Queensland Industry Development Corporation Act and Another Act Amendment Act 1991 (Qld)

253 QUEENSLAND INDUSTRY DEVELOPMENT CORPORATION ACT AND ANOTHER ACT AMENDMENT ACT ANALYSIS OF CONTENTS 1. Short title and citation 2. Amendment of s. 4 . Interpretation 3. Amendment of s. 16 . Appointment of Chief Executive Officer 4. Amendment of s. 25 . Membership of Board 5. Repeal of s. 40 and new ss. 40 and 40A Disclosure of interest by Director Disclosure of interest by employees of the Corporation 6. Amendment of s. 41 . Capital of Corporation 7. Amendment of s. 43 . Borrowing by the Corporation 8. Amendment of Agricultural Bank ( Loans) Act 1 UU»U51a88a ANNO QUADRAGESIMO ELIZA ET AE SECUN D AE REGINAE No. 16 of 1991 An Act to amend the Queensland Industry Development Corporati o n Act 1985 - 1990 in ce rta in p art iculars and the Agricultural Bank ( Loans ) Act 1959- 1986 in a ce rta in particular [ASSENTED TO IST M AY, 1991]

254 Queensland Industry Development Corporation Act and Another Act Amendment Act 1991, No. 16 BE IT ENACTED by the Queen's Most Excellent Majesty, by and with the advice and consent of the Legislative Assembly of Queensland in Parliament assembled, and by the authority of the same , as follows:- 1. Short title and citation . (1) This Act may be cited as the Queensland Industry Development Corporation Act and Another Act Amendment Act 1991. (2) In this Act the Queensland Industry Development CorporationAct 1985-1990 is referred to as the Principal Act. (3) The Principal Act as amended by this Act may be cited as the Queensland Industry Development Corporation Act 1985-1991. 2. Amendment of s. 4. Interpretation . Section 4 of the Principal Act is amended by inserting after the definition "financial arrangements" the following definition:- "financial year" means the period from and including 1st July in one year to and including 30th June the following year;". 3. Amendment of s. 16. Appoin tm ent of Chief Executive O fficer. Section 16 of the Principal Act is amended in subsection (2) by omitting the words "the Governor in Council" and substituting the words "the Board". 4. Amendment of s. 25. Membership of Bo ard. Section 25 of the Principal Act is amended by- (a) in subsection (1) (b), omitting the word "eight" and substituting the word " nine"; (b) in subsection (3), omitting the first paragraph. 5. Repeal of s. 40 and new ss. 40 and 40A . Section 40 of the Principal Act is repealed and the following sections substituted:- "40. Disclosure of interest by Director . (1) If a Director has any pecuniary interest, direct or indirect, in a matter that is or is to be the subject of a financial arrangement to which the Corporation is or is to be a party and is present at a meeting of the Corporation at which the matter is the subject of consideration, he- (a) shall disclose the fact of his interest at the meeting and before the matter is considered; (b) shall not participate in the consideration of or vote on any question with respect to the matter; and (c) shall be disregarded for the purposes of constituting a quorum in respect of the consideration of the matter.

Queensland Industry Development Corporation Act and 255 Another Act Amendment Act 1991, No. 16 (2) A disclosure made by a Director in compliance with subsection (1) shall be recorded in the minute book of the Corporation. (3) The Corporation may by resolution exclude any Director from a meeting whilst any matter in relation to which he is required to disclose an interest under subsection (1) is being considered. (4) In subsection (1), the expression "pecuniary interest"- (a) does not include an interest that a Director may have in a matter in common with members of the public; (b) does include a pecuniary interest had by the spouse of a Director or by a member of his family ordinarily resident with him. (5) Notwithstanding that a Director contravenes a provision of this section, that contravention does not invalidate any decision of the Corporation or the discharge of a function, exercise of a power or the performance of a duty by it. (6) A Director who fails to comply with this section commits an offence against this Act and is liable to a penalty not exceeding 50 penalty units. 40A. Disclosure of interest by employees of the Corporation. (1) If an officer employed by the Corporation- (a) has any pecuniary interest, direct or indirect, in a matter that is or is to be the subject of a financial arrangement to which the Corporation is or is to be a party; and (b) the officer knows he may deal with the matter in any way; he shall disclose that fact to the Corporation. (2) In subsection (1), the expression "pecuniary interest"- (a) does not include an interest an officer may have in a matter in common with members of the public; (b) does include a pecuniary interest had by the spouse of an officer or by a member of his family ordinarily resident with him. (3) The Board shall cause written directions to be given to officers employed by the Corporation which set out the procedure to be followed where an officer has a pecuniary interest in a matter referred to in subsection (1). These directions shall preclude an officer from dealing with the matter in any way. (4) An officer who fails to comply with a written direction referred to in subsection (3) commits an offence against this Act and is liable to a penalty not exceeding 50 penalty units.".

256 Queensland Industry Development Corporation Act and Another Act Amendment Act 1991, No. 16 6. Amendment of s. 41. Capital of Corporation . Section 41 of the Principal Act is amended in subsection (3) by omitting the words "each 12 months" and substituting the words "each financial year". 7. Amendment of s. 43. Borrowing by the Corporation . Section 43 of the Principal Act is amended in subsection (3) by omitting the words "or moneys obtained from the Treasurer of the Commonwealth or the State". 8. Amendment of Agricultural Bank (Loans ) Act. (1) The Agricultural Bank (Loans) Act 1959-1986 is amended by adding the following subsection at the end of section 12:- "(4) The rate or rates per centum per annum prescribed or varied pursuant to this section may be prescribed or varied by reference to a rate charged from time to time by a body identified in the Order in Council.". (2) The Agricultural Bank (Loans) Act 1959-1986 as amended by this section may be cited as the Agricultural Bank (Loans) Act 1959- 1991. Minister's Second Reading Speech made on 8 November 1990.