State Owned Corporations Act 1989 (NSW)

State Owned Corporations Act 1989 No 134

An Act to provide for the establishment and operation of Government enterprises as State owned corporations.

Part 1 Preliminary

1 Name of Act This Act may be cited as the State Owned Corporations Act 1989.

2 Commencement This Act commences on a day or days to be appointed by proclamation.

3 Definitions (1) In this Act— assets means any legal or equitable estate or interest (whether present or future and whether vested or contingent) in real or personal property of any description (including money), and includes securities, choses in action and documents. board means the board of directors of a State owned corporation or of any of its subsidiaries. company State owned corporation or company SOC means a company for the time being specified in Schedule 1. constitution for a SOC or subsidiary means— (a) in relation to a company SOC—the constitution of that company within the meaning of the Corporations Act 2001 of the Commonwealth, or (b) in relation to a statutory SOC—the constitution of the SOC referred to in section 20Q, or (c) in relation to a subsidiary that is a company within the meaning of the Corporations Act 2001 of the Commonwealth—the constitution of the company within the meaning of that Act, or (d) in relation to a subsidiary that is not a company—the subsidiary's charter or memorandum and articles of association. eligible Ministers means— (a) in relation to a company SOC or proposed company SOC or any of its subsidiaries—the Treasurer and 4 or more other Ministers for the time being nominated by the Premier as being eligible to hold shares in the SOC, or (b) in relation to a statutory SOC or proposed statutory SOC or any of its subsidiaries—the Treasurer and another Minister for the time being nominated by the Premier as a voting shareholder of the SOC. foundation charter of a statutory SOC means the Act by which the name of the SOC is inserted in Schedule 5, or some other Act specified by an Act as its foundation charter, and includes any replacement Act. government entity means— (a) a State department, administrative office, instrumentality, agency, authority or entity, that is not a corporation, or (b) a division, branch or other part of such a department, office, instrumentality, agency, authority or entity. liabilities means liabilities, debts and obligations (whether present or future and whether vested or contingent). portfolio Minister—see section 20I. rights means all rights, powers, privileges and immunities (whether present or future and whether vested or contingent). State owned corporation or SOC means a company for the time being specified in Schedule 1 or a corporation for the time being specified in Schedule 5. statutory State owned corporation or statutory SOC means a corporation for the time being specified in Schedule 5. subsidiary means a body corporate that is a subsidiary of a State owned corporation as determined in accordance with the Corporations Act 2001 of the Commonwealth, and (in relation to a statutory SOC) includes a body corporate that would be such a subsidiary if the statutory SOC were a company SOC. the State includes the Crown in right of New South Wales and the Government of New South Wales. voting shareholders means— (a) in relation to a company SOC or any of its subsidiaries—the Treasurer and one of the other eligible Ministers who is for the time being nominated by the Premier as a voting shareholder of the SOC, in their capacities as shareholders in the SOC, or (b) in relation to a statutory SOC or any of its subsidiaries—the shareholders of the SOC as referred to in section 20H, in their capacities as shareholders in the SOC.