State Owned Corporations Act 1989 (NSW)
An Act to provide for the establishment and operation of Government enterprises as State owned corporations.
This Act may be cited as the State Owned Corporations Act 1989.
This Act commences on a day or days to be appointed by proclamation.
In this Act—
(a) in relation to a company SOC—the constitution of that company within the meaning of the Corporations Act 2001 of the Commonwealth, or
(b) in relation to a statutory SOC—the constitution of the SOC referred to in section 20Q, or
(c) in relation to a subsidiary that is a company within the meaning of the Corporations Act 2001 of the Commonwealth—the constitution of the company within the meaning of that Act, or
(d) in relation to a subsidiary that is not a company—the subsidiary’s charter or memorandum and articles of association.
(a) in relation to a company SOC or proposed company SOC or any of its subsidiaries—the Treasurer and 4 or more other Ministers for the time being nominated by the Premier as being eligible to hold shares in the SOC, or
(b) in relation to a statutory SOC or proposed statutory SOC or any of its subsidiaries—the Treasurer and another Minister for the time being nominated by the Premier as a voting shareholder of the SOC.
(a) a State department, administrative office, instrumentality, agency, authority or entity, that is not a corporation, or
(b) a division, branch or other part of such a department, office, instrumentality, agency, authority or entity.
(a) in relation to a company SOC or any of its subsidiaries—the Treasurer and one of the other eligible Ministers who is for the time being nominated by the Premier as a voting shareholder of the SOC, in their capacities as shareholders in the SOC, or
(b) in relation to a statutory SOC or any of its subsidiaries—the shareholders of the SOC as referred to in section 20H, in their capacities as shareholders in the SOC.
The Interpretation Act 1987 contains definitions and other provisions that affect the interpretation and application of this Act.
In this Act—
(a) a reference to a function includes a reference to a power, authority and duty, and
(b) a reference to the exercise of a function includes, where the function is a duty, a reference to the performance of the duty.
Notes included in this Act do not form part of this Act.
There are two classes of State owned corporations, as follows—
(a) company State owned corporations (or company SOCs),
(b) statutory State owned corporations (or statutory SOCs).
A company limited by shares becomes a company SOC by the insertion of its name in Schedule 1 by an Act of Parliament.
The regulations under this Act may amend Schedule 1 to reflect a change of name of a company.
The name of a company may not be removed from Schedule 1 except by an Act of Parliament.
Any eligible Minister may, for the purposes of this Act, participate in the formation of, or acquire shares in, a company limited by shares, in anticipation of the establishment of a company SOC.
Assets, rights and liabilities of the State or an authority of the State and forming part of or relating to an undertaking carried on by or under the authority of a Minister or a Public Service agency, or under the executive authority of the State, may be transferred to a company SOC or any of its subsidiaries, in exchange for the issue of shares or on any other basis.
The regulations under this Act may make provision for or with respect to the transfer of any such assets, rights and liabilities to a company SOC or any of its subsidiaries.
The regulations under this Act may provide that references in any Act, or in any regulation or other statutory rule under any Act, or in any other instrument, or in any contract or agreement, to—
(a) the State or an authority of the State, in connection with any such assets, rights or liabilities or in connection with any such undertaking, or
(b) (without limiting the above) a Minister, a Public Service agency or a person employed in a Public Service agency,
are to be read as references to a company SOC or any of its subsidiaries or to a director, officer or employee of any such SOC or subsidiary.
This section does not apply to assets, rights and liabilities of a statutory corporation unless—
(a) the assets, rights and liabilities can be transferred to the State owned corporation apart from this section, or
(b) an Act of Parliament provides that this section applies to the assets, rights and liabilities of the statutory corporation.
For the purposes of or incidental to the transfer from an authority to a company SOC, a subsidiary of a company SOC or any other person of any assets, rights or liabilities under this Act or under the Act by which the name of the company SOC is inserted in Schedule 1, the authority is, in the exercise of its functions, subject to the control and direction of the Minister.
The regulations may declare any matter relating to a company SOC that is dealt with by this Act or the regulations to be an excluded matter for the purposes of section 5F of the Corporations Act 2001 of the Commonwealth in relation to—
(a) the whole of the Corporations legislation, or
(b) a specified provision of the Corporations legislation, or
(c) the Corporations legislation other than a specified provision, or
(d) the Corporations legislation other than to a specified extent.
Section 5F of the Corporations Act 2001 of the Commonwealth provides that if a State law declares a matter to be an excluded matter for the purposes of that section in relation to all or part of the Corporations legislation of the Commonwealth, then the provisions that are the subject of the declaration will not apply in relation to that matter in the State concerned.
In this section—
The principal objectives of every company SOC are—
(a) to be a successful business and, to this end—
(i) to operate at least as efficiently as any comparable businesses, and
(ii) to maximise the net worth of the State’s investment in the SOC, and
(b) to exhibit a sense of social responsibility by having regard to the interests of the community in which it operates, and
(c) where its activities affect the environment, to conduct its operations in compliance with the principles of ecologically sustainable development contained in section 6 (2) of the Protection of the Environment Administration Act 1991, and
(d) to exhibit a sense of responsibility towards regional development and decentralisation in the way in which it operates.
Each of the principal objectives of a company SOC is of equal importance.
A company SOC or any of its subsidiaries—
(a) is not and does not represent the State except by express agreement with the voting shareholders of the SOC, and
(b) is not exempt from any rate, tax, duty or other impost imposed by or under any law of the State merely because it is a company SOC, and
(c) cannot render the State liable for any debts, liabilities or obligations of the SOC or any of its subsidiaries,
unless this or any other Act otherwise expressly provides.
The directors of a company SOC are to be persons who, in the opinion of those appointing them, will assist the SOC to achieve its principal objectives.
The board is accountable to the voting shareholders in the manner set out in Part 4 and in the constitution of the SOC.
A voting shareholder of a company SOC may authorise any Minister to act for and on behalf of the voting shareholder in his or her capacity as a voting shareholder while he or she is unavailable (by reason of his or her absence or disability or for any other reason).
If a Minister is authorised under this section to act for and on behalf of a voting shareholder, any function of a voting shareholder may, while the authority remains in force, be exercised from time to time by the Minister instead of by that voting shareholder. However, the Minister authorised under this section may not exercise the function of authorising another Minister under this section.
Any act, matter or thing done or omitted to be done by a Minister while acting for or on behalf of a voting shareholder pursuant to an authority under this section is to be as valid and have the same consequences as if the act, matter or thing had been done or omitted to be done by that voting shareholder.
A Minister who purports to act for or on behalf of a voting shareholder is presumed, until the contrary is proved, to be authorised under this section.
An authority under this section may be revoked by the voting shareholder who granted it, or by the Premier.
An authority under this section operates until—
(a) the end of the term specified in the authority, or
(b) the authority is revoked, or
(c) the voting shareholder who granted the authority ceases to be a voting shareholder, or
(d) by virtue of this or any other Act, the Minister authorised under the authority becomes a person who cannot be a voting shareholder of the company SOC,
whichever occurs first.
In the constitution of the company SOC of which the Minister is a voting shareholder, and in any Act or instrument, a reference to a voting shareholder under this Act includes a reference to any Minister who is acting for or on behalf of a voting shareholder pursuant to an authority under this section.
A Minister may be authorised under this section by reference to his or her name or by reference to the title of the office that he or she holds as Minister.
An authority under this section must be in writing, signed by the voting shareholder who granted it.
The revocation of an authority under this section must be in writing, signed by the voting shareholder who granted the authority or by the Premier.
Notice of an authority under this section, or of the revocation of such an authority, may be published in the Gazette at any time, and, where such a notice is so published, judicial notice is to be taken of the notice and of the authority or revocation, as the case may be.
Every authority under this section must be recorded by the Minister administering this Act.
The following Ministers may not be authorised under this section—
(a) the Treasurer, or
(b) a Minister who is also a voting shareholder of the same company SOC, or
(c) a Minister who, by virtue of this or any other Act, cannot be a voting shareholder of the company SOC.
Any act, matter or thing done or omitted to be done by a Minister while acting for or on behalf of a voting shareholder pursuant to an authority under this section is declared to be an excluded matter for the purposes of section 5F of the Corporations Act 2001 of the Commonwealth in relation to the whole of the Corporations legislation.
This subsection ensures that neither the Corporations Act 2001 nor Part 3 of the Australian Securities and Investments Commission Act 2001 of the Commonwealth will apply in relation to the matters specified. Section 5F of the Corporations Act 2001 of the Commonwealth provides that if a State law declares a matter to be an excluded matter in relation to that Act or Part, then the provisions of that Act or Part will not apply in relation to that matter in the State concerned.
This section does not affect the operation of section 36 or 37 of the Constitution Act 1902.
In this section, a reference to a
(a) by the constitution of the company SOC, or
(b) by the terms, express or implied, of this or any other Act or of any instrument under this or any other Act, or
(c) by or under any other law,
and to any other function that is incidental to any such function.
If a Minister wishes a company SOC to perform activities, or to cease to perform activities, or not to perform activities, in circumstances where the board considers that it is not in the commercial interests of the SOC to do so, that Minister with the approval of the Treasurer may, by written notice to the board, direct the SOC to do so in accordance with any requirements set out or referred to in the notice.
The SOC is required to comply with any such direction.
The SOC is entitled to be reimbursed, from money advanced by the Treasurer or appropriated by Parliament for the purpose, amounts equal to—
(a) the net cost of performing any such activities, including the cost of capital, and
(b) the net cost of complying with a direction to cease to perform or not to perform any such activities.
The amounts and times of payment of those amounts are as agreed between the Treasurer and the SOC or (failing agreement) as determined by a suitably qualified person or persons nominated by the Premier.
The SOC may be reimbursed, from money advanced by the Treasurer or appropriated by Parliament for the purpose, amounts not exceeding the estimated net amount of revenue forgone through ceasing to perform or not performing any such activities, as determined by the Treasurer having regard to such factors as the Treasurer considers relevant in the circumstances.
The Ministers who are the voting shareholders of a company SOC are responsible for ensuring that the constitution of the SOC at all times contain provisions to the effect of those required by Schedule 2.
The constitution may contain other provisions, so long as they are not inconsistent with the provisions referred to in subsection (1) or any other provisions of this Act.
This section does not apply to the extent provided in resolutions of both Houses of Parliament.
The Ministers who are the voting shareholders of a company SOC are responsible for ensuring that the constitution of every subsidiary of the SOC at all times contain provisions to the effect of those required by Schedule 3.
The constitution may contain other provisions, so long as they are not inconsistent with the provisions referred to in subsection (1) or any other provisions of this Act.
This section does not apply to the extent provided in resolutions of both Houses of Parliament.
The board of a company SOC and the voting shareholders may agree that payments required to be made by the SOC or any of its subsidiaries in respect of dividends will be applied in the purchase of shares by shareholders in the SOC.
If any such payments are applied in the purchase of shares, the payments may be appropriated for that purpose without being paid into the Consolidated Fund.
Otherwise, dividends declared for a company SOC or any of its subsidiaries and payable to eligible Ministers are to be paid to the Treasurer on behalf of the State for payment into the Consolidated Fund.
A company SOC must from time to time pay to the Treasurer for payment into the Consolidated Fund such amounts as the Tax Assessor determines to be equivalent to the amounts that would be payable by the SOC if it were liable to pay taxes under the law of the Commonwealth.
