Document ID: chunk:federal_register_of_legislation:C2004A03716:body:0:p8
Version: federal_register_of_legislation:C2004A03716
Segment Type: other
Provision Reference: 
Character Range: 19234–22034

those requirements relate to the income of executive officers of a listed corporation.
"(2) For the purposes of subsection (1):
     (a) the Bank shall be taken to be a listed corporation; and
     (b) the Governor and Deputy Governor shall be taken to be executive officers of the Bank.
"(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.".

PART VII—AMENDMENTS OF THE SNOWY MOUNTAINS ENGINEERING CORPORATION ACT 1970

Principal Act
32. In this Part, "Principal Act" means the Snowy Mountains Engineering Corporation Act 19706.
33. Section 32 of the Principal Act is repealed and the following sections are substituted:

Appointment
"32. (1) The Managing Director shall be appointed by the Minister after the Minister has received a recommendation from the Board.
"(2) The Minister shall not appoint a part-time Director as Managing Director.
"(3) The appointment of a person as Managing Director is not invalid because of a defect or irregularity in relation to the appointment.

Holding of office during Board's pleasure etc.
"32a. The Managing Director:
     (a) shall be appointed with effect from the day specified in the instrument of appointment; and
     (b) holds office during the Board's pleasure.".

Managing Director not to engage in other work
34. Section 33 of the Principal Act is amended by omitting "Minister" and substituting "Board".
35. Sections 34, 35, 36 and 37 of the Principal Act are repealed and the following sections are substituted:

Terms and conditions of appointment not provided for by Act
"34. The Managing Director holds 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
"35. The Managing Director shall give written notice to the Chairperson of all direct and indirect pecuniary interests that the Managing Director has or acquires in any business or in any body corporate carrying on any business.".
36. After section 38 of the Principal Act the following section is inserted in Division 1 of Part V:

Exclusion of Managing Director etc. from certain deliberations
"38a. (1) The 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;
     (b) the determination or application of any terms or conditions on which the Managing Director holds office; or
     (c) the termination of the appointment of the Managing Director.
"(2) A person appointed to act as Managing Director shall not be present during any deliberation of the Board, or take part in any decision