TOTE Tasmania Act 2000 (TAS)

TOTE Tasmania Act 2000

An Act to establish TOTE Tasmania to provide for wagering and gaming services and administrative and financial support for the racing industry

[Royal Assent 13 December 2000]

Be it enacted by His Excellency the Governor of Tasmania, by and with the advice and consent of the Legislative Council and House of Assembly, in Parliament assembled, as follows:

PART 1Preliminary1Short titleThis Act may be cited as the TOTE Tasmania Act 2000 . 2CommencementThis Act commences on a day to be proclaimed. 3InterpretationIn this Act – Board means the board of directors of the Company referred to in section 11 ; Company means the company referred to in section 6 ; liability includes any liability, duty and obligation, whether actual, contingent or prospective; principal objectives means the principal objectives of the Company specified in section 7 ; property means – (a) any legal or equitable estate or interest, whether present or future and whether vested or contingent, in real or personal property; and (b) money, documents and securities; and (c) any other rights; right includes any right, power, privilege and immunity, whether actual, contingent or prospective; TAB means the Totalizator Agency Board formerly established by section 46 of the Racing and Gaming Act 1952 . 4Application of Corporations LawNothing in this Act affects the operation of the Corporations Law. 5Application of Act to subsidiaryIf the Company arranges for any of its functions to be performed by a subsidiary, within the meaning of the Corporations Law, the application of this Act extends to the subsidiary as if it were the Company. PART 2TOTE TASMANIA6Formation of CompanyThe Minister may form, or participate in the formation of, a company limited by shares and incorporated under the Corporations Law to perform functions relating to the operation of wagering and gaming services and to provide administrative and financial services to the racing industry. 7Principal objectives of CompanyThe principal objectives of the Company are – (a) to perform its functions and exercise its powers so as to be a successful business by – (i) operating in accordance with sound commercial practice as efficiently and effectively as possible; and (ii) maximising the sustainable return to the State in accordance with the Company’s business plan; and (b) to promote the development of an efficient and effective racing and breeding industry; and (c) to promote Tasmanian racing within the State and nationally, to encourage wagering on Tasmanian racing and to attract sponsorship income; and (d) to perform any functions conferred by any other Act. 8Constitution of Company (1) The constitution of the Company on its incorporation is to include – (a) the principal objectives of the Company; and (b) any other objectives of the Company approved by the Minister; and (c) provisions to the effect of the provisions set out in Schedule 1 . (2) Other provisions of the constitution of the Company on its incorporation are to be consistent with this Act. 9Members of CompanyThe members of the Company on its incorporation are – (a) the Minister; and (b) the Treasurer or, if the Treasurer is also the Minister, one other Minister of the Crown determined by the Treasurer. 10Shares (1) The consideration for shares in the Company issued to the members of the Company on its incorporation is to be the property and rights vested in the Company under the TOTE Tasmania (Transitional and Consequential Provisions) Act 2000 . (2) Shares in the Company issued to the members of the Company are held by the members in trust for the Crown. (3) A member of the Company who holds shares in the Company in trust for the Crown must not acquire shares in the Company for his or her own benefit. (4) Any shares acquired in the Company in contravention of subsection (3) are taken to be held in trust for the Crown but the Crown is not liable to meet the cost of that acquisition. 11Directors of CompanyThe Company is to have a board of directors who must have the experience and skills necessary to enable the Company to achieve its objectives. 12Status of Company (1) Unless this or any other Act expressly provides otherwise, the Company – (a) is not, and does not represent, the Crown in right of Tasmania; and (b) is not exempt from any rate, tax, duty or other impost imposed under any law merely because the Crown in right of Tasmania has beneficial ownership of shares in it; and (c) is not subject to any prerogative right or privilege of the Crown in right of Tasmania. (2) The Crown in right of Tasmania is not liable for any liability or obligation of the Company unless the Treasurer gives a guarantee or indemnity under section 15 . PART 3FINANCIAL PROVISIONS13Accounts and report of Company (1) The Board is to provide the Minister with copies of the following: (a) the constitution of the Company and any amendments to the constitution; (b) any financial statement, directors’ report or auditor’s report and the annual return for the Company as required by the Corporations Law. (2)  The Minister must cause the copies referred to in subsection (1) to be laid before each House of Parliament within 7 sitting days after receiving them. 14Loan from Treasurer (1) The Treasurer may lend to the Company, out of money provided by Parliament for the purpose, any money the Treasurer considers appropriate. (2)  A loan is subject to any conditions the Treasurer determines. (3)  An amount lent under subsection (1) , together with any interest or other charge payable in respect of that amount, is a debt repayable by the Company to the Crown. 