The SOC is not required to make payments under this section to the extent that it is or becomes liable to pay any such taxes.
Payments are to be made under this section on such terms as the Tax Assessor determines to be equivalent to the terms on which the amounts would be payable (including terms as to instalments and times of payment) if the SOC were liable to pay corresponding taxes under the law of the Commonwealth.
The SOC and the Treasurer may enter into agreements regarding the amounts to be paid under this section or the terms on which they are to be paid, and any such agreements have effect despite anything in subsections (1) and (3).
The determinations of the Tax Assessor under this section are to be made in such a way as to give effect to any such agreements.
Any such determination of the Tax Assessor is final, and the Treasurer and the SOC are required to make all the necessary payments and refunds to give effect to the determination.
If a refund is required, the Treasurer, or an authorised person, may direct payment out of the Consolidated Fund of the amount required to be refunded. The Consolidated Fund is appropriated to the necessary extent to enable payment of such refunds.
The Premier may nominate any person or persons to be the Tax Assessor for any one or more company SOCs, and may revoke any such nomination.
This section applies to the subsidiaries of a company SOC in the same way as it applies to the SOC, and (where relevant) applies to the SOC and its subsidiaries as a group.
Amounts required to be paid under this section are called tax-equivalents.
In this section—
The obligations of a company SOC or any of its subsidiaries are not guaranteed by the State of New South Wales, except to the extent that the board of the SOC and voting shareholders agree in writing.
Any liability arising from an agreed guarantee is to be met out of the Consolidated Fund, which is appropriated accordingly.
The voting shareholders may, after the consultation with the board of the SOC, fix charges to be paid by the SOC or any of its subsidiaries to the Treasurer in respect of an agreed guarantee, either generally or in so far as it relates to specified matters.
Payments by the SOC or any of its subsidiaries to the Treasurer in respect of any such charges are required to be made at such times, and in such instalments, as the Treasurer determines.
In this section—
(a) the formation of, or the acquisition of shares in, a company in anticipation of the establishment of a company SOC, or
(b) the registration of such a company, or
(c) the issue or transfer of shares of a company SOC or any of its subsidiaries to eligible Ministers, or
(d) the transfer of assets, rights or liabilities to a company SOC or any of its subsidiaries from the State, any authority of the State or any subsidiary of an authority of the State, or
(e) giving effect to any of the above.
Tax under a law of the State is not payable in relation to—
(a) an exempt matter, or
(b) anything done (including, for example, a transaction entered into or an instrument or document made, executed, lodged or given) because of, or for a purpose connected with or arising out of, an exempt matter.
The Treasurer or a person authorised by the Treasurer may, by written instrument, certify that—
(a) a specified matter or thing is an exempt matter, or
(b) a specified thing was done (including, for example, a transaction entered into or an instrument or document made, executed, lodged or given) because of, or for a purpose connected with or arising out of, a specified exempt matter.
For all purposes and in all proceedings, a certificate under this section is conclusive evidence of the matters certified, except so far as the contrary is established.
A company SOC or any of its subsidiaries may not form, participate in the formation of or acquire subsidiaries without the prior written approval of the voting shareholders.
A company SOC or any of its subsidiaries may not acquire or dispose of shares of a company, or participate in any other transaction, resulting in the company becoming or ceasing to be a subsidiary, without the prior written approval of the voting shareholders.
In seeking the approval of the voting shareholders, the SOC or subsidiary is required to provide the voting shareholders with such information as they require, including such kinds of information (if any) as are prescribed by the regulations under this Act.
A company SOC or any of its subsidiaries may not acquire or dispose of fixed assets or investments, including shares in a company, without the prior written approval of the voting shareholders—
(a) where the total assets and investments being acquired or disposed of (together with any other such acquisitions or dispositions during the last 12 months) represent an amount in excess of the prescribed percentage of the written down value of the SOC’s consolidated fixed assets and investments as disclosed in its last audited financial report, or
(b) where it could reasonably be expected that the inclusion or exclusion, respectively, of the total current year’s profit or loss of such acquisition or disposition (together with any other such acquisitions or dispositions during that year) would result in an increase in or diminution of the SOC’s consolidated pre-tax operating profit or loss for the year of acquisition or disposal in excess of the prescribed percentage compared with that consolidated pre-tax operating profit or loss disclosed in its last audited financial report.
In the case of an acquisition to which this section applies, the amount is the cost price of the asset or investment.
In the case of a disposition to which this section applies, the amount is the book value or the consideration on disposal, whichever is the greater.
A company SOC or any of its subsidiaries may not acquire or dispose of any assets or liabilities, in contravention of any requirements of the regulations under this Act.
In seeking the approval of the voting shareholders under this section, the SOC or subsidiary is required to provide the voting shareholders with such information as they require, including such kinds of information (if any) as are prescribed by the regulations under this Act.
The prescribed percentage is 10 per cent or such other percentage as is prescribed by the regulations under this Act.
All or any specified requirements of subsections (1), (2) and (3) do not apply in such circumstances as are specified in a written notice given to a company SOC or a subsidiary of a company SOC by the Treasurer.
The Treasurer may not give such a notice unless satisfied that the requirements are incapable of application to the SOC or subsidiary in the circumstances or would apply to it in a clearly inappropriate manner.
The voting shareholders may, by written notice, direct a company SOC or its subsidiaries not to dispose of any specified asset.
None of the main undertakings of a company SOC, and none of the main undertakings of any of its subsidiaries, may be sold or disposed of except with the prior written approval of the voting shareholders.
The main undertakings are as specified in the most recent statement of corporate intent of the SOC.
A corporation becomes a statutory SOC by the insertion of its name in Schedule 5 by an Act of Parliament.
A company cannot become a statutory SOC.
The regulations under this Act may amend Schedule 5 to reflect a change of name of a statutory SOC contained in that Schedule.
On the day on which a regulation under section 12 of the Energy Services Corporations Act 1995 takes effect, this Act is amended by omitting from Schedule 5 the name of the energy services corporation whose name is being varied and by inserting instead the corporation’s name as varied.
On the day on which a regulation under clause 2 of Schedule 5 to the Ports Assets (Authorised Transactions) Act 2012 takes effect, this Act is amended by omitting from Schedule 5 the name of the Port Corporation whose name is being changed and by inserting instead the corporation’s name as changed.
The name of a statutory SOC may not be removed from Schedule 5 except by an Act of Parliament.
Assets, rights and liabilities of the State or an authority of the State and forming part of or relating to an undertaking carried on by or under the authority of a Minister or a government entity, or under the executive authority of the State, may be transferred to a statutory SOC or any of its subsidiaries, in exchange for the issue of shares or on any other basis.
The regulations under this Act may make provision for or with respect to the transfer of any such assets, rights and liabilities to a statutory SOC or any of its subsidiaries.
The regulations under this Act may provide that references in any Act, or in any regulation or other statutory rule under any Act, or in any other instrument, or in any contract or agreement, to—
(a) the State or an authority of the State, in connection with any such assets, rights or liabilities or in connection with any such undertaking, or
(b) (without limiting the above) a Minister or a government entity or an officer or employee of a government entity,
are to be read as references to a statutory SOC or any of its subsidiaries or to a director, officer or employee of any such SOC or subsidiary.
This section does not apply to assets, rights and liabilities of a statutory corporation unless—
(a) the assets, rights and liabilities can be transferred to the statutory SOC apart from this section, or
(b) an Act of Parliament provides that this section applies to the assets, rights and liabilities of the statutory corporation.
For the purposes of or incidental to the transfer from an authority to a statutory SOC, a subsidiary of a statutory SOC or any other person of any assets, rights or liabilities under this Act or under the Act by which the name of the statutory SOC is inserted in Schedule 5, the authority is, in the exercise of its functions, subject to the control and direction of the Minister.
The principal objectives of every statutory SOC are—
(a) to be a successful business and, to this end—
(i) to operate at least as efficiently as any comparable businesses, and
(ii) to maximise the net worth of the State’s investment in the SOC, and
(b) to exhibit a sense of social responsibility by having regard to the interests of the community in which it operates, and
(c) where its activities affect the environment, to conduct its operations in compliance with the principles of ecologically sustainable development contained in section 6 (2) of the Protection of the Environment Administration Act 1991, and
(d) to exhibit a sense of responsibility towards regional development and decentralisation in the way in which it operates.
Each of the principal objectives of a statutory SOC is of equal importance.
A statutory SOC or any of its subsidiaries—
(a) is not and does not represent the State except by express agreement with the voting shareholders of the SOC, and
(b) is not exempt from any rate, tax, duty or other impost imposed by or under any law of the State merely because it is a SOC, and
(c) cannot render the State liable for any debts, liabilities or obligations of the SOC or any of its subsidiaries,
unless this or any other Act otherwise expressly provides.
A statutory SOC is declared to be an excluded matter for the purposes of section 5F of the Corporations Act 2001 of the Commonwealth in relation to the whole of the Corporations legislation other than—
(a) section 1101I (Gaming and wagering laws do not affect validity of contracts relating to financial products) of that Act to the extent that it applies to any contract that is a financial product entered into by an energy services corporation within the meaning of the Energy Services Corporations Act 1995, or
(b) to the extent specified by the regulations for the purposes of this subsection.
Section 5F of the Corporations Act 2001 of the Commonwealth provides that if a State law declares a matter to be an excluded matter for the purposes of that section in relation to all or part of the Corporations legislation of the Commonwealth, then the provisions that are the subject of the declaration will not apply in relation to that matter in the State concerned.
The regulations may declare a statutory SOC to be an applied Corporations legislation matter for the purposes of Part 3 of the Corporations (Ancillary Provisions) Act 2001 in relation to—
(a) the whole of the Corporations legislation, or
(b) an Act, regulations or other instrument forming part of the Corporations legislation, or
(c) a provision or provisions of the Corporations legislation or of an Act, regulations or other instrument forming part of the Corporations legislation.
Part 3 of the Corporations (Ancillary Provisions) Act 2001 provides for the application of provisions of the Corporations Act 2001 and Part 3 of the Australian Securities and Investments Commission Act 2001 of the Commonwealth as laws of the State in respect of any matter declared by a law of the State (whether with or without modification) to be an applied Corporations legislation matter for the purposes of that Part in relation to those Commonwealth provisions. Section 14 (2) of the Corporations (Ancillary Provisions) Act 2001 ensures that a declaration made for the purposes of Part 3 of that Act only operates to apply a provision of the Corporations legislation to a matter as a law of the State if that provision does not already apply to the matter as a law of the Commonwealth. If a provision referred to in a declaration already applies as a law of the Commonwealth, nothing in the declaration will affect its continued operation as a law of the Commonwealth.
A provision of the Corporations legislation that is the subject of any such declaration in the regulations has effect subject to the following modifications—
(a) the provision applies as if a SOC were a public company and a company limited by shares,
(b) the provision applies as if shares in the SOC held by voting shareholders were shares held in the SOC as a public company and a company limited by shares,
(c) such other modifications as may be prescribed by the regulations.
