Australian Capital Territory Numbered Acts

TERRITORY OWNED CORPORATIONS AMENDMENT ACT 2004 (NO. 53 OF 2004) - SECT 28

insert

Dictionary

(see s 2)

Note 1     The Legislation Act contains definitions and other provisions relevant to this Act.

Note 2     For example, the Legislation Act, dict, pt 1, defines the following terms:

              •     Chief Minister

              •     Corporations Act

              •     financial year

              •     function

              •     Legislation Act

              •     Legislative Assembly

              •     liability

              •     the Territory

              •     Treasurer

              •     under.

"borrowing", in relation to a Territory owned corporation or subsidiary, includes raising money or obtaining credit, whether by entering into a financing lease, dealing with securities or otherwise, but does not include obtaining credit in a transaction forming part of the day-to-day operations of the corporation or subsidiary.

Example

If a Territory owned corporation or subsidiary obtains credit by entering into a financing lease as part of its day-to-day operations, the transaction is not borrowing.

Note     An example is part of the Act, is not exhaustive and may extend, but does not limit, the meaning of the provision in which it appears (see Legislation Act, s 126 and s 132).

"department"—see the Financial Management Act 1996 , dictionary.

"financing lease "means a lease under which, in effect, the lessor transfers to the lessee substantially all the risks and benefits incident to ownership of the leased asset (whether or not ownership is, or is to be, transferred).

"group" means a Territory owned corporation and any subsidiary.

"subsidiary" means a corporation—

        (a)     that under the Corporations Act is a subsidiary of a Territory owned corporation; and

        (b)     all of the issued share capital of which is held by or on behalf of the Territory owned corporation.

"voting shareholder" means—

        (a)     in relation to a Territory owned corporation—the holder of a share in the corporation that gives the right to vote at a general meeting; and

        (b)     in relation to a group—a voting shareholder of the Territory owned corporation that is the holding company of the group; and

        (c)     in relation to a subsidiary—a voting shareholder of the Territory owned corporation that is the ultimate holding company of the subsidiary.

"voting shareholders" means the voting shareholders acting in concert.