Western Australian Current Acts Western Australian Current Acts[Section 5C]
[Heading inserted: No. 25 of 1998 s. 25.]
Division 1 — Terms of office, meetings etc.
[Heading inserted: No. 25 of 1998 s. 25.]
Subject to clause 2,
an appointed director holds office for such term, not exceeding 3 years, as is
specified in the instrument of his or her appointment, but may from time to
time be reappointed.
[Clause 1 inserted: No. 25 of 1998 s. 25.]
(1) The office of an
appointed director becomes vacant if he or she —
(a)
resigns the office by written notice addressed to the Minister;
(b) is
an insolvent under administration as that expression is defined in the
Corporations Act 2001 of the Commonwealth; or
(c) is
removed from office by the Minister under subclause (2).
(2) The Minister may
remove an appointed director from office if the Minister is satisfied that the
director —
(a) has
neglected his or her duty;
(b) has
misbehaved;
(c) is
incompetent; or
(d) is
suffering from mental or physical incapacity impairing the performance of his
or her functions.
[Clause 2 inserted: No. 25 of 1998 s. 25; amended:
No. 10 of 2001 s. 216; No. 28 of 2006 s. 450.]
The board may grant
leave of absence to a director on such terms and conditions as it thinks fit.
[Clause 3 inserted: No. 25 of 1998 s. 25.]
4 . Director under section 5B(1)(b) unable to act
If the director
holding office under section 5B(1)(b) is unable to act by reason of sickness,
absence or other cause the Under Treasurer may, in writing delivered to the
Corporation, nominate an officer of the Treasury to act temporarily in place
of that director; and while so acting according to the tenor of that
nomination the officer shall be taken to be a director.
[Clause 4 inserted: No. 25 of 1998 s. 25.]
5 . Chief executive officer unable to attend
The chief executive
officer, or an acting chief executive officer, of the Corporation may, in
writing delivered to the person presiding at a meeting of the board, nominate
a senior officer of the Corporation to represent him or her at that meeting if
he or she is unable to attend by reason of sickness, absence or other cause;
and while so attending the person nominated shall be taken to be a director.
[Clause 5 inserted: No. 25 of 1998 s. 25; amended:
No. 28 of 2006 s. 449.]
6 . Appointed director unable to act
(1) If an appointed
director is unable to act by reason of sickness, absence or other cause, the
Minister may appoint another person to act temporarily in his or her place
and, while so acting according to the tenor of his or her appointment, that
other person shall be taken to be a director.
(2) The appointment of
a person under subclause (1) may be terminated at any time by the Minister.
[Clause 6 inserted: No. 25 of 1998 s. 25; amended:
No. 28 of 2006 s. 450.]
No act or omission of
a person acting in place of or representing a director under clause 4, 5 or 6
shall be questioned on the ground that the occasion for —
(a) his
or her nomination or appointment had not arisen; or
(b) his
or her acting for or representing a director had ceased.
[Clause 7 inserted: No. 25 of 1998 s. 25.]
(1) Subject to
subclause (2), meetings shall be held at the times and places that the board
determines.
(2) A special meeting
of the board may at any time be convened by the chairperson or, if the
chairperson is unable to act by reason of sickness, absence or other cause, by
the deputy chairperson.
(3) The first meeting
of the board shall be convened by the chairperson.
[Clause 8 inserted: No. 25 of 1998 s. 25.]
(1) The chairperson,
or in his or her absence the deputy chairperson, shall preside at all meetings
of the board at which he or she is present.
(2) If both the
chairperson and the deputy chairperson are absent from a meeting the directors
present shall appoint one of their number to preside.
[Clause 9 inserted: No. 25 of 1998 s. 25.]
There is a quorum for
a meeting of the board only if 3 directors are present and —
(a) at
least one of them is a person who holds office, or is acting for or
representing an office-holder, under section 5B(1)(a), (b) or (c); and
(b) at
least one of them is an appointed director or a person acting temporarily in
place of such a director.
[Clause 10 inserted: No. 25 of 1998 s. 25.]
(1) At any meeting of
the board each director present has a deliberative vote.
(2) Subject to
subclause (3), if the votes cast on a question are equally divided, the
question remains unresolved until a subsequent meeting of the board.
(3) If the votes cast
on a question at a meeting of the board were equally divided and the votes
cast on the question at a subsequent meeting of the board are again equally
divided, the question shall be taken to have been resolved in the negative.
[Clause 11 inserted: No. 25 of 1998 s. 25.]
The board shall cause
accurate minutes to be kept of the proceedings at its meetings.
[Clause 12 inserted: No. 25 of 1998 s. 25.]
13 . Resolution without meeting
A resolution in
writing signed or assented to by each director by letter or facsimile is as
effectual as if it had been passed at a meeting of the board.