Without limiting subsections (2) and (3) (c), any such regulations may—
(a) specify modifications to the definitions and other interpretative provisions of the Corporations legislation relevant to any provision of the Commonwealth legislation that is the subject of the declaration, and
(b) provide for ASIC to exercise a function under any provision of the Corporations legislation that is the subject of the declaration, but only if—
(i) ASIC is to exercise that function pursuant to an agreement of the kind referred to in section 11 (8) or (9A) (b) of the Australian Securities and Investments Commission Act 2001 of the Commonwealth, and
(ii) ASIC is authorised to exercise that function under section 11 of the Australian Securities and Investments Commission Act 2001 of the Commonwealth, and
(c) specify that a reference to ASIC in any provision of the Corporations legislation that is the subject of the declaration is to be read as a reference to another person, and
(d) identify the provisions of the Corporations legislation to which the declaration relates by reference to that legislation as in force at a particular time, and
(e) specify a court of this State (other than the Supreme Court) to exercise any function conferred on a court or the Court by any provision of the Corporations legislation to which the declaration relates.
Subsection (2) does not apply to any provision of the Corporations legislation that applies to a statutory SOC as a law of the Commonwealth.
Words and expressions used in this section and also in Part 3 of the Corporations (Ancillary Provisions) Act 2001 have the same meanings as they have in that Part.
A statutory SOC is to have a share capital and shares as provided in its constitution.
A statutory SOC must have two shareholders, and no more at any time.
Each shareholder must at all times have an equal number of shares in the statutory SOC.
Each shareholder must at all times be entitled to rights equal to those to which the other shareholder is entitled.
The shareholders are to be the Treasurer and another Minister for the time being nominated by the Premier as a voting shareholder of the SOC. The Premier can be nominated as a voting shareholder.
If the person holding office as Treasurer ceases to hold that office—
(a) each share in each statutory SOC held by the person is taken to be transferred to the person next appointed to that office, and
(b) each statutory SOC is required to register the transfer.
A single instrument of transfer may transfer the shares in any one or more statutory SOCs held by the voting shareholder other than the Treasurer—
(a) if another Minister is for the time being nominated as that voting shareholder in respect of any one or more of the statutory SOCs concerned, or if different Ministers are so nominated in respect of different statutory SOCs—to that other Minister or those other Ministers, or
(b) to the person next appointed to the office of the Minister for the time being nominated as that voting shareholder in respect of the statutory SOC or SOCs concerned.
The Premier is empowered to execute a transfer of any issued shares in a statutory SOC—see section 20Q and clause 3 (5) of Schedule 6.
A voting shareholder of a statutory SOC may authorise any Minister to act for and on behalf of the voting shareholder in his or her capacity as a voting shareholder while he or she is unavailable (by reason of his or her absence or disability or for any other reason).
If a Minister is authorised under this section to act for and on behalf of a voting shareholder, any function of a voting shareholder may, while the authority remains in force, be exercised from time to time by the Minister instead of by that voting shareholder. However, the Minister authorised under this section may not exercise the function of authorising another Minister under this section.
Any act, matter or thing done or omitted to be done by a Minister while acting for or on behalf of a voting shareholder pursuant to an authority under this section is to be as valid and have the same consequences as if the act, matter or thing had been done or omitted to be done by that voting shareholder.
A Minister who purports to act for or on behalf of a voting shareholder is presumed, until the contrary is proved, to be authorised under this section.
An authority under this section may be revoked by the voting shareholder who granted it, or by the Premier.
An authority under this section operates until—
(a) the end of the term specified in the authority, or
(b) the authority is revoked, or
(c) the voting shareholder who granted the authority ceases to be a voting shareholder, or
(d) by virtue of this or any other Act, the Minister authorised under the authority becomes a person who cannot be a voting shareholder of the statutory SOC,
whichever occurs first.
In the constitution of the statutory SOC of which the Minister is a voting shareholder, and in any Act or instrument, a reference to a voting shareholder under this Act includes a reference to any Minister who is acting for or on behalf of a voting shareholder.
A Minister may be authorised under this section by reference to his or her name or by reference to the title of the office that he or she holds as Minister pursuant to an authority under this section.
An authority under this section must be in writing, signed by the voting shareholder who granted it.
The revocation of an authority under this section must be in writing, signed by the voting shareholder who granted the authority or by the Premier.
Notice of an authority under this section, or of the revocation of such an authority, may be published in the Gazette at any time, and, where such a notice is so published, judicial notice is to be taken of the notice and of the authority or revocation, as the case may be.
Every authority under this section must be recorded by the Minister administering this Act.
The following Ministers may not be authorised under this section—
(a) the Treasurer, or
(b) a Minister who is also a voting shareholder of the same statutory SOC, or
(c) a Minister who, by virtue of this or any other Act, cannot be a voting shareholder of the statutory SOC.
This section applies despite any provision of the Corporations legislation that is the subject of a declaration made for the purposes of Part 3 of the Corporations (Ancillary Provisions) Act 2001 by regulations made under section 20G.
This section does not affect the operation of section 36 or 37 of the Constitution Act 1902.
In this section, a reference to a
(a) by the constitution of the statutory SOC, or
(b) by the terms, express or implied, of this or any other Act or of any instrument under this or any other Act, or
(c) by or under any other law,
and to any other function that is incidental to any such function.
The Minister who has the duty to administer the foundation charter of a statutory SOC is the portfolio Minister of the SOC.
However, if—
(a) there is not a Minister who is the portfolio Minister under subsection (1), or
(b) the Premier is of the opinion that another Minister should be the portfolio Minister,
the portfolio Minister of the SOC is the Minister nominated by the Premier by order published in the Gazette.
Such a nomination is to be made by reference to a ministerial title. The Premier can be nominated as a portfolio Minister.
There is to be a board of directors of a statutory SOC.
The board is to consist of not fewer than 3 and not more than 7 directors appointed by the Governor on the recommendation of the voting shareholders.
The directors are to be persons who, in the opinion of the voting shareholders, will assist the SOC to achieve its principal objectives.
(Repealed)
The chief executive officer may be appointed as a director.
The board is accountable to the voting shareholders in the manner set out in Part 4 and in the constitution of the SOC.
Schedule 8 has effect with respect to the constitution and procedure of the board.
Every statutory SOC is to have a chief executive officer.
The Governor, on the recommendation of the portfolio Minister, may appoint the chief executive officer of a statutory SOC. Such an appointment cannot be effected unless it is recommended by the board.
The chief executive officer of a statutory SOC may delegate any functions of the chief executive officer to an employee of the SOC, but this power is subject to any directions of the board.
Schedule 9 has effect with respect to the chief executive officer of a statutory SOC.
All decisions relating to the operation of a statutory SOC are to be made by or under the authority of the board.
The chief executive officer of a statutory SOC is, subject to subsection (1), responsible for the day to day management of the operation of the SOC in accordance with the general policies and specific directions of the board.
A statutory SOC may employ such staff as it requires to exercise its functions.
A statutory SOC may fix the salary, wages and conditions of its staff in so far as they are not fixed by or under any other Act or law.
The regulations may make provision for or with respect to the employment of the staff of a statutory SOC, including the conditions of employment and the discipline of any such staff.
Any such regulations relating to the conditions of employment or the discipline of staff—
(a) have effect subject to any relevant award made by a competent industrial tribunal and to any industrial agreement or enterprise agreement to which the SOC is a party, and
(b) have effect despite any determination of the SOC under subsection (2).
Except as provided by the regulations under this Act, this section does not apply to the appointment, employment or conditions of employment of the chief executive officer of a statutory SOC.
Except as provided by the regulations under this Act, this section applies to a subsidiary of a statutory SOC (other than a company) and its staff in the same way as it applies to the SOC and its staff.
If the portfolio Minister wishes a statutory SOC to perform activities, or to cease to perform activities, or not to perform activities, in circumstances where the board considers that it is not in the commercial interests of the SOC to do so, that Minister with the approval of the Treasurer may, by written notice to the board, direct the SOC to do so in accordance with any requirements set out or referred to in the notice.
The SOC is required to comply with any such direction.
The SOC is entitled to be reimbursed, from money advanced by the Treasurer or appropriated by Parliament for the purpose, amounts equal to—
(a) the net cost of performing any such activities, including the cost of capital, and
(b) the net cost of complying with a direction to cease to perform or not to perform any such activities.
The amounts and times of payment of those amounts are as agreed between the Treasurer and the SOC or (failing agreement) as determined by a suitably qualified person or persons nominated by the Premier.
The SOC may be reimbursed, from money advanced by the Treasurer or appropriated by Parliament for the purpose, amounts not exceeding the estimated net amount of revenue forgone through ceasing to perform or not performing any such activities, as determined by the Treasurer having regard to such factors as the Treasurer considers relevant in the circumstances.
The portfolio Minister with the approval of the Treasurer may notify the board of a statutory SOC, in writing, of a public sector policy that is to apply to the SOC and its subsidiaries if the portfolio Minister is satisfied that it is necessary to give the notification in the public interest.
The board must ensure that the policy is carried out in relation to the SOC and must, as far as practicable, ensure that the policy is carried out in relation to its subsidiaries.
Before giving a notification under this section, the portfolio Minister must—
(a) consult with the board, and
(b) request the board to advise the portfolio Minister whether, in its opinion, carrying out the policy would not be in the best interests of the SOC or any of its subsidiaries.
The SOC may be reimbursed, from money advanced by the Treasurer or appropriated by Parliament for the purpose, amounts not exceeding the estimated net cost of complying with such a notification, or the estimated net amount of revenue forgone through complying with such a notification, as determined by the Treasurer having regard to such factors as the Treasurer considers relevant in the circumstances.
The portfolio Minister is required to cause a notice to be published in the Gazette setting out the reasons why a notification was given under this section and why it is in the public interest that the notification be given.
A notice referred to in subsection (5) is to be published within 1 month after the notification is given.
The portfolio Minister with the approval of the Treasurer may give the board of a statutory SOC a written direction in relation to the SOC and its subsidiaries if the portfolio Minister is satisfied that, because of exceptional circumstances, it is necessary to give the direction in the public interest.
The board must ensure that the direction is carried out in relation to the SOC and must, as far as practicable, ensure that the direction is complied with in relation to its subsidiaries.
Before giving a direction under this section, the portfolio Minister must—
(a) consult with the board, and
(b) request the board to advise the portfolio Minister whether, in its opinion, complying with the direction would not be in the best interests of the SOC or any of its subsidiaries.
The SOC may be reimbursed, from money advanced by the Treasurer or appropriated by Parliament for the purpose, amounts not exceeding the estimated net cost of complying with such a direction, or the estimated net amount of revenue forgone through complying with such a direction, as determined by the Treasurer having regard to such factors as the Treasurer considers relevant in the circumstances.
The portfolio Minister is required to cause a notice to be published in the Gazette setting out the reasons why a direction was given under this section and why it is in the public interest that the direction be given.
A notice referred to in subsection (5) is to be published within 1 month after the direction is given.
A statutory SOC is to have a constitution.
As far as practicable, the constitution of a statutory SOC is to have the same operation and effect in relation to the SOC as the constitution of a company has in relation to the company.
The constitution of a statutory SOC may contain matters that, for a company, would be found in the Corporations Act 2001 of the Commonwealth.
The constitution of a statutory SOC may make provision for or with respect to the provision, form, custody and use of the seal of the SOC. Any such provisions have effect despite section 50 of the Interpretation Act 1987.
The constitution of a statutory SOC may contain provisions regarding the manner of alteration or replacement of the constitution.
The Ministers who are the voting shareholders of a statutory SOC are responsible for ensuring that the constitution of the SOC at all times contains provisions to the effect of those required by Schedule 6.
The constitution may contain other provisions, so long as they are not inconsistent with the provisions referred to in subsection (6) or any other provisions of this Act.
