3 Definitions s. 3 In this Act— S. 3 def. of ASC substituted as ASIC by No. 44/2001 s. 3(Sch. item 104.1(a)). ASIC means the Australian Securities and Investments Commission; articles means articles of association and, in relation to the Gas and Fuel Corporation of , includes the Articles of Association contained in the Second Schedule to the Gas and Fuel Corporation Act 1958; board, in relation to a statutory corporation or company, means the board of directors or governing body, by whatever name called, of the statutory corporation or company; S. 3 def. of company substituted by No. 44/2001 s. 3(Sch. item 104.1(b)). company means a company within the meaning of the Corporations Act that is taken to be registered in ; constituting Act— (a) in relation to a statutory corporation, means the Act under which the statutory corporation is incorporated; (b) in relation to a State body means the Order in Council under which it was established; S. 3 def. of conversion amended by No. 44/2001 s. 3(Sch. item 104.1(c)). conversion means the conversion of a converting body into a company on registration under section 118 of the Corporations Act;
43 State business corporation to act in accordance with corporate plan s. 43 A State business corporation must act only in accordance with its corporate plan, as existing from time to time, unless it has first obtained the written approval of the relevant Minister and the Treasurer to do otherwise. 44 Nothing void merely because of non-compliance Nothing done by a State business corporation is void or unenforceable merely because the corporation has failed to comply with this Part. 45 Non-commercial functions (1) The relevant Minister, with the approval of the Treasurer, may in writing direct the board of a State business corporation— S. 45(1)(a) amended by No. 92/1993 s. 14. (a) to perform certain functions that the relevant Minister considers to be in the public interest but that may cause the State business corporation to suffer financial detriment; or (b) to cease to perform functions of a kind referred to in paragraph (a); or (c) to cease to perform certain functions that the relevant Minister considers not to be in the public interest. (2) The board must comply with a direction given under subsection (1). S. 45(3) amended by No. 18/1994 s. 66(Sch. 2 item 23.1). (3) If a State business corporation satisfies the relevant Minister that it has suffered financial detriment as a result of complying with a direction given by the Minister under subsection (1), the corporation, if the Minister so directs, may be reimbursed by the State the amount that the Minister determines, with the approval of the Minister administering Part 2 of the Financial Management Act 1994 and after consultation
Assent Date: 20.6.95 Commencement Date: Ss 57–64 on 20.6.95: Special Gazette (No. 52) 20.6.95 p. 1 : This information relates only to the provision/s amending the State Owned Enterprises Act 1992 Miscellaneous Acts (Omnibus No. 3) Act 1997, No. 45/1997 Assent Date: 11.6.97 Commencement Date: Ss 35, 36 on 11.6.97: s. 2(1) : This information relates only to the provision/s amending the State Owned Enterprises Act 1992 Electricity Industry (Further Miscellaneous Amendment) Act 1997, No. 55/1997 Assent Date: 21.10.97 Commencement Date: Ss 23, 24 on 21.10.97: s. 2(1) : This information relates only to the provision/s amending the State Owned Enterprises Act 1992 Gas Industry (Further Amendment) Act 1997, No. 91/1997 Assent Date: 9.12.97 Commencement Date: S. 51 on 11.12.97: Special Gazette (No. 155) 9.12.97 p. 1 : This information relates only to the provision/s amending the State Owned Enterprises Act 1992 Statute Law Revision Act 2000, No. 74/2000 Assent Date: 21.11.00 Commencement Date: S. 3(Sch. 1 item 116) on 22.11.00: s. 2(1) : This information relates only to the provision/s amending the State Owned Enterprises Act 1992 State Owned Enterprises (Amendment) Act 2001, No. 24/2001 Assent Date: 29.5.01 Commencement Date: 30.5.01: s. 2 : All of Act in operation Corporations (Consequential Amendments) Act 2001, No. 44/2001 Assent Date: 27.6.01 Commencement Date: S. 3(Sch. item 104) on 15.7.01: s. 2 : This information relates only to the provision/s amending the State Owned Enterprises Act 1992 Treasury Legislation (Miscellaneous Amendments) Act 2005, No. 72/2005 Assent Date: 25.10.05 Commencement Date: Ss 4, 5 on 26.10.05: s. 2 : This information relates only to the provision/s amending the State Owned Enterprises Act 1992 Endnotes Subordinate Legislation Amendment Act 2010, No. 78/2010