15Guarantee or indemnity (1) On the written request of the Company, the Treasurer, in writing, may guarantee or give an indemnity to the Company relating to – (a) the repayment of any money lent or agreed to be lent to the Company; or (b) the performance of an obligation undertaken by the Company, or which the Company has agreed to undertake, whether that obligation is monetary or otherwise. (2)  A guarantee or an indemnity – (a) may include a guarantee of, or an indemnity relating to, any interest and other charges payable in respect of money lent or agreed to be lent or in respect of or arising from an obligation undertaken or agreed to be undertaken; and (b) is subject to any conditions that the Treasurer determines and specifies in the guarantee or indemnity. (3)  The Treasurer must make any required payment out of money provided by Parliament for the purpose. (4)  This section has effect regardless of where the loan or obligation was undertaken or agreed to be undertaken or where it is required to be repaid or performed. 16Fees in respect of guarantee and indemnity Division 1 of Part 11 of the Government Business Enterprises Act 1995 applies in respect of the Company or a subsidiary as if – (a) the Company or subsidiary were a Government Business Enterprise specified in Schedule 3 to that Act; and (b) a reference to financial accommodation in that Division were a reference to a financial benefit arising from a guarantee given under section 15 of this Act. 17Tax equivalentsThe provisions of Part 10 of the Government Business Enterprises Act 1995 apply in respect of the Company as if the Company were a Government Business Enterprise specified in Schedule 2 to that Act. 18AuditThe Auditor-General is to act as the auditor for the Company until the members of the Company appoint another person as auditor for the Company. 19Treasurer's InstructionsAny Treasurer’s Instructions issued under the Government Business Enterprises Act 1995 providing for guidelines relating to the determination, calculation and payment of income tax equivalents, guarantee fees and other related matters, including superannuation, apply to the Company as if it were a Government Business Enterprise specified in Schedule 2 to that Act. 20Effect of Financial Agreement Act 1994If, under section 5(1) of the Financial Agreement Act 1994 , the Treasurer requires the Company to do or refrain from doing anything for the purpose of implementing the Agreement, within the meaning of that Act, the Company must comply with that requirement. 21Superannuation informationThe Company must, when so required by the Minister administering the Retirement Benefits Act 1993 or the Retirement Benefits Fund Board, provide any information that may be required for an actuarial review of any of its liabilities under that Act. 22Superannuation (1) The Company may make contributions to one or more superannuation schemes that comply with the law of the Commonwealth relating to superannuation and may participate in a superannuation scheme provided by the Retirement Benefits Act 1993 or the Public Sector Superannuation Reform Act 1999 and, if it does so participate in either of those schemes, it is taken to be a prescribed authority for the purposes of those Acts in respect of any of its employees who are subject to the scheme. (2)  A contribution made to a complying superannuation scheme in accordance with subsection (1) in respect of any of its employees, including transferred employees within the meaning of section 10 of the TOTE Tasmania (Transitional and Consequential Provisions) Act 2000 , is not to be in excess of the rate specified in section 6(7) of the Public Sector Superannuation Reform Act 1999 . (3) The Company must not establish a superannuation scheme. (4) If the Company participates in a superannuation scheme provided by the Retirement Benefits Act 1993 or the Public Sector Superannuation Reform Act 1999 , the Company must comply with any instruction relating to superannuation given to it by the Minister responsible for the administration of those Acts. (5) The Company must make adequate provision to meet its liability under the Retirement Benefits Act 1993 to pay pension and other benefits in respect of all former employees of TAB. (6) Where an employee of TAB is a member of a scheme established or maintained by TAB, nothing in this Act affects his or her entitlements as such a member. (7) The Company may not amend the rules of a scheme established or maintained by TAB otherwise than with the written approval of the Treasurer. PART 4MISCELLANEOUS AND SUPPLEMENTAL23Limitation on sale, &c., of assets (1) The Company may not sell or otherwise dispose of the whole or a substantial part of its undertaking or assets unless the sale or disposal is approved by each House of Parliament. (2)  For the purposes of subsection (1) , a sale or disposal is approved by a House of Parliament – (a) when the House passes a motion approving the sale or disposal; or (b) at the end of 5 sitting days after notice of the sale or disposal was laid before the House, if no notice of a motion to disapprove the sale or disposal is before the House; or (c) if notice of any such motion to disapprove is before the House at the end of that period, when the first of the following occurs: (i) the notice is withdrawn; (ii) the motion is negatived; (iii) a further period of 5 sitting days ends. 24Land Acquisition Act 1993 does not applyThe Company is not a public authority for the purposes of the Land Acquisition Act 1993 . 25Arrangements with Minister (1) The Minister may enter into an agreement with the Company consistent with its principal objectives under which it agrees to perform, or to cease to perform, functions. (2) The terms of the agreement may provide for reimbursement to the Company out of money provided by Parliament for the purpose. 26Administration of ActUntil provision is made in relation to this Act by order under section 4 of the Administrative Arrangements Act 1990  – (a) the administration of this Act is assigned to the Minister for Racing and Gaming; and (b) the department responsible to the Minister for Racing and Gaming in relation to the administration of this Act is the Department of Infrastructure, Energy and Resources. Schedule 1Provisions to be included in constitution

