Version No. 041
State Owned Enterprises Act 1992
No. 90 of 1992
Version incorporating amendments as at
1 July 2022
TABLE OF PROVISIONS
Section Page
Part 1—Preliminary
1Purposes
2Commencement
3Definitions
4Subsidiary
5Act to prevail
6Act to bind Crown
Part 2—Statutory corporations—reorganisation and establishment of State bodies
Division 1—Reorganising bodies
7Declaration of statutory corporation as reorganising body
8Boards of reorganising body
8AFunctions may be altered or varied
9Reorganisation directed by Treasurer
10Determination of initial capital
11Capital
12Repayment of capital
13Dividends
13AReports
Division 2—State bodies
14Establishment of State body
14ABorrowing and investment powers
15Shares
16Variation of Order in Council
16ARepayment of capital
16BDividends
16CDirections
Part 3—State business corporations
17Declaration of State business corporation
18Objective
19Functions
20Powers
21Functions and powers may be carried on outside Victoria
22Delegation
23Board of directors
24Constitution of board
25Appointment of directors
26Terms and conditions of appointment
27Acting chairman
28Acting deputy chairman
29Acting general director
30Vacancies, resignations, removal from office
31Validity of decisions
32Proceedings of a board
33Resolutions without meetings
34Delegation by board
35Disclosure of interests
36Duties of directors
37Minister may bring proceedings
38State business corporation not to make loans to directors
39Indemnity
40Chief executive officer and deputy
41Corporate plan
42Statement of corporate intent: contents
43State business corporation to act in accordance with corporate plan
44Nothing void merely because of non-compliance
45Non-commercial functions
46Determination of initial capital
47Capital
48Repayment of capital
49Dividends
51Continuing guarantees
52Appropriation for guarantee etc.
53Reports to Treasurer
54Board to notify relevant Minister and Treasurer of significant affecting events etc.
55Half-yearly reports
Part 4—Conversion to State owned company
59Declaration of statutory corporation as converting body
60Reservation of name under Corporations Act
61Memorandum and articles
62Capital structure of converting body
63Issue of shares in converting body
64Application for registration as a company
65Status and continuity
Part 5—State owned companies
Division 1—Declaration
66Declaration by Governor in Council
Division 2—Formation of company
67Treasurer may form or participate in formation of company
68Transfer of assets and liabilities
Division 3—Operation of State owned companies
69Principal objective
70Status
71Memorandum and articles
72Non-commercial activities
73Audit by Auditor-General
74Further accounts and reports
75Treasurer to present accounts and reports to Parliament
Part 6—Prescribed bodies—special investigations
76Definition
77Appointment of special investigators
78Powers
79Copies of documents
80Immunity
81Publication
82Reports
83Expenses of investigation
84Offences
85Power to refer matters to police etc.
Part 7—General
86Competition and Consumer Act 2010 of the Commonwealth
86ACompetition policy authorisation—VicForests
87Subsidiaries
88Tax equivalent
88AAApplication of section 88 to certain bodies
88AApplication of tax equivalents to other bodies
88BState owned enterprises to make certain payments
89Non-application of State taxation
90Application of certain other Acts
91Supreme Court—limitation of jurisdiction
92Regulations
Schedule 1—Provisions to be included in memorandum and articles of association of state owned companies
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Endnotes
1 General information
2 Table of Amendments
3 Explanatory details
Version No. 041
State Owned Enterprises Act 1992
No. 90 of 1992
Version incorporating amendments as at
1 July 2022
The Parliament of Victoria enacts as follows:
Part 1—Preliminary
1Purposes
The purposes of this Act are—
(a)to provide for the reorganisation of certain statutory corporations;
(b)to provide that…