Document ID: chunk:federal_register_of_legislation:C2004A03957:body:0:p3
Version: federal_register_of_legislation:C2004A03957
Segment Type: other
Provision Reference: 
Character Range: 5135–7939

the Corporation; or

    (c) otherwise acquire a major shareholding in a company;

unless the Corporation has informed the Minister, in writing, of its intention to do so.

"(2) Where the Corporation holds a controlling interest in a company, the Corporation must ensure that the company does not do anything that the Corporation cannot do.

Limitation on formation of partnerships

"11. (1) The Corporation must not enter into a partnership unless it has informed the Minister, in writing, of its intention to do so.

"(2) Where the Corporation can control the acts and things done by a partnership of which it is a member, it must ensure that the partnership does not do anything that it cannot do.".

Heading to Part III
8. The heading to Part III is amended by omitting "CONSTITUTION" and substituting "BOARD".

9. Before section 13 of the Principal Act the following sections are inserted in Part III:

The Board

"12a. There is to be a Board of the Corporation.

Purposes of the Board

"12b. (1) The purposes of the Board are:

    (a) to decide the objectives, strategies and policies to be followed by the Corporation; and

    (b) to ensure that, in performing its functions, the Corporation has proper regard to the matters referred to in subsection 7 (2).

"(2) Anything done in the name of, or on behalf of, the Corporation by the Board is to be taken to have been done by the Corporation.".

Constitution of Board

10. (1) Section 13 of the Principal Act is amended:

    (a) by omitting from subsection (1) "Corporation" and substituting "Board";

    (b) by omitting from paragraph (1) (b) "and";

    (c) by omitting paragraph (1) (c) and substituting the following paragraphs:

"(c) the Chief Executive Officer; and

(d) 6 other members.";

    (d) by omitting from subsection (2) "Governor-General" and substituting "Minister";

    (e) by omitting from subsection (4) "Subject to subsection 14 (2), the" and substituting "The";

    (f) by omitting from subsection (7) "Corporation" (second occurring) and substituting "Board".

(2) The persons who, immediately before the commencement of this section, held office as members of the Corporation continue to hold office, after that commencement, as members of the Board.

(3) Paragraph 13 (1) (c) of the Principal Act as amended by this section does not apply to the Chief Executive Officer until a person is appointed as the Chief Executive Officer after the commencement of this section.

Period of appointment of members

11. Section 14 of the Principal Act is amended by omitting subsection (2).

Remuneration and allowances of members

12. (1) Section 16 of the Principal Act is amended by omitting subsection (2) and substituting the following subsection:

"(2) The Chief Executive Officer is not entitled to be paid remuneration