Government Owned Corporations Legislation Amendment Regulation 1995 (Qld)

Queensland Subordinate Legislation 1995 No. 231 Government Owned Corporations Act 1993 GOVERNMENT OWNED CORPORATIONS LEGISLATION AMENDMENT REGULATION 1995 TABLE OF PROVISIONS Section Page PART 1—PRELIMINARY 1 Short title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 2 Commencement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 PART 2—AMENDMENT OF GOVERNMENT OWNED CORPORATIONS (PORTS) REGULATION 1994 3 Regulation amended in pt 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 4 Amendment of s 21 (Consideration for transfer of assets to associates) . . . 3 5 Insertion of new pt 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 PART 9—AFTER ASSOCIATES ARE DECLARED TO BE GOCs 24 Gladstone Port Authority must issue further shares . . . . . . . . . . . . . . 4 25 Port of Brisbane Corporation must issue further shares . . . . . . . . . . 4 26 Ports Corporation of Queensland must issue further shares . . . . . . . 5 PART 3—AMENDMENT OF GOVERNMENT OWNED CORPORATIONS REGULATION 1995 6 Regulation amended in pt 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 7 Amendment of s 2 (Commencement) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 8 Amendment of s 3 (References to entities) . . . . . . . . . . . . . . . . . . . . . . . . . . 6 9 Amendment of s 8 (Application of Public Finance Standards) . . . . . . . . . . 6 10 Amendment of sch 1 (Candidate GOCs) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

2 Government Owned Corporations Legislation Amendment No. 231, 1995 PART 4—REPEAL 11 Repeal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7

s1 3 s5 Government Owned Corporations Legislation No. 231, 1995 Amendment PART 1—PRELIMINARY ˙ Short title 1. This regulation may be cited as the Government Owned Corporations Legislation Amendment Regulation 1995 . ˙ Commencement 2. Section 4 is taken to have commenced on 30 June 1995. PART 2—AMENDMENT OF GOVERNMENT OWNED CORPORATIONS (PORTS) REGULATION 1994 ˙ Regulation amended in pt 2 3. This part amends the GovernmentOwnedCorporations(Ports)Regulation 1994 . ˙ Amendment of s 21 (Consideration for transfer of assets to associates) 4. Section 21(7), ‘1 July 1995’— omit, insert— ‘9 September 1995’. ˙ Insertion of new pt 9 5. After section 23— insert—

s5 4 s5 Government Owned Corporations Legislation No. 231, 1995 Amendment ‘ PART 9—AFTER ASSOCIATES ARE DECLARED TO BE GOCs ˙ ‘ Gladstone Port Authority must issue further shares ‘ 24.(1) Under section 9(1), 1 Gladstone Port Authority is taken to have a share capital of $1 000 000 000, made up of 1 000 000 000 ordinary shares of $1 each. ‘ (2) Under section 58 2 of the Act, 2 of the shares have been issued. 3 ‘ (3) Gladstone Port Authority must issue a further 344 594 578 of the shares as soon as it is practicable to issue the shares. ‘ (4) Shares issued under subsection (3) are taken to have been issued on 30 June 1995. ˙ ‘ Port of Brisbane Corporation must issue further shares ‘ 25.(1) Under section 9(2), 4 Port of Brisbane Corporation is taken to have a share capital of $1 000 000 000, made up of 1 000 000 000 ordinary shares of $1 each. ‘ (2) Under section 58 5 of the Act, 2 of the shares have been issued. 6 ‘ (3) Port of Brisbane Corporation must issue a further 339 126 654 of the shares as soon as it is practicable to issue the shares. ‘ (4) Shares issued under subsection (3) are taken to have been issued on 30 June 1995. 1 Section 9 (Share capital). The subsection refers to New GPA. New GPA’s name was changed to Gladstone Port Authority under section 12(1). 2 Section 58 (Share capital and issue of shares) 3 Under the Act, each of Gladstone Port Authority’s 2 shareholding Ministers holds an equal number of the issued shares (see sections 71 to 74 of the Act). 4 Section 9 (Share capital) 5 Section 58 (Share capital and issue of shares) 6 Under the Act, each of Port of Brisbane Corporation’s 2 shareholding Ministers holds an equal number of the issued shares (see sections 71 to 74 of the Act).

s6 5 s7 Government Owned Corporations Legislation No. 231, 1995 Amendment ˙ ‘ Ports Corporation of Queensland must issue further shares ‘ 26.(1) Under section 9(3), 7 Ports Corporation of Queensland is taken to have a share capital of $3 000 000 000, made up of 3 000 000 000 ordinary shares of $1 each. ‘ (2) Under section 58 8 of the Act, 2 of the shares have been issued. 9 ‘ (3) Ports Corporation of Queensland must issue a further number of the shares as soon as it is practicable to issue them. ‘ (4) The shares issued under subsection (3) must be equal in value to the amount of the debt owed by Ports Corporation of Queensland to the shareholding Ministers under section 21. 10 ‘ (5) Shares issued under subsection (3) are taken to have been issued on 30 June 1995.’. PART 3—AMENDMENT OF GOVERNMENT OWNED CORPORATIONS REGULATION 1995 ˙ Regulation amended in pt 3 6. This part amends the GovernmentOwnedCorporationsRegulation1995 . ˙ Amendment of s 2 (Commencement) 7. Section 2(2)— 7 Section 9 (Share capital). The subsection refers to New PCQ. New PCQ’s name was changed to Ports Corporation of Queensland under section 12(2). 8 Section 58 (Share capital and issue of shares) 9 Under the Act, each of Port Corporation of Queensland’s 2 shareholding Ministers holds an equal number of the issued shares (see sections 71 to 74 of the Act). 10 Section 21 (Consideration for transfer of assets to associates)

s 8 6 s 10 Government Owned Corporations Legislation No. 231, 1995 Amendment omit, insert— ‘ (2) Part 3 is taken to have commenced on— (a) for its application to statutory GOCs—1 July 1994; and (b) for its application to statutory GOC subsidiaries under the Government Owned Corporations (Statutory GOC Subsidiaries)Regulation 1994 —1 January 1995.’. ˙ Amendment of s 3 (References to entities) 8. Section 3, ‘an entity’— omit, insert— ‘a government entity’. ˙ Amendment of s 8 (Application of Public Finance Standards) 9. Section 8(1)— omit, insert— ‘ 8.(1) Subsections (2) and (3) prescribe modifications of the application of the Financial Administration and Audit Act 1977 to— (a) statutory GOCs; and (b) statutory GOC subsidiaries under the GovernmentOwnedCorporations (Statutory GOC Subsidiaries) Regulation 1994 .’. ˙ Amendment of sch 1 (Candidate GOCs) 10. Schedule 1, ‘Department of Primary Industries Forest Service’— omit.

s 11 7 s 11 Government Owned Corporations Legislation No. 231, 1995 Amendment PART 4—REPEAL ˙ Repeal 11. The GovernmentOwnedCorporations(ForestryCorporation)Regulation 1994 is repealed. ENDNOTES 1. Made by the Governor in Council on 17 August 1995. 2. Notified in the gazette on 18 August 1995. 3. Laid before the Legislative Assembly on . . . 4. The administering agency is the Treasury Department. © State of Queensland 1995