This section does not apply to the extent provided in resolutions of both Houses of Parliament.
The Ministers who are the voting shareholders of a statutory SOC are responsible for ensuring that the constitution of every subsidiary of the SOC at all times contains provisions to the effect of those required by Schedule 7.
The constitution may contain other provisions, so long as they are not inconsistent with the provisions referred to in subsection (1) or any other provisions of this Act.
This section does not apply to the extent provided in resolutions of both Houses of Parliament.
A statutory SOC is to have a share dividend scheme, as provided in its constitution, in a form approved by the Treasurer.
The board of a statutory SOC and the voting shareholders may agree that payments required to be made by the SOC or any of its subsidiaries in respect of dividends will be applied in the purchase of shares by shareholders in the SOC.
If any such payments are applied in the purchase of shares, the payments may be appropriated for that purpose without being paid into the Consolidated Fund.
Otherwise, dividends declared for a statutory SOC or any of its subsidiaries and payable to voting shareholders are to be paid to the Treasurer on behalf of the State for payment into the Consolidated Fund.
Nothing in this section affects the operation of section 5.4 of the Government Sector Finance Act 2018 in relation to statutory SOCs. However, if the Treasurer requires a statutory SOC to pay an amount by way of a financial distribution under that section, the Treasurer must include in the notice to be published under that section in the Gazette the reasons for requiring the payment to be made under that section rather than pursuant to the share dividend scheme under this section.
A statutory SOC must from time to time pay to the Treasurer for payment into the Consolidated Fund such amounts as the Tax Assessor determines to be equivalent to the amounts that would be payable by the SOC if it were liable to pay taxes under the law of the Commonwealth.
The SOC is not required to make payments under this section to the extent that it is or becomes liable to pay any such taxes.
Payments are to be made under this section on such terms as the Tax Assessor determines to be equivalent to the terms on which the amounts would be payable (including terms as to instalments and times of payment) if the SOC were liable to pay corresponding taxes under the law of the Commonwealth.
The SOC and the Treasurer may enter into agreements regarding the amounts to be paid under this section or the terms on which they are to be paid, and any such agreements have effect despite anything in subsections (1) and (3).
The determinations of the Tax Assessor under this section are to be made in such a way as to give effect to any such agreements.
Any such determination of the Tax Assessor is final, and the Treasurer and the SOC are required to make all the necessary payments and refunds to give effect to the determination.
If a refund is required, the Treasurer, or an authorised person, may direct payment out of the Consolidated Fund of the amount required to be refunded. The Consolidated Fund is appropriated to the necessary extent to enable payment of such refunds.
The Premier may nominate any person or persons to be the Tax Assessor for any one or more statutory SOCs, and may revoke any such nomination.
This section applies to the subsidiaries of a statutory SOC in the same way as it applies to the SOC, and (where relevant) applies to the SOC and its subsidiaries as a group.
Amounts required to be paid under this section are called tax-equivalents.
In this section—
The obligations of a statutory SOC or any of its subsidiaries are not guaranteed by the State of New South Wales, except to the extent that the board of the SOC and the voting shareholders agree in writing.
Any liability arising from an agreed guarantee is to be met out of the Consolidated Fund, which is appropriated accordingly.
The voting shareholders may, after consultation with the board of the SOC, fix charges to be paid by the SOC or any of its subsidiaries to the Treasurer in respect of an agreed guarantee, either generally or in so far as it relates to specified matters.
Payments by the SOC or any of its subsidiaries to the Treasurer in respect of any such charges are required to be made at such times, and in such instalments, as the Treasurer determines.
In this section—
(a) the issue or transfer of shares of a statutory SOC or any of its subsidiaries to eligible Ministers, or
(b) the transfer of assets, rights or liabilities to a statutory SOC or any of its subsidiaries from the State, any authority of the State or any subsidiary of an authority of the State, or
(c) giving effect to any of the above.
Tax under a law of the State is not payable in relation to—
(a) an exempt matter, or
(b) anything done (including, for example, a transaction entered into or an instrument or document made, executed, lodged or given) because of, or for a purpose connected with or arising out of, an exempt matter.
The Treasurer or a person authorised by the Treasurer may, by a written instrument, certify that—
(a) a specified matter or thing is an exempt matter, or
(b) a specified thing was done (including, for example, a transaction entered into or an instrument or document made, executed, lodged or given) because of, or for a purpose connected with or arising out of, a specified exempt matter.
For all purposes and in all proceedings, a certificate under this section is conclusive evidence of the matters certified, except so far as the contrary is established.
A statutory SOC may, subject to this section—
(a) form or participate in the formation of private corporations, and
(b) acquire interests in private corporations, and
(c) sell or otherwise dispose of interests in private corporations,
whether or not the activities or proposed activities of any such private corporation are related to the functions of the SOC as set out in its foundation charter.
A statutory SOC or any of its subsidiaries may not form, participate in the formation of or acquire subsidiaries without the prior written approval of the voting shareholders.
A statutory SOC or any of its subsidiaries may not acquire or dispose of shares of a company, or participate in any other transaction, resulting in the company becoming or ceasing to be a subsidiary, without the prior written approval of the voting shareholders.
In seeking the approval of the voting shareholders, the SOC or subsidiary is required to provide the voting shareholders with such information as they require, including such kinds of information (if any) as are prescribed by the regulations under this Act.
In this section—
A statutory SOC or any of its subsidiaries may not acquire or dispose of fixed assets or investments, including shares in a company, without the prior written approval of the voting shareholders—
(a) where the total assets and investments being acquired or disposed of (together with any other such acquisitions or dispositions during the last 12 months) represent an amount in excess of the prescribed percentage of the written down value of the SOC’s consolidated fixed assets and investments as disclosed in its last audited financial report, or
(b) where it could reasonably be expected that the inclusion or exclusion, respectively, of the total current year’s profit or loss of such acquisition or disposition (together with any other such acquisitions or dispositions during that year) would result in an increase in or diminution of the SOC’s consolidated pre-tax operating profit or loss for the year of acquisition or disposal in excess of the prescribed percentage compared with that consolidated pre-tax operating profit or loss disclosed in its last audited financial report.
In the case of an acquisition to which this section applies, the amount is the cost price of the asset or investment.
In the case of a disposition to which this section applies, the amount is the book value of the consideration or disposal, whichever is the greater.
A statutory SOC or any of its subsidiaries may not acquire or dispose of any assets or liabilities, in contravention of any requirements of the regulations under this Act.
In seeking the approval of the voting shareholders under this section, the SOC or subsidiary is required to provide the voting shareholders with such information as they require, including such kinds of information (if any) as are prescribed by the regulations under this Act.
The prescribed percentage is 10 per cent or such other percentage as is prescribed by the regulations under this Act.
All or any specified requirements of subsections (1), (2) and (3) do not apply in such circumstances as are specified in a written notice given to a statutory SOC or a subsidiary of a statutory SOC by the Treasurer.
The Treasurer may not give such a notice unless satisfied that the requirements are incapable of application to the SOC or subsidiary in the circumstances or would apply to it in a clearly inappropriate manner.
The voting shareholders may, by written notice, direct a statutory SOC or its subsidiaries not to dispose of any specified asset.
None of the main undertakings of a statutory SOC, and none of the main undertakings of any of its subsidiaries, may be sold or disposed of except with the prior written approval of the voting shareholders.
The main undertakings are as specified in the most recent statement of corporate intent of the SOC.
In this Division—
(a) a director of the SOC, or
(b) the chief executive officer of the SOC, or
(c) an employee of the SOC.
In this Division—
(a) the doing of an act by a statutory SOC includes a reference to the making of an agreement by the SOC and a reference to a transfer of property to or by the SOC, and
(b) a reference to power includes a reference to legal capacity.
The objects of this Division include—
(a) providing that the doctrine of ultra vires does not apply to statutory SOCs, and
(b) ensuring that statutory SOCs give effect to any restrictions on their objects or powers, but without affecting the validity of their dealings with outsiders.
This Division is to be construed and have effect accordingly.
A statutory SOC has, for or in connection with the performance of its functions, all the powers of a natural person, including for example, the power—
(a) to enter into contracts, and
(b) to acquire, hold, dispose of and deal with property, and
(c) to appoint agents and attorneys, and
(d) to charge, and fix terms, for goods, services and information supplied by it, and
(e) to engage consultants, and
(f) to do all other things necessary or convenient to be done for, or in connection with, the performance of its functions.
Without limiting subsection (1), a statutory SOC has the powers that are conferred on it by or under this or any other Act.
A statutory SOC may exercise its powers within or outside the State.
Without limiting subsection (3), a statutory SOC may exercise its powers outside Australia.
The fact that the doing of an act by a statutory SOC would not be, or is not, in its best interests does not affect its legal capacity to do the act.
Section 20ZB has effect in relation to a statutory SOC subject to any restrictions on the SOC’s powers expressly imposed by or under this or another Act.
Section 20ZB also has effect in relation to the SOC subject to any restrictions expressly imposed by—
(a) the SOC’s constitution, and
(b) any relevant statement of corporate intent of the SOC, and
(c) any relevant directions, notifications or approvals given to the SOC by the SOC’s voting shareholders or portfolio Minister.
If—
(a) the SOC exercises a power contrary to a restriction mentioned in subsection (1) or (2), or
(b) the SOC’s foundation charter sets out the SOC’s objects or functions and the SOC does an act otherwise than in pursuance of the objects or functions,
the SOC contravenes this subsection.
The exercise of the power mentioned in subsection (3) (a), or the act mentioned in subsection (3) (b), is not invalid merely because of the contravention.
An officer of the SOC who is involved in the contravention contravenes this subsection.
An act of the officer is not invalid merely because, by doing the act, the officer contravenes subsection (5).
The SOC or officer of the SOC is not guilty of an offence merely because of the relevant contravention.
The fact that—
(a) by exercising the powers mentioned in subsection (3) (a), or doing the act as mentioned in subsection (3) (b), the SOC contravened, or would contravene, subsection (3), or
(b) by doing a particular act, an officer of the SOC contravened, or would contravene, subsection (5),
may be asserted or relied on only in proceedings between the voting shareholders or the State and officers of the SOC.
A person having dealings with a statutory SOC is entitled to make, in relation to those dealings, the assumptions referred to in subsection (3). In any proceedings relating to those dealings, any assertion by the SOC that the matters that the person is so entitled to assume were not correct must be disregarded.
A person having dealings with another person (the apparent owner) who has acquired or purports to have acquired title to property from a statutory SOC (whether directly or indirectly) is entitled to make, in relation to the acquisition or purported acquisition of title from the SOC, the assumptions referred to in subsection (3). In any proceedings in relation to those dealings, any assertion by the SOC or by the apparent owner that the matters that the person is so entitled to assume were not correct must be disregarded.
