- Act 12 of 2008 - Royal Assent 13 June 2008 TABLE OF PROVISIONS Long Title PART 1 - Preliminary 1. Short title 2. Commencement 3. Purposes of Act 4. Interpretation PART 2 - Corporations Division 1 - Establishment and principal objectives of Corporations 5. Regional Corporations 6. Common Services Corporation 7. Principal objectives of Corporations 8. Status of Corporations 9. Application of Corporations Act Division 2 - Share capital and ownership of Corporations 10. Share capital 11. Ownership and restrictions on sale and issue of securities Division 3 - Corporate governance of Corporations 12. Constitutions of Corporations 13. Adoption, modification and repeal of constitution 14. Shareholders' letters of expectation 15. Corporate plan 16. Consultation for changes to shareholders' letters of expectation and corporate plans 17. Board of Regional Corporations 18. Board of Common Services Corporation 19. Owners' Representatives for Regional Corporations 20. Selection Committee 21. Chairperson of Corporations 22. Common directors of Regional Corporations 23. Regional directors of Regional Corporations 24. Directors of the Common Services Corporation 25. Director's duties 26. Chief executive officer Division 4 - Operations of Corporations 27. Operation and management 28. Staff 29. Borrowings 30. Acquisition and disposal of assets, investments and liabilities 31. Sale or disposal of main undertakings Division 5 - Distributions and payments to councils 32. Distribution of dividends 33. Payment of guarantee fees 34. Payment of tax equivalents 35. Distributions to members and councils Division 6 - Other provisions 36. Accounts, records, financial statements and audits 37. Provision of information to Treasurer and Parliament 38. Guarantee or indemnity 39. Treasurer's Instructions PART 3 - Transfer of Water and Sewerage Assets, Rights, Liabilities and Employees 40. Interpretation and application 41. Notice of transfer 42. Confirmation of transfer 43. Vesting of assets, rights and liabilities in transferee 44. Transfer of interests in land 45. No compensation payable 46. Consideration for vesting 47. Transfers of employees generally 48. General preservation of conditions of employment 49. Superannuation 50. No payment-out on transfer or dual benefits PART 4 - Miscellaneous 51. Delegation by Treasurer 52. General power of exemption by Treasurer 53. Regulations 54. Administration of Act SCHEDULE 1 SCHEDULE 2[ Note: This table has been automatically generated and may be incomplete. ]