Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) In this section:
"authorised business" means a business or other activity related to or incidental to the performance of any of the functions of the SBS.
"prescribed company" means a public company that carries on, or proposes to carry on, an authorised business.
(2) The SBS may:
(a) form, or participate with other persons in the formation of, a public company to carry on an authorised business; and
(b) acquire, hold and dispose of shares or stock in the capital of, or debentures or other securities of, a prescribed company; and
(c) enter into a partnership, or an arrangement for the sharing of profits or expenses, with a person or body for the purpose of carrying on an authorised business; and
(d) provide technical or other assistance and facilities (whether within or outside Australia) for a prescribed company or for a partnership, or for the purposes of an arrangement, referred to in paragraph (c).
Note: Paragraph 19(1)(c) of the Public Governance, Performance and Accountability Act 2013 requires the accountable authority of a Commonwealth entity to notify the Minister of significant decisions in relation to the entity or any of its subsidiaries.
(4) Where:
(a) the SBS has an interest in a prescribed company; and
(b) the prescribed company ceases to be a prescribed company;
the Minister may give to the SBS such written directions as the Minister thinks appropriate with respect to the disposal of the interest of the SBS in the company and the SBS must comply with any such directions.
(5) This section does not authorise a prescribed company to carry on an authorised business otherwise than in accordance with any applicable law.