South Australian Current Regulations

PUBLIC CORPORATIONS (SOUTHERN SELECT SUPER CORPORATION) REGULATIONS 2012 - REG 15

15—Charter

        (1)         The Minister and the Treasurer must prepare a charter for the subsidiary after consultation with the subsidiary.

        (2)         The charter must address—

            (a)         the nature and scope of the subsidiary's operations; and

            (b)         the subsidiary's obligations to report on its operations; and

            (c)         the form and contents of the subsidiary's accounts and financial statements; and

            (d)         any accounting, internal auditing or financial systems or practices to be established or observed by the subsidiary; and

            (e)         the acquisition or disposal of capital or assets or the borrowing or lending of money.

        (3)         The charter may—

            (a)         limit or otherwise regulate the functions or powers of the subsidiary; and

            (b)         deal with any other matter not specifically referred to in subregulation (2).

        (4)         The Minister must, after consultation with the subsidiary, review the charter at the end of each financial year.

        (5)         The Minister and the Treasurer may, after consultation with the subsidiary, amend the charter at any time.

        (6)         The charter, or an amendment to the charter, comes into force and is binding on the subsidiary on a day specified in the charter or amendment (but without affecting any contractual obligations previously incurred by the subsidiary).

        (7)         On the charter or an amendment to the charter coming into force, the Minister must, within 12 sitting days, have copies of the charter, or the charter in its amended form, laid before both Houses of Parliament.