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LOCAL GOVERNMENT ACT 2009 - SECT 40
Conducting beneficial enterprises
40 Conducting beneficial enterprises
(1) A local government may conduct a beneficial enterprise.
(2) To conduct
the beneficial enterprise, the local government— (a) may participate with an
association, other than by being an unlimited partner of a partnership; and
(b) must not, either directly or by participating with an association,
participate with an unlimited corporation; and
(c) must not enter into an
agreement that does not limit the liability of the local government, as
between the parties to the agreement, to the amount committed by the
local government under the agreement.
Note— Under the
Statutory Bodies Financial Arrangements Act 1982 , a local government may need
the Treasurer’s approval before entering into particular financial
arrangements.
(3) An
"association" is— (a) a partnership; or
(b) a corporation limited by shares
but not listed on a stock exchange; or
(c) a corporation limited by guarantee
but not listed on a stock exchange; or
(d) another association of persons
that is not a corporation.
(4) An
"unlimited corporation" means a corporation whose members have no limit placed
on their liability.
(5) A local government
"participates" with an association or unlimited corporation if the
local government— (a) forms, or takes part in forming, an association or
unlimited corporation; or
(b) becomes a member of an association or
unlimited corporation; or
(c) takes part in the management of an association
or unlimited corporation; or
(d) acquires or disposes of shares, debentures
or securities of an association or unlimited corporation.
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