Document ID: chunk:federal_register_of_legislation:C2004A03716:body:0:p5
Version: federal_register_of_legislation:C2004A03716
Segment Type: other
Provision Reference: 
Character Range: 11401–14209

Director and Deputy Managing Director hold office on full time basis
"26a. The Managing Director and Deputy Managing Director hold office on a full time basis.

Terms and conditions of appointment not provided for by Act
"26b. The Managing Director and Deputy Managing Director hold office on such terms and conditions (including terms and conditions relating to remuneration and allowances) in relation to matters not provided for by this Act as are determined by the Board.

Disclosure of interests
"26c. The Managing Director and Deputy Managing Director shall give written notice to the Chairman of the Board of all direct and indirect pecuniary interests that they have or acquire in any business or in any body corporate carrying on any business.

Exclusion of Managing Director and Deputy Managing Director from certain deliberations
"26d. The Managing Director and Deputy Managing Director shall not be present during any deliberation of the Board, or take part in any decision of the Board, in relation to:
     (a) the appointment of a person as Managing Director or Deputy Managing Director;
     (b) the determination or application of any terms or conditions on which the Managing Director or Deputy Managing Director holds office; or
     (c) the termination of the appointment of the Managing Director or Deputy Managing Director.".

Repeal of section 112
16. Section 112 of the Principal Act is repealed.
17. After section 121 of the Principal Act the following section is inserted:

Information relating to remuneration of Managing Director and Deputy Managing Director
"121a. (1) The financial statements of the Corporation shall comply with the requirements prescribed under the Companies Act 1981 for the accounts of a listed corporation so far as those requirements relate to the income of executive officers of a listed corporation.
"(2) For the purposes of subsection (1):
     (a) the Corporation shall be taken to be a listed corporation; and
     (b) the Managing Director and Deputy Managing Director shall be taken to be executive officers of the Corporation.
"(3) Expressions used in this section that are also used in the Companies Act 1981 have the same respective meanings as they have in that Act.".

Transitional provision—existing Manager Director
18. (1) The person who, immediately before the commencement of this section, held office as Managing Director continues to hold that office.
(2) Sections 25, 26 and 112 of the Principal Act continue to apply in relation to the person.

(3) Sections 25 to 26d (inclusive) of the Principal Act as amended by this Act do not apply in relation to the person.
(4) Subsections (2) and (3) cease to have effect when the office of Managing Director next becomes vacant (whether at the end of the present period of appointment of the