New South Wales Consolidated Acts

SUPERANNUATION ADMINISTRATION CORPORATION (PILLAR) (AUTHORISED TRANSACTION) ACT 2016 - SECT 12

12 Direction and control of Pillar and transaction entities

(1) Pillar and each transaction entity is subject to the direction and control of the Treasurer in the exercise of any of its functions for the purposes of the authorised transaction while it is a public sector agency.

(2) The Treasurer may give directions for the purposes of the authorised transaction to Pillar or a transaction entity, and to the directors and other officers of Pillar or a transaction entity. Any such directions must be complied with by Pillar, 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 Pillar or a transaction entity is to conduct its business and other affairs.

(5) Action taken by Pillar or a 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 Pillar or a transaction entity in compliance or purported compliance 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.