Section 8

1.   Parliamentary approval for amendment of constitution (1)A special resolution altering, adding to or omitting a provision of this constitution does not have any effect unless and until both Houses of the Parliament of Tasmania have approved the special resolution. (2)A special resolution is approved by a House of Parliament – (a) when the House passes a motion approving the special resolution; or (b) at the end of 5 sitting days after the special resolution was laid before the House if no notice of motion to disapprove the special resolution is before the House; or (c) if such a notice is before the House at the end of that period, when the first of the following occurs: (i) the notice is withdrawn; (ii) the motion is negatived; (iii) a further period of 5 sitting days ends. 2.   Interpretation Words, phrases and expressions used in this constitution have the same meanings as in – (a) the Corporations Law; and (b) except where inconsistent with that Law, the TOTE Tasmania Act 2000 . 3.   Powers and duties of board of directors Subject to the Corporations Law and this constitution – (a) the business of the Company must be managed by the board of directors; and (b) the board of directors may exercise all powers of the Company as are not, by the Corporations Law or by this constitution, required to be exercised by the members. 4.   Approval for borrowings Except where approved by special resolution, the Company must not borrow from any person other than the Tasmanian Public Finance Corporation. 5.   Approval for matters relating to ownership of subsidiaries Except where approved by special resolution, the Company must not – (a) form or acquire, or participate in the formation or acquisition of, a subsidiary; or (b) dispose of shares in a subsidiary; or (c) enter into any transaction which may result in a subsidiary ceasing to be a subsidiary. 6.   Approval for constitution of subsidiary in relation to borrowings Except where approved by special resolution, the Company must not – (a) approve the constitution of a subsidiary unless the constitution contains a provision that is substantially the same as clause 4 of Schedule 1 to the TOTE Tasmania Act 2000 ; or (b) approve or effect an amendment to that provision. 7.   Member request for information On the written request of a member, the Company must provide to both the member and the Minister – (a) the business and strategic plans of the Company and any subsidiary as specified in the request; and (b) any financial information specified in the request; and (c) a report on any matters specified in the request; and (d) any other information relevant to any such plan, financial information or report.

[Second reading presentation speech made in:

House of Assembly on 22 NOVEMBER 2000

Legislative Council on 28 NOVEMBER 2000]