[Clause 13 inserted: No. 25 of 1998 s. 25.]
14 . Telephone or video meetings
A communication
between not less than 4 directors by telephone or audio-visual means is a
valid meeting of the board if each participating director is capable of
communicating with every other participating director instantaneously at all
times during the proceedings.
[Clause 14 inserted: No. 25 of 1998 s. 25.]
(1) The board may
appoint committees to assist it in the performance of its functions, and may
discharge or alter any committee so appointed.
(2) A committee may
include persons who are not directors but, unless the Minister approves, shall
include at least one person who is a director.
(3) Subject to the
directions of the board and to the terms of any delegation under section 18, a
committee may determine its own procedures.
[Clause 15 inserted: No. 25 of 1998 s. 25;
amended: No. 28 of 2006 s. 450.]
16 . Board to determine own procedures
Subject to this Act,
the board shall determine its own procedures.
[Clause 16 inserted: No. 25 of 1998 s. 25.]
Division 2 — Disclosure of interests etc.
[Heading inserted: No. 25 of 1998 s. 25.]
(1) A director who has
a material personal interest in a matter being considered or about to be
considered by the board shall, as soon as possible after the relevant facts
have come to the director’s knowledge, disclose the nature of the
interest at a meeting of the board.
Penalty: $5 000.
(2) A disclosure under
subclause (1) shall be recorded in the minutes of the meeting.
[Clause 17 inserted: No. 25 of 1998 s. 25.]
18 . Voting by interested directors
A director who has a
material personal interest in a matter that is being considered by the board
—
(a)
shall not vote whether at a meeting or otherwise —
(i)
on the matter; or
(ii)
on a proposed resolution under clause 19 in respect of
the matter, whether relating to that director or a different director;
and
(b)
shall not be present while —
(i)
the matter; or
(ii)
a proposed resolution of the kind referred to in
paragraph (a)(ii),
is being considered at
a meeting.
[Clause 18 inserted: No. 25 of 1998 s. 25.]
19 . Clause 18 may be declared inapplicable
Clause 18 does not
apply if the board has at any time passed a resolution that —
(a)
specifies the director, the interest and the matter; and
(b)
states that the directors voting for the resolution are satisfied that the
interest should not disqualify the director from considering or voting on the
matter.
[Clause 19 inserted: No. 25 of 1998 s. 25.]
20 . Quorum where clause 18 applies
(1) Despite clause 10,
if a director is disqualified under clause 18 in relation to a matter, a
quorum is present during the consideration of the matter if at least 2
directors are present who are entitled to vote on any motion that may be moved
at the meeting in relation to the matter.
(2) The Minister may
deal with a matter insofar as the board cannot deal with it because of
subclause (1).
[Clause 20 inserted: No. 25 of 1998 s. 25;
amended: No. 28 of 2006 s. 450.]
21 . Minister may declare clauses 18 and 20
inapplicable
(1) The Minister may
by writing declare that clause 18 or 20 or both of them do not apply in
relation to a specified matter either generally or in voting on particular
resolutions.
(2) The Minister shall
within 14 days after a declaration under subclause (1) is made cause a copy of
the declaration to be laid before each House of Parliament.
[Clause 21 inserted: No. 25 of 1998 s. 25;
amended: No. 28 of 2006 s. 450.]
This is a compilation of the Western Australian Treasury Corporation Act 1986
and includes amendments made by other written laws. For provisions that have
come into operation, and for information about any reprints, see the
compilation table.