The assumptions that a person is, because of subsection (1) or (2), entitled to make are—
(a) that, at all relevant times, the SOC’s foundation charter and this Act have been complied with, and
(b) that, at all relevant times, the SOC’s constitution has been complied with, and
(c) that a person who appears from publicly available information to be a director, the chief executive officer or a secretary of the SOC has been duly appointed and has authority to exercise the functions customarily exercised by a director, by the chief executive officer or by a secretary, as the case may be, of a body carrying on a business of the kind carried on by the SOC, and
(d) that a person who is held out by the SOC to be an officer or agent of the SOC has been duly appointed and has authority to exercise the powers and perform the duties customarily exercised or performed by an officer or agent of the kind concerned, and
(e) that an officer or agent of the SOC who has authority to issue a document on behalf of the SOC has authority to warrant that the document is genuine and that an officer or agent of the SOC who has authority to issue a certified copy of a document on behalf of the SOC has authority to warrant that the copy is a true copy, and
(f) that a document has been duly sealed by the SOC if it bears what appears to be an impression of a seal of the SOC and the sealing of the document appears to be attested by a person who, because of paragraph (c), may be assumed to be a director of the SOC or the SOC’s chief executive officer, and
(g) that the directors, chief executive officer, employees and agents of the SOC have properly performed their duties to the SOC.
This section does not entitle a person to make an assumption, and does not prevent an assertion being made in relation to an assumption, if—
(a) the person has actual knowledge that the assumption is not correct, or
(b) the person’s connection or relationship with the SOC is such that the person ought to know that the assumption is not correct.
If, because of subsection (4), a person is not entitled to make a particular assumption—
(a) if the assumption is in relation to dealings with the SOC—subsection (1) does not apply to any assertion by the SOC in relation to the assumption, or
(b) if the assumption is in relation to an acquisition or purported acquisition from the SOC of title to property—subsection (2) does not apply to any assertion by the SOC or another person in relation to the assumption.
A person’s entitlement under this Division to make an assumption is not affected merely by the fact that any person—
(a) has acted or is acting fraudulently in relation to the dealing or acquisition or purported acquisition of title to property to which the assumption relates, or
(b) has forged a document that appears to have been sealed on behalf of a statutory SOC.
However, the person is not entitled to make the assumption if the person has actual knowledge of that fraudulent action or forgery.
The board of a State owned corporation must prepare and submit to the voting shareholders a draft written statement of corporate intent not later than one month after the commencement of each financial year of the corporation.
The board must consider any comments on the draft statement of corporate intent that are made to it by the voting shareholders within 2 months after the commencement of the financial year of the corporation.
The board must consult in good faith with the voting shareholders following communication to it of the comments, make such changes to the statement as are agreed between the voting shareholders and the board and deliver the completed written statement to the voting shareholders within 3 months after the commencement of the financial year.
The statement may not, before it is laid before both Houses of Parliament, be published or made available to the public without the prior approval of the board and the voting shareholders.
The statement may be modified at any time by the board with the agreement of the voting shareholders.
If the board, by written notice to the voting shareholders, proposes a modification of the statement, the board may, within 14 days, make the modification unless the voting shareholders, by written notice to the board, direct the board not to make it.
The voting shareholders may, from time to time, by written notice to the board, direct the board to include in, or omit from, a statement of corporate intent any specified matters.
Before giving a direction under this section, the voting shareholders are to consult with the board as to the matters to be referred to in the notice.
The corporation is required to comply with any such direction.
At any particular time, the statement of corporate intent for the corporation is the completed statement, with any modifications or deletions made in accordance with this Part.
Each statement of corporate intent is required to specify for the group comprising a State owned corporation and its subsidiaries, in respect of the financial year to which it relates and each of the 2 following financial years, the following information—
(a) the objectives of the corporation and of its subsidiaries,
(b) the main undertakings of the corporation and of its subsidiaries,
(c) the nature and scope of the activities to be undertaken,
(d) the accounting policies to be applied in the financial reports of the corporation and of its subsidiaries,
(e) the performance targets and other measures by which the performance of the corporation and of its subsidiaries may be judged in relation to their stated objectives,
(f) the kind of information to be provided to the voting shareholders by the corporation during the course of those financial years, including the information to be included in each half-yearly report,
(g) such other matters as may be agreed on by the voting shareholders and the board from time to time.
Within one month after the end of the first 6 months of each financial year of a State owned corporation (or such other period after the end of that half-year as may be agreed on by the board and the voting shareholders), the board is required to deliver to the voting shareholders a report of the operations of the corporation and of its subsidiaries during that half-year.
Each report required by this section must include the information required by the statement of corporate intent to be included in it.
Within 4 months after the end of each financial year of a company SOC (or such other time as may be prescribed by regulations under this Act), the board is required to deliver to the voting shareholders—
(a) an annual report of the operations of the SOC and of its subsidiaries during that financial year, and
(b) the SOC’s financial report for that financial year, audited by the Auditor-General, being a financial report that conforms to the requirements of the Corporations Act 2001 of the Commonwealth or any other law applying to the report, and
(c) the Auditor-General’s report on the SOC’s financial report.
Every annual report under subsection (1) (a) must—
(a) contain such information as is required by the voting shareholders to enable an informed assessment of the operations of the company SOC and its subsidiaries, including a comparison of the performance of the SOC and subsidiaries with the relevant statement of corporate intent, and
(b) state the dividend payable to the State by the SOC for the financial year to which the report relates.
Every Auditor-General’s report under subsection (1) (c) must conform to the requirements of similar reports under the Corporations Act 2001 of the Commonwealth or any other applicable law.
Each annual report is to include a section that—
(a) identifies any actual departures from the performance targets (including financial targets) set out in the statement of corporate intent for the SOC for the period to which the report relates, and
(b) sets out the reasons for each of the departures from the performance targets.
The requirements of this section are additional to the requirements of the Corporations Act 2001 of the Commonwealth or any other applicable law, but anything done for the purposes of that Act or other law that would comply with the requirements of this section may be taken to have also been done for the purposes of this section.
The Auditor-General has, for the purposes of exercising the Auditor-General’s functions under this section, all the powers of a registered company auditor under the Corporations Act 2001 of the Commonwealth.
The SOC is required to pay to the Auditor-General such charges for the exercise by the Auditor-General of functions under this section as are agreed on by the SOC and the Auditor-General or (failing agreement) as are determined by the Treasurer.
References in this section to the Auditor-General extend to any person carrying out functions under this section for the Auditor-General.
This section applies to the subsidiaries of a company SOC in the same way as it applies to the SOC.
This section does not require the board of a subsidiary of a company SOC to deliver an annual report of its operations or a financial report conforming to the requirements of the Corporations Act 2001 of the Commonwealth if—
(a) the SOC has complied with all requirements of that Act concerning consolidated financial reports in respect of the subsidiary, and
(b) that Act relieves or otherwise exempts the board from compliance with the requirement to prepare the financial report.
The annual reporting information prepared for a statutory SOC under the Government Sector Finance Act 2018 is to include a section that—
(a) identifies any actual departures from the performance targets (including financial targets) set out in the statement of corporate intent for the SOC for the period to which the report relates, and
(b) sets out the reasons for each of the departures from the performance targets.
Both company SOCs and statutory SOCs are GSF agencies under the Government Sector Finance Act 2018 and therefore subject to its provisions (including in relation to the preparation of annual reporting information).
The Auditor-General may make a special report regarding any matter arising from audit which in the opinion of the Auditor-General should be brought to the attention of Parliament.
The Auditor-General is required to present any such special report to the Legislative Assembly.
A Minister is required to lay, or cause to be laid, the following before each House of Parliament—
(a) a copy of the constitution of each State owned corporation, within 14 sitting days after the date of the constitution or the date on which the corporation became a State owned corporation (whichever is the later),
(b) a copy of the constitution of each subsidiary of each State owned corporation, within 14 sitting days after the date of the constitution or the date on which the subsidiary became a subsidiary of the corporation (whichever is the later),
(c) a copy of any change to the constitution of a State owned corporation or any of its subsidiaries, within 14 sitting days after the date of the change,
(d) a copy of the completed statement of corporate intent for a State owned corporation, within 14 sitting days after the date the voting shareholders received it,
(e) a copy of any modification to a completed statement of corporate intent for a State owned corporation made after a copy of the statement was laid before the House, within 14 sitting days after the date the modification was made,
(f) a copy of any notice given under section 21 (6) directing the board of a State owned corporation not to make a modification of a statement of corporate intent, within 14 sitting days after the date the notice was given,
(g) a copy of any notice given under section 21 (7) directing the inclusion of matters in or the omission of matters from a statement of corporate intent, within 14 sitting days after the date the notice was given,
(h) a copy of each half-yearly report of a State owned corporation, within 14 sitting days after the date the voting shareholders received it,
(i) a copy of the annual report, audited financial report, and the Auditor-General’s report on that financial report, of a State owned corporation, delivered to the voting shareholders under section 24, within 14 sitting days after the date of the annual general meeting of the corporation,
(j) a copy of any notice given by a Minister under section 11 or 20N to the board of a State owned corporation directing the corporation to perform activities, or to cease to perform activities, or not to perform activities, within 14 sitting days after the date the notice was given,
(k) a copy of any notice given by voting shareholders under the constitution of a State owned corporation to the board as to the amount of a dividend, within 14 sitting days after the date the notice was given,
(l) a copy of any written approval given by voting shareholders under section 18, 19 or 20 or section 20W, 20X or 20Y, within 14 sitting days after the date the approval was given,
(b) in any other case—100 penalty units.
If—
(a) a statutory SOC’s board suspects that the SOC or a subsidiary of the SOC is, may be, will or may become insolvent, and
(b) in the board’s opinion, compliance with a direction or notification given by the voting shareholders is not or would not be the cause or a substantial cause of the suspected insolvency,
the board must immediately give written notice to the voting shareholders of—
(c) the suspicion, and
(d) its reasons for the opinion.
The notice must state that it is given under this clause.
If the voting shareholders are satisfied that the board’s suspicion is well-founded, the voting shareholders must immediately give the board the written directions that the voting shareholders consider necessary or desirable, including any directions necessary or desirable to ensure—
(a) that the statutory SOC or subsidiary does not incur further debts, or
(b) that the statutory SOC or subsidiary will be able to pay all its debts as and when they become due.
Without limiting subclause (3), a direction under this clause may require the statutory SOC or any of its subsidiaries to cease or limit particular activities.
The board must ensure that a direction under this clause is complied with in relation to the SOC and must, as far as practicable, ensure that it is complied with in relation to its subsidiaries.
This clause is in addition to, and does not limit, another provision of this Act or another law.
In determining for the purposes of the Corporations Law the degree of care and diligence that a reasonable person in a like position in a company SOC would exercise in the circumstances of the company SOC concerned, regard must be had to—
(a) the application of this Act to the SOC, and
(b) relevant matters required or permitted to be done under this Act in relation to the SOC,
including, for example, any relevant directions, notifications or approvals given to the SOC by the SOC’s voting shareholders or portfolio Minister.
This section has effect despite the Corporations Law.
In determining for the purposes of the Corporations Law the degree of care and diligence that a reasonable person in a like position in a subsidiary of a SOC would exercise in the circumstances of the subsidiary concerned, regard must be had to—
(a) the application of this Act to the SOC and subsidiary, and
(b) relevant matters required or permitted to be done under this Act in relation to the SOC and subsidiary,
including, for example, any relevant directions, notifications or approvals given to the SOC by the SOC’s voting shareholders or portfolio Minister.
This section has effect despite the Corporations Law.
(Section 39)
The regulations may contain provisions of a savings or transitional nature consequent on the enactment of—
• State Owned Corporations Amendment Act 1995.
• State Revenue Legislation Amendment Act 2005
• State Owned Corporations Legislation Amendment (Staff Directors) Act 2013
Any such savings or transitional provision may, if the regulations so provide, take effect on the date of assent to the Act concerned or a later date.
