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PORTS ASSETS (AUTHORISED TRANSACTIONS) ACT 2012 - SECT 11
Direction and control of port SOCs and transaction entities
11 Direction and control of port SOCs and transaction entities
(1) Each port SOC and transaction entity is subject to the direction and
control of the Treasurer in the exercise of any of its functions for the
purposes of an authorised transaction while it is a public sector agency.
(2)
The Treasurer may give directions for the purposes of an authorised
transaction to a port SOC or transaction entity, and to the directors and
other officers of a port SOC or transaction entity. Any such directions must
be complied with by the port SOC, the transaction entity or the directors or
other officers concerned.
(3) Directions to a transaction entity (or its
directors and other officers) can only be given and are only required to be
complied with while the transaction entity is a public sector agency.
(4) The
power to give directions under this section extends to directions with respect
to the way in which a port SOC or transaction entity is to conduct its
business and other affairs.
(5) Action taken by a port SOC or transaction SOC
to comply with a direction of the Treasurer under this Act does not require
the approval of the voting shareholders or portfolio Minister of the
corporation.
(6) Anything done or omitted to be done by a director or other
officer of a port SOC or transaction entity in complying with a direction
given by the Treasurer under this Act does not subject the director or officer
personally to any action, liability, claim or demand.
(7) The provisions of
this section are declared to be Corporations legislation displacement
provisions for the purposes of section 5G of the Corporations Act in relation
to the provisions of the Corporations legislation generally.
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