New South Wales Consolidated Acts

GOVERNMENT SECTOR FINANCE ACT 2018 - SECT 6.12

6.12 Joint venture arrangements and joint ventures

(1) A
"joint venture arrangement" is an arrangement for or with respect to carrying on a joint venture.

(2) A
"joint venture" is any of the following carried on for the purpose of generating an outcome, output or benefit for its participants--

(a) a common understanding carried on jointly by two or more entities, whether or not in partnership,

(b) a common understanding carried on by a body corporate formed by two or more entities for the purpose of enabling those entities to carry on that common understanding jointly by means of their joint control, or by means of their ownership of shares in the capital, of that body corporate,

(c) any other common understanding (or common understanding of a kind) prescribed by the regulations as a joint venture.

(3) A common understanding may be regarded as carried on jointly for the purposes of subsection (2) even though some or all of the participants--

(a) carry on different aspects of the understanding, or

(b) receive different outcomes, outputs or benefits under the understanding.

(4) However--

(a) a
"joint venture arrangement" does not include any arrangement (or arrangement of a kind) prescribed by the regulations not to be a joint venture arrangement, and

(b) a
"joint venture" does not include any common understanding (or common understanding of a kind) prescribed by the regulations not to be a joint venture.