To the extent to which any such savings or transitional provision takes effect on a date that is earlier than the date of its publication in the Gazette, the provision does not operate so as—
(a) to affect, in a manner prejudicial to any person (other than the State or an authority of the State) the rights of that person existing before the date of its publication, or
(b) to impose liabilities on any person (other than the State or an authority of the State) in respect of anything done or omitted to be done before the date of its publication.
(Repealed)
Any memorandum and articles of association of a SOC or subsidiary of a SOC that were in force immediately before the commencement are taken together to make up its constitution for the purposes of this Act after that commencement.
The repeal and re-enactment of Schedules 2, 3, 6 and 7 to this Act by the Corporations (Consequential Amendments) Act 2001 does not affect any obligation that a SOC or a subsidiary of a SOC may have had immediately before the commencement to include (or to ensure that another body include) certain provisions in a memorandum and articles of association.
In this clause,
Anything done or omitted to be done that would have been validly done or omitted if the amendments to sections 15 and 20T made by the State Revenue Legislation Amendment Act 2005 had been in force at the time that it was done or omitted is validated.
In this clause—
(a) a director of the board of directors of an energy services corporation referred to in clause 1 (2) (b) of Schedule 2 to the Energy Services Corporations Act 1995 (as so in force),
(b) a director of the board of the Hunter Water Corporation referred to in section 4B (1) (c) of the Hunter Water Act 1991 (as so in force),
(c) a staff director of the board of directors of a Port Corporation referred to in section 18 of the Ports and Maritime Administration Act 1995 (as so in force),
(d) a director of the board of directors of the State Water Corporation referred to in section 7 (3) of the State Water Corporation Act 2004 (as so in force),
(e) a director of the board of directors of the Superannuation Administration Corporation referred to in clause 1 (1) (b) of Schedule 3 to the Superannuation Administration Authority Corporatisation Act 1999 (as so in force).
The amendments made by the amending Act do not affect any existing staff director of a SOC holding office on the commencement of the amending Act. Any such person ceases to hold office as a director (subject to this or any other Act under which the person was appointed as director) on a date after the commencement of the amending Act that is determined in relation to that SOC—
(a) by the Governor if the Governor appoints directors of the board of that SOC, or
(b) by the voting shareholders of that SOC if those voting shareholders appoint directors of the board of that SOC.
Notice of a proposed determination under subclause (2) is not required to be given to the existing staff director or any other person.
Any existing staff director who ceases to be such a director by the operation of subclause (2) before the end of the term of office of the existing staff director is not entitled to any compensation for loss of office.
State Owned Corporations Act 1989 No 134. Assented to 15.9.1989. Date of commencement, 22.9.1989, sec 2 and GG No 97 of 22.9.1989, p 7312. This Act has been amended as follows—
No 109 | Transport Administration Act 1988. Assented to 21.12.1988. Date of commencement, 16.1.1989, sec 2 and GG No 3 of 16.1.1989, p 275. Sch 11 (as amended by Transport Administration Amendment (Public Transport Ticketing Corporation) Act 2006 No 5) was not commenced and was repealed by the Transport Administration Amendment Act 2010 No 31. Amended by Transport Administration Amendment (Rail Corporatisation and Restructuring) Act 1996 No 56. Assented to 28.6.1996. Date of commencement, 1.7.1996, sec 2 and GG No 80 of 1.7.1996, p 3795. Amended by Transport Administration Amendment (Railway Services Authority Corporatisation) Act 1998 No 8. Assented to 12.5.1998. Date of commencement, 1.7.1998, sec 2 and GG No 101 of 1.7.1998, p 5203. Amended by Transport Administration Amendment (Rail Management) Act 2000 No 89. Assented to 6.12.2000. Date of commencement of Sch 2, 1.1.2001, sec 2 (1) and GG No 168 of 22.12.2000, p 13466. Amended by Transport Administration Amendment (Rail Agencies) Act 2003 No 96. Assented to 10.12.2003. Date of commencement of Sch 1 [8] to the extent that it inserts Div 1 of Part 2 into the Transport Administration Act 1988, 19.12.2003, sec 2 and GG No 197 of 19.12.2003, p 11269; date of commencement of the remainder of Sch 1 [8], 1.1.2004, sec 2 and GG No 197 of 19.12.2003, p 11271. Amended by Transport Administration Amendment (Sydney Ferries) Act 2003 No 99. Assented to 10.12.2003. Date of commencement, 1.7.2004, sec 2 and GG No 104 of 25.6.2004, p 4387. | |
No 135 | Grain Handling Authority (Corporatisation) Act 1989. Assented to 27.9.1989. Date of commencement, 1.10.1989, sec 2 and GG No 98 of 29.9.1989, p 7764. Day appointed for the purposes of sec 5, 30.9.1990, GG No 120 of 28.9.1990, p 8641. Amended by Statute Law (Miscellaneous Provisions) Act (No 3) 1989 No 226. Assented to 21.12.1989. Date of commencement of the provisions of Sch 2 relating to the Grain Handling Authority (Corporatisation) Act 1989, 1.10.1989, Sch 2. | |
No 195 | State Bank (Corporatisation) Act 1989. Assented to 21.12.1989. Date of commencement of sec 4 and Sch 1, 14.5.1990, sec 2 and GG No 62 of 11.5.1990, p 3735. | |
No 108 | Statute Law (Miscellaneous Provisions) Act (No 2) 1990. Assented to 13.12.1990. Date of commencement of item (1) of the provisions of Sch 1 relating to the State Owned Corporations Act 1989, assent, sec 2; date of commencement of item (2) of those provisions, 22.9.1989, Sch 1. | |
No 53 | Hunter Water Board (Corporatisation) Act 1991. Assented to 11.12.1991. Date of commencement of sec 4 and Sch 1, 1.1.1992, sec 2 and GG No 180 of 20.12.1991, p 10554. Amended by Water Legislation Amendment (Drinking Water and Corporate Structure) Act 1998 No 145. Assented to 8.12.1998. Date of commencement, 1.1.1999, sec 2 and GG No 176 of 18.12.1998, p 9726. | |
No 94 | Statute Law (Miscellaneous Provisions) Act (No 2) 1991. Assented to 17.12.1991. Date of commencement of the provision of Sch 1 relating to the State Owned Corporations Act 1989, assent, Sch 1. | |
No 31 | NSW Grain Corporation Holdings Limited Act 1992. Assented to 18.5.1992. Day appointed for the purposes of sec 10, 30.9.1992, GG No 119 of 25.9.1992, p 6995. | |
No 93 | Environmental Planning and Assessment (Part 5) Amendment Act 1993. Assented to 30.11.1993. Date of commencement, 22.4.1994, sec 2 and GG No 58 of 15.4.1994, p 1607. | |
No 41 | Irrigation Corporations Act 1994. Assented to 2.6.1994. Date of commencement of sec 6 (1), 1.7.1997, sec 2 (1) and GG No 72 of 1.7.1997, p 5213; date of commencement of sec 6 (2), 24.2.1995, sec 2 (1) and GG No 18 of 24.2.1995, p 911; date of commencement of sec 6 (3), 24.2.1995, sec 2 (1) and GG No 18 of 24.2.1995, p 912; date of commencement of sec 6 (4), 24.2.1995, sec 2 (1) and GG No 18 of 24.2.1995, p 913; date of commencement of sec 6 (5), 1.7.1997, sec 2 (1) and GG No 72 of 1.7.1997, p 5214; sec 19 (1) and (5) were not commenced and were repealed by the State Owned Corporations Amendment Act 1995 No 32; date of commencement of sec 19 (2)–(4), 3.3.1995, sec 2 (1) and GG No 23 of 3.3.1995, p 1039. Amended by Statute Law (Miscellaneous Provisions) Act 1995 No 16. Assented to 15.6.1995. Date of commencement of Sch 2.12, assent, Sch 2.12. Amended by State Owned Corporations Amendment Act 1995 No 32. Assented to 23.6.1995. Date of commencement, 1.7.1995, sec 2 and GG No 79 of 30.6.1995, p 3437. Amended by Statute Law (Miscellaneous Provisions) Act (No 2) 1995 No 99. Assented to 21.12.1995. Date of commencement of Sch 2.8, 1.7.1995, Sch 2.8. Amended by Irrigation Corporations Amendment Act 1998 No 125. Assented to 26.11.1998. Date of commencement of Sch 1 [1] and [3], 10.12.1999, sec 2 and GG No 139 of 10.12.1999, p 11759; date of commencement of Sch 1 [2] and [4], 5.2.1999, sec 2 and GG No 15 of 5.2.1999, p 393. | |
No 73 | State Bank (Privatisation) Act 1994. Assented to 23.11.1994. Day appointed for the purposes of sec 9, 31.12.1994, GG No 179 of 30.12.1994, p 7847. | |
No 88 | Water Board (Corporatisation) Act 1994. Assented to 12.12.1994. Date of commencement of sec 4, 1.1.1995, sec 2 and GG No 170 of 16.12.1994, p 7400. Amended by Water Legislation Amendment (Drinking Water and Corporate Structure) Act 1998 No 145. Assented to 8.12.1998. Date of commencement, 1.1.1999, sec 2 and GG No 176 of 18.12.1998, p 9726. | |
No 13 | Ports Corporatisation and Waterways Management Act 1995. Assented to 15.6.1995. Date of commencement, 1.7.1995, sec 2 and GG No 79 of 30.6.1995, p 3435. Amended by Statute Law (Miscellaneous Provisions) Act (No 2) 1995 No 99. Assented to 21.12.1995. Date of commencement of Sch 2.14, 1.7.1995, Sch 2.14. | |
No 32 | State Owned Corporations Amendment Act 1995. Assented to 23.6.1995. Date of commencement, 1.7.1995, sec 2 and GG No 79 of 30.6.1995, p 3437. | |
