objects of Division
• 20ZB General powers of statutory SOCs
• 20ZC Restrictions on statutory SOCs
• 20ZD Persons having dealings with statutory SOCs or property
• 20ZE Effect of fraud

PART 4 - ACCOUNTABILITY

• 21 Statement of corporate intent: timetable and procedure
• 22 Statement of corporate intent: contents
• 23 Half-yearly reports
• 24 Annual reports and financial reports: company SOCs
• 24A Annual reporting information: statutory SOCs
• 25 Special reports of Auditor-General
• 26 Information to be laid before Parliament
• 27 Procedure if Parliament not in session
• 28 Public Accounts Committee
• 29 Other information to be supplied
• 30 Application of this Part to corporations with no subsidiaries

PART 5 - MISCELLANEOUS

• 31 Crown bound
• 32 Application of Act in particular cases
• 33 Operation of Act
• 33A Duties and liabilities of directors and other officers
• 33AA Liability of directors and other officers in respect of particular obligations
• 33B Offences
• 34 Provisions relating to certain staff
35, 35A. (Repealed)
• 36 Application of other Acts
37. (Repealed)
• 37A Modification of Environmental Planning and Assessment Act 1979 in its application to certain proposals
• 37B Establishment of Ministerial Holding Corporation
• 38 Regulations
• 39 Savings and transitional provisions
• SCHEDULE 1
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