Queensland Numbered Acts

LOCAL GOVERNMENT AND OTHER LEGISLATION AMENDMENT ACT 2012 No. 33 - SECT 18

Section 44—

omit, insert—

'(1) The council may conduct a beneficial enterprise.

'(2) To conduct the beneficial enterprise, the council—

(a) may participate with an association; but

(b) must not, either directly or by participating with an association, participate with an unlimited corporation.

Note—

Under the Statutory Bodies Financial Arrangements Act 1982, the council 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) The council participates with an association or unlimited corporation if the council—

(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.'.