No 95 | Energy Services Corporations Act 1995. Assented to 21.12.1995. Date of commencement of secs 4 (b) and 7 (b), 1.3.1996, sec 2 and GG No 26 of 1.3.1996, p 832. Amended by the Energy Services Corporations Amendment (TransGrid Corporatisation) Act 1998 No 68. Assented to 2.7.1998. Date of commencement of Sch 1, 14.12.1998, sec 2 and GG No 171 of 11.12.1998, p 9459. | |
No 30 | Statute Law (Miscellaneous Provisions) Act 1996. Assented to 21.6.1996. Date of commencement of Sch 1.28, assent, sec 2 (2). | |
No 85 | New South Wales Lotteries Corporatisation Act 1996. Assented to 6.11.1996. Date of commencement, 1.1.1997, sec 2 and GG No 150 of 20.12.1996, p 8528. | |
No 121 | Statute Law (Miscellaneous Provisions) Act (No 2) 1996. Assented to 3.12.1996. Date of commencement of Sch 4.49, 4 months after assent, sec 2 (4). | |
No 120 | Statute Law (Miscellaneous Provisions) Act (No 2) 1998. Assented to 26.11.1998. Date of commencement of Sch 2, assent, sec 2 (1). | |
No 125 | Irrigation Corporations Amendment Act 1998. Assented to 26.11.1998. Date of commencement of Sch 2 [1], 10.12.1999, sec 2 and GG No 139 of 10.12.1999, p 11759; date of commencement of Sch 2 [2], 5.2.1999, sec 2 and GG No 15 of 5.2.1999, p 393. | |
No 145 | Water Legislation Amendment (Drinking Water and Corporate Structure) Act 1998. Assented to 8.12.1998. Date of commencement, 1.1.1999, sec 2 and GG No 176 of 18.12.1998, p 9726. | |
No 5 | Superannuation Administration Authority Corporatisation Act 1999. Assented to 7.6.1999. Date of commencement, 26.7.1999, sec 2 and GG No 84 of 23.7.1999, p 5146. | |
No 85 | Statute Law (Miscellaneous Provisions) Act (No 2) 1999. Assented to 3.12.1999. Date of commencement of Sch 4, assent, sec 2 (1). | |
No 94 | Crimes Legislation Amendment (Sentencing) Act 1999. Assented to 8.12.1999. Date of commencement of sec 7 and Sch 5, 1.1.2000, sec 2 (1) and GG No 144 of 24.12.1999, p 12184. | |
No 89 | Transport Administration Amendment (Rail Management) Act 2000. Assented to 6.12.2000. Date of commencement of Sch 2, 1.1.2001, sec 2 (1) and GG No 168 of 22.12.2000, p 13466. | |
No 93 | Statute Law (Miscellaneous Provisions) Act (No 2) 2000. Assented to 8.12.2000. Date of commencement of Sch 1.25, assent, sec 2 (2). | |
No 102 | Australian Inland Energy Water Infrastructure Act 2000. Assented to 13.12.2000. Date of commencement, 15.12.2000, sec 2 and GG No 162 of 15.12.2000, p 13169. | |
No 34 | Corporations (Consequential Amendments) Act 2001. Assented to 28.6.2001. Date of commencement of Schs 2.48 and 4.58, 15.7.2001, sec 2 (1) and Commonwealth Gazette No S 285 of 13.7.2001. Amended by Statute Law (Miscellaneous Provisions) Act (No 2) 2001 No 112. Assented to 14.12.2001. Date of commencement of Sch 2.10, assent, sec 2 (2). | |
No 35 | Freight Rail Corporation (Sale) Act 2001. Assented to 29.6.2001. Date of commencement of Sch 3, 22.2.2002, sec 2 (2) and GG No 50 of 22.2.2002, p 1186. Proclamation appearing in GG No 108 of 6.7.2001, p 5223 should not have been published, see erratum in GG No 111 of 13.7.2001, p 5370. | |
No 56 | Statute Law (Miscellaneous Provisions) Act 2001. Assented to 17.7.2001. The amendments made by Sch 2.36 were without effect as the provisions being amended were substituted by the Corporations (Consequential Amendments) Act 2001 No 34. | |
No 59 | Waste Recycling and Processing Corporation Act 2001. Assented to 17.7.2001. Date of commencement, 1.9.2001, sec 2 and GG No 132 of 31.8.2001, p 6566. | |
No 112 | Statute Law (Miscellaneous Provisions) Act (No 2) 2001. Assented to 14.12.2001. Date of commencement of Sch 2.32, assent, sec 2 (2). | |
No 129 | Landcom Corporation Act 2001. Assented to 19.12.2001. Date of commencement, 1.1.2002, sec 2 and GG No 196 of 21.12.2001, p 10443. | |
No 26 | Financial Services Reform (Consequential Amendments) Act 2002. Assented to 21.6.2002. Date of commencement of Sch 2.11, assent, sec 2 (1). | |
No 40 | State Water Corporation Act 2004. Assented to 30.6.2004. Date of commencement of sec 4, 1.7.2004, sec 2 and GG No 110 of 1.7.2004, p 4983. | |
(129) | Energy Services Corporations (Dissolution of Australian Inland Energy Water Infrastructure) Regulation 2005. GG No 39 of 1.4.2005, p 1046. Date of commencement, 1.7.2005, cl 2. | |
No 51 | State Revenue Legislation Amendment Act 2005. Assented to 27.6.2005. Date of commencement of Sch 6, assent, sec 2 (1). | |
No 64 | Statute Law (Miscellaneous Provisions) Act 2005. Assented to 1.7.2005. Date of commencement of Sch 1.35, assent, sec 2 (2). | |
No 98 | Statute Law (Miscellaneous Provisions) Act (No 2) 2005. Assented to 24.11.2005. Date of commencement of Sch 1, assent, sec 2 (2). | |
No 120 | Statute Law (Miscellaneous Provisions) Act (No 2) 2006. Assented to 4.12.2006. Date of commencement of Sch 2, assent, sec 2 (2). | |
No 94 | Miscellaneous Acts (Local Court) Amendment Act 2007. Assented to 13.12.2007. Date of commencement of Schs 2 and 5, 6.7.2009, sec 2 and 2009 (314) LW 3.7.2009. | |
No 23 | Miscellaneous Acts Amendment (Same Sex Relationships) Act 2008. Assented to 11.6.2008. Date of commencement, 22.9.2008, sec 2 and GG No 118 of 19.9.2008, p 9283. | |
No 98 | Transport Administration Amendment (Rail and Ferry Transport Authorities) Act 2008. Assented to 3.12.2008. Date of commencement, 1.1.2009, sec 2 and GG No 158 of 19.12.2008, p 12314. | |
No 60 | NSW Lotteries (Authorised Transaction) Act 2009. Assented to 16.9.2009. Date of commencement of Sch 5.2, 29.4.2010, sec 2 and 2010 (127) LW 23.4.2010. | |
No 8 | Waste Recycling and Processing Corporation (Authorised Transaction) Act 2010. Assented to 23.3.2010. Date of commencement of Sch 6.2, 3.3.2011, sec 2 (2) and 2011 (123) LW 3.3.2011. | |
No 19 | Relationships Register Act 2010. Assented to 19.5.2010. Date of commencement of Sch 3, assent, sec 2 (2). | |
No 31 | Transport Administration Amendment Act 2010. Assented to 9.6.2010. Date of commencement, 1.7.2010, sec 2 and 2010 (294) LW 25.6.2010. | |
No 54 | Industrial Relations Amendment (Public Sector Appeals) Act 2010. Assented to 28.6.2010. Date of commencement, 1.7.2010, sec 2. | |
(105) | Energy Services Corporations Amendment (Change of Name) Regulation 2011. LW 2.3.2011. Date of commencement, on publication on LW, cl 2. | |
No 76 | State Revenue Legislation Further Amendment Act 2012. Assented to 29.10.2012. Date of commencement, assent, sec 2. | |
No 96 | Forestry Act 2012. Assented to 21.11.2012. Date of commencement of Sch 4.44, 1.1.2013, sec 2 and 2012 (680) LW 21.12.2012. | |
No 101 | Ports Assets (Authorised Transactions) Act 2012. Assented to 26.11.2012. |
Date of commencement, assent, sec 2. See also proclamation under Sch 5, cl 3 2016 (518) LW 19.8.2016. | ||
No 36 | State Owned Corporations Legislation Amendment (Staff Directors) Act 2013. Assented to 3.6.2013. Date of commencement, assent, sec 2. | |
No 74 | Water NSW Act 2014. Assented to 11.11.2014. Date of commencement, 1.1.2015, sec 2 and 2014 (839) LW 19.12.2014. | |
(83) | Electricity Generator Assets (Authorised Transactions) Amendment (Dissolution of Macquarie Generation) Proclamation 2015. LW 27.2.2015. Date of commencement, on publication on LW, cl 2. See also cl 3 (2) of Sch 6 to the Electricity Generator Assets (Authorised Transactions) Act 2012 No 35. | |
No 5 | Electricity Network Assets (Authorised Transactions) Act 2015. Assented to 4.6.2015. Date of commencement of Sch 8, assent, sec 2 (1). | |
No 58 | Statute Law (Miscellaneous Provisions) Act (No 2) 2015. Assented to 24.11.2015. Date of commencement of Sch 3, 15.1.2016, sec 2 (3). | |
No 27 | Statute Law (Miscellaneous Provisions) Act 2016. Assented to 7.6.2016. Date of commencement of Sch 2, 8.7.2016, sec 2 (1). | |
(518) | Ports Assets (Authorised Transactions) (Dissolution of Port Corporations) Proclamation 2016. LW 19.8.2016. Date of commencement, 1.9.2016, cl 2. See also cl 3 of Sch 5 to the Ports Assets (Authorised Transactions) Act 2012 No 101. | |
(691) | Electricity Generator Assets (Authorised Transactions) Amendment (Dissolution of Delta Electricity) Proclamation 2016. LW 22.11.2016. Date of commencement, on publication on LW, cl 2. See also cl 3 (2) of Sch 6 to the Electricity Generator Assets (Authorised Transactions) Act 2012 No 35. | |
No 12 | Transport Administration Amendment (Transport Entities) Act 2017. Assented to 11.4.2017. Date of commencement of Sch 2, 1.7.2020, sec 2 and 2020 (254) LW 12.6.2020. | |
No 22 | Statute Law (Miscellaneous Provisions) Act 2017. Assented to 1.6.2017. Date of commencement of Sch 1.18, 7 days after assent, sec 2 (1). | |
No 63 | Statute Law (Miscellaneous Provisions) Act (No 2) 2017. Assented to 23.11.2017. Date of commencement of Sch 1.16, 14 days after assent, sec 2 (1). | |
No 70 | Government Sector Finance Legislation (Repeal and Amendment) Act 2018. Assented to 22.11.2018. Date of commencement of Sch 4.95 [1] and [3], 1.7.2019, sec 2 (1) and 2019 (254) LW 21.6.2019; date of commencement of Sch 4.95[2], 1.7.2023, sec 2(1) and 2023 (91) LW 2.3.2023; date of commencement of Sch 4.95[4] and [5], 1.7.2021, sec 2(1) and 2021 (305) LW 25.6.2021. | |
No 58 | Transport Administration Amendment Act 2024. Assented to 23.9.2024. Date of commencement of Sch 2, 1.1.2025, sec 2(b) and 2024 (625) LW 13.12.2024. |
Amendments made to this Act prior to 1.4.2005, by regulations under sec 20B of this Act and secs 12, 13 and 14 of the Energy Services Corporations Act 1995 No 95, are listed only in the Table of amendments.
Sec 3 | Am 1989 No 135, Sch 1; 1995 No 32, Sch 1 [1]–[5]; 2001 No 34, Schs 2.48 [1], 4.58 [1] [2]. |
Sec 3A | Ins 1995 No 32, Sch 1 [6]. |
Part 2, heading | Subst 1995 No 32, Sch 1 [7]. |
Part 2, Div 1, heading | Ins 1995 No 32, Sch 1 [8]. |
Secs 4–6 | Am 1995 No 32, Sch 1 [9]. |
Sec 7 | Am 1989 No 135, Sch 1; 1995 No 32, Sch 1 [9]; 2015 No 58, Sch 3.83 [1] [2]. |
Sec 7A | Ins 1989 No 195, Sch 1. Am 1991 No 53, Sch 1; 1995 No 32, Sch 1 [9]. |
Sec 7B | Ins 2001 No 34, Sch 4.58 [3]. |
Part 2, Div 2, heading (previously Part 3, heading) | Subst 1995 No 32, Sch 1 [10]. |
Sec 8 | Am 1995 No 32, Sch 1 [11]. Subst 1995 No 32, Sch 1 [12]. |
Sec 9 | Am 1995 No 32, Sch 1 [11]. |
Sec 10 | Am 1995 No 32, Sch 1 [11]; 1998 No 120, Sch 2.32 [1]; 2001 No 34, Sch 4.58 [4]. |
Sec 10A | Ins 2000 No 93, Sch 1.25 [1]. Am 2001 No 34, Sch 4.58 [5]. |
Sec 11 | Am 1995 No 32, Sch 1 [11]. |
Sec 12 | Am 1995 No 32, Sch 1 [11]; 2001 No 34, Sch 4.58 [6] [7]. |
Sec 13 | Am 1995 No 32, Sch 1 [11]; 2001 No 34, Sch 4.58 [8] [9]. |
Sec 14 | Am 1995 No 32, Sch 1 [11]. |
Sec 15 | Am 1995 No 32, Sch 1 [11]; 2005 No 51, Sch 6 [1] [2]. |
Sec 16 | Am 1995 No 32, Sch 1 [11]. |
Sec 17 | Am 1989 No 195, Sch 1; 1995 No 32, Sch 1 [11]. |
Sec 18 | Am 1995 No 32, Sch 1 [11]. |
Sec 19 | Am 1995 No 32, Sch 1 [11]; 2005 No 98, Sch 1.24 [1]. |
Sec 20 | Am 1995 No 32, Sch 1 [11]. |
Part 3, Div 1 | Ins 1995 No 32, Sch 1 [13]. |
Sec 20A | Ins 1995 No 32, Sch 1 [13]. |
Sec 20B | Ins 1995 No 32, Sch 1 [13]. Am 1996 No 30, Sch 1.28; 2012 No 101, Sch 6.5. |
Secs 20C, 20D | Ins 1995 No 32, Sch 1 [13]. |
Part 3, Div 2 | Ins 1995 No 32, Sch 1 [13]. |
Secs 20E, 20F | Ins 1995 No 32, Sch 1 [13]. |
Sec 20G | Ins 1995 No 32, Sch 1 [13]. Subst 2001 No 34, Sch 4.58 [10]. Am 2002 No 26, Sch 2.11. |
Sec 20H | Ins 1995 No 32, Sch 1 [13]. Am 2005 No 64, Sch 1.35 [1]. |
Sec 20HA | Ins 2000 No 93, Sch 1.25 [2]. Am 2001 No 34, Sch 4.58 [11]. |
Sec 20I | Ins 1995 No 32, Sch 1 [13]. |
Sec 20J | Ins 1995 No 32, Sch 1 [13]. Am 1998 No 120, Sch 2.32 [2]; 2013 No 36, Sch 1 [1]. |
Secs 20K–20P | Ins 1995 No 32, Sch 1 [13]. |
Sec 20Q | Ins 1995 No 32, Sch 1 [13]. Am 2001 No 34, Sch 4.58 [12] [13]. |
Sec 20R | Ins 1995 No 32, Sch 1 [13]. |
Sec 20S | Ins 1995 No 32, Sch 1 [13]. Am 2018 No 70, Sch 4.95 [1]. |
Sec 20T | Ins 1995 No 32, Sch 1 [13]. Am 2005 No 51, Sch 6 [3] [4]; 2012 No 76, Sch 5.2; 2015 No 58, Sch 3.83 [3]. |
Secs 20U, 20V | Ins 1995 No 32, Sch 1 [13]. |
Sec 20W | Ins 1995 No 32, Sch 1 [13]. Am 2001 No 34, Sch 4.58 [14]. |
Sec 20X | Ins 1995 No 32, Sch 1 [13]. Am 2005 No 98, Sch 1.24 [2]; 2006 No 120, Sch 2.90. |
Sec 20Y | Ins 1995 No 32, Sch 1 [13]. |
Sec 22 | Am 2005 No 98, Sch 1.24 [3]. |
Part 3, Div 3 (secs 20Z–20ZE) | Ins 1995 No 32, Sch 1 [13]. |
Sec 24 | Am 1990 No 108, Sch 1; 1995 No 32, Sch 1 [14]–[16]; 2001 No 34, Sch 2.48 [2]–[6]; 2005 No 98, Sch 1.24 [4]–[10]. |
Sec 24A, heading | Ins 1995 No 32, Sch 1 [17]. Am 2005 No 98, Sch 1.24 [11]. Subst 2018 No 70, Sch 4.95[2]. |
Sec 24A | Ins 1995 No 32, Sch 1 [17]. Subst 2018 No 70, Sch 4.95[2]. |
Sec 26 | Am 1995 No 32, Sch 1 [18]–[25]; 1998 No 120, Sch 2.32 [3]; 2001 No 34, Sch 4.58 [15] [16]; 2005 No 98, Sch 1.24 [12] [13]; 2018 No 70, Sch 4.95 [3]. |
Sec 27 | Am 1991 No 94, Sch 1. |
Sec 28 | Am 2005 No 98, Sch 1.24 [14]–[16]; 2018 No 70, Sch 4.95[4]. |
Sec 29 | Am 1995 No 32, Sch 1 [26]. |
Sec 33 | Am 1989 No 195, Sch 1; 2001 No 34, Sch 4.58 [17]. |
Sec 33A | Ins 1995 No 32, Sch 1 [27]. |
Sec 33AA | Ins 1998 No 145, Sch 2 [3]. |
Sec 33B | Ins 1995 No 32, Sch 1 [27]. Am 2007 No 94, Schs 2, 5. |
Sec 35 | Rep 1995 No 32, Sch 1 [28]. |
Sec 35A | Ins 1995 No 32, Sch 1 [29]. Rep 2018 No 70, Sch 4.95[5]. |
Sec 36 | Am 1995 No 32, Sch 1 [30] [31]; 2010 No 54, Sch 3.12 [1]. |
Sec 37 | Am 1990 No 108, Sch 1. Rep 1999 No 85, Sch 4. |
Sec 37A | Ins 1991 No 53, Sch 1. Am 1993 No 93, Sch 2; 1995 No 32, Sch 1 [32]. |
Sec 37B | Ins 1991 No 53, Sch 1. Am 1998 No 145, Sch 2 [4]. |
Sec 38 | Am 1995 No 32, Sch 1 [33]; 2013 No 36, Sch 1 [2]. |
Sec 39 | Ins 1995 No 32, Sch 1 [34]. |
Sch 1, heading | Subst 1995 No 32, Sch 1 [35]. |
Sch 1 | Am 1989 No 135, sec 4 (am 1989 No 226, Sch 2), sec 5; 1989 No 195, sec 4; 1991 No 53, sec 4; 1992 No 31, sec 10; 1994 No 41, secs 6 (1) (am 1998 No 125, Sch 1 [1]) (2)–(4) (5) (am 1998 No 125, Sch 1 [2]), 19 (1) (am 1998 No 125, Sch 1 [3]) (2) (am 1995 No 16, Sch 2.12) (3) (4) (5) (am 1998 No 125, Sch 1 [4]); 1994 No 73, sec 9; 1994 No 88, sec 4; 1998 No 145, Sch 2 [1] [2]. |
Sch 2, heading | Subst 1995 No 32, Sch 1 [36]; 2001 No 34, Sch 4.58 [18]. |
Sch 2 | Am 1989 No 195, Sch 1; 1995 No 32, Sch 1 [37] [38]. Subst 2001 No 34, Sch 4.58 [18]. Am 2005 No 64, Sch 1.35 [2]; 2013 No 36, Sch 1 [3]. |
Sch 3, heading | Subst 1995 No 32, Sch 1 [39]; 2001 No 34, Sch 4.58 [19]. |
Sch 3 | Am 1989 No 135, Sch 1; 1989 No 195, Sch 1; 1995 No 32, Sch 1 [40]. Subst 2001 No 34, Sch 4.58 [19]. |
Sch 4 | Am 1995 No 32, Sch 1 [41]; 1996 No 121, Sch 4.49; 2010 No 54, Sch 3.12 [2] [3]; 2015 No 58, Sch 3.83 [4]–[6]; 2016 No 27, Sch 2.47 [1] [2]. |
Sch 5 | Ins 1995 No 32, Sch 1 [42]. Am 1988 No 109, secs 4 (subst 2003 No 96, Sch 1 [8]), 18A (2) (ins 2003 No 96, Sch 1 [8]), 19C (2) (ins 1996 No 56, Sch 1 [19]; subst 2000 No 89, Sch 2.1 [10]), 19IA (2), 35A (ins 2003 No 99, Sch 1 [7]); 1991 No 53, sec 4 (2) (am 1998 No 145, Sch 4 [5]); 1994 No 41, sec 6 (1) (am 1995 No 32, Sch 2 [3] and 1995 No 99, Sch 2.8 [2]) and (5) (am 1995 No 32, Sch 2 [4] and 1995 No 99, Sch 2.8 [2]); 1994 No 88, sec 4 (2) (am 1998 No 145, Sch 3 [5]); 1995 No 13, secs 6 (2), 7 (2), 8 (2) (am 1995 No 99, Sch 2.14); 1995 No 95, secs 4 (b), 6A (b) (am 1998 No 68, Sch 1 [4]), 7 (b); GG No 65 of 31.5.1996, p 2759; GG No 89 of 26.7.1996, p 4362; GG No 91 of 2.8.1996, p 4456; 1996 No 85, sec 5 (2); 1998 No 125, Sch 2 [1] [2]; 1999 No 5, sec 5 (2); GG No 59 of 19.5.2000, p 4110; 2000 No 89, Sch 2.10; 2000 No 102, Sch 3.14; GG No 89 of 25.5.2001, pp 2878, 2880; 2001 No 35, Sch 3.5; 2001 No 59, sec 4 (2); 2001 No 129, sec 5 (2); 2004 No 40, sec 4 (2); 2005 (129), cl 4; 2008 No 98, Schs 1.2, 3.2; 2009 No 60, Sch 5.2; 2010 No 8, Sch 6.2; 2010 No 31, Schs 2.6, 3.7; 2011 (105), cl 3 (1)–(3); 2012 No 96, Sch 4.44; 2012 No 101, Sch 5, cl 3; 2014 No 74, Sch 3.34; 2015 (83), cl 3; 2015 No 5, Sch 8.28; 2016 (518), cl 3; 2016 (691), cl 3; 2017 No 12, Sch 2.9; 2017 No 22, Sch 1.18; 2017 No 63, Sch 1.16; 2024 No 58, Sch 2.6. |
Sch 6 | Ins 1995 No 32, Sch 1 [43]. Subst 2001 No 34, Sch 4.58 [20]. Am 2001 No 112, Sch 2.32 [1]. |
Sch 7 | Ins 1995 No 32, Sch 1 [44]. Subst 2001 No 34, Sch 4.58 [21]. Am 2001 No 112, Sch 2.32 [2]. |
Sch 8 | Ins 1995 No 32, Sch 1 [45]. Am 1999 No 94, sec 7 (2) and Sch 5, Part 2; 2001 No 34, Sch 4.58 [22] (am 2001 No 112, Sch 2.10 [1]); 2005 No 64, Sch 1.35 [2]; 2013 No 36, Sch 1 [4]; 2015 No 58, Sch 3.83 [7] [8]. |
Sch 9 | Ins 1995 No 32, Sch 1 [46]. |
Sch 10 | Ins 1995 No 32, Sch 1 [47]. Am 2008 No 23, Sch 3.43 [1]–[3]; 2010 No 19, Sch 3.103 [1] [2]. |
Sch 11 | Ins 1995 No 32, Sch 1 [48]. Am 2001 No 34, Sch 4.58 [23]; 2005 No 51, Sch 6 [5] [6]; 2013 No 36, Sch 1 [5]–[7]. |
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