|
Short title |
Number and year |
Assent |
Commencement |
|---|---|---|---|
|
16 of 1986 |
25 Jul 1986 |
1 Jul 1986 (see s. 2) | |
|
59 of 1987 |
9 Nov 1987 |
25 Jul 1988 (see s. 2 and Gazette 24 Jun 1988 p. 1995) | |
|
Western Australian Treasury Corporation Amendment Act 1992 1, 2 |
24 of 1992 |
17 Jun 1992 |
17 Jun 1992 (see s. 2) |
|
Financial Administration Legislation Amendment Act 1993 s. 11 |
6 of 1993 |
27 Aug 1993 |
1 Jul 1993 (see s. 2(1)) |
|
Acts Amendment (Public Sector Management) Act 1994 s. 19 |
32 of 1994 |
29 Jun 1994 |
1 Oct 1994 (see s. 2 and Gazette 30 Sep 1994 p. 4948) |
|
Local Government (Consequential Amendments) Act 1996 s. 4 |
14 of 1996 |
28 Jun 1996 |
1 Jul 1996 (see s. 2) |
|
Financial Legislation Amendment Act 1996 s. 64 |
49 of 1996 |
25 Oct 1996 |
25 Oct 1996 (see s. 2(1)) |
|
Western Australian Treasury Corporation Amendment Act 1998 s. 1-25 3-5 |
25 of 1998 |
30 Jun 1998 |
s. 1 and 2: 30 Jun 1998; |
|
Acts Amendment and Repeal (Financial Sector Reform) Act 1999 s. 111 |
26 of 1999 |
29 Jun 1999 |
1 Jul 1999 (see s. 2(1) and Gazette 30 Jun 1999 p. 2905) |
|
Statutes (Repeals and Minor Amendments) Act 2000 s. 47 |
24 of 2000 |
4 Jul 2000 |
4 Jul 2000 (see s. 2) |
|
Reprint of the Western Australian Treasury Corporation Act 1986 as at 5 Jan
2001 (includes amendments listed above) | |||
|
10 of 2001 |
28 Jun 2001 |
15 Jul 2001 (see s. 2 and Gazette 29 Jun 2001 p. 3257 and Cwlth Gazette 13
Jul 2001 No. S285) | |
|
Building Societies Amendment Act 2001 s. 51 |
12 of 2001 |
13 Jul 2001 |
13 Jul 2001 (see s. 2) |
|
Labour Relations Reform Act 2002 s. 27 |
20 of 2002 |
8 Jul 2002 |
15 Sep 2002 (see s. 2(1) and Gazette 6 Sep 2002 p. 4487) |
|
Corporations (Consequential Amendments) Act (No. 3) 2003 Pt. 17 6 |
21 of 2003 |
23 Apr 2003 |
11 Mar 2002 (see s. 2 and Cwlth Gazette 24 Oct 2001 No. GN42) |
|
Labour Relations Reform (Consequential Amendments) Regulations 2003 r. 21
published in Gazette 15 Aug 2003 p. 3685-92 |
15 Sep 2003 (see r. 2) | ||
|
Statutes (Repeals and Minor Amendments) Act 2003 s. 132 |
74 of 2003 |
15 Dec 2003 |
15 Dec 2003 (see s. 2) |
|
Reprint 2: The Western Australian Treasury Corporation Act 1986 as at 2 Sep
2005 (includes amendments listed above) | |||
|
17 of 2005 |
5 Oct 2005 |
10 Jul 2010 (see s. 2(3) and Gazette 9 Jul 2010 p. 3239) | |
|
Machinery of Government (Miscellaneous Amendments) Act 2006 Pt. 17 Div. 11 7 |
28 of 2006 |
26 Jun 2006 |
1 Jul 2006 (see s. 2 and Gazette 27 Jun 2006 p. 2347) |
|
Financial Legislation Amendment and Repeal Act 2006 s. 4, 16 and Sch. 1 cl.
186 |
77 of 2006 |
21 Dec 2006 |
1 Feb 2007 (see s. 2(1) and Gazette 19 Jan 2007 p. 137) |
|
Statutes (Repeals and Miscellaneous Amendments) Act 2009 s. 138 |
8 of 2009 |
21 May 2009 |
22 May 2009 (see s. 2(b)) |
|
Reprint 3: The Western Australian Treasury Corporation Act 1986 as at 7 May
2010 (includes amendments listed above except those in the
Housing Societies Repeal Act 2005 s. 31) | |||
|
Co-operatives Act 2009 s. 511 and 518 |
24 of 2009 |
22 Oct 2009 |
s. 511: 1 Sep 2010 (see s. 2(b) and Gazette 13 Aug 2010 p. 3975); |
|
Public Sector Reform Act 2010 s. 89 |
39 of 2010 |
1 Oct 2010 |
1 Dec 2010 (see s. 2(b) and Gazette 5 Nov 2010 p. 5563) |
|
30 of 2015 |
2 Nov 2015 |
1 Jul 2016 (see s. 2(b) and Gazette 24 Jun 2016 p. 2291-2) | |
|
Executive Officer Remuneration (Government Entities) Legislation Amendment Act
2016 Pt. 3 Div. 8 |
46 of 2016 |
7 Dec 2016 |
8 Dec 2016 (see s. 2(b)) |
|
Government Trading Enterprises Act 2023 Pt. 12 Div. 11 |
13 of 2023 |
22 Jun 2023 |
1 Jul 2023 (see s. 2(b) and SL 2023/89 cl. 2) |
1 The Western Australian Treasury Corporation
Amendment Act 1992 s. 7(4) reads as follows:
(4) Any agreement or
arrangement entered into, or transaction effected, before the commencement of
this section which would have been lawful and valid had —
(a)
section 10(2)(fa) and (fb) of the principal Act as inserted by subsection (1);
and
(b) the
definition of interest rate in section 3(1) of the principal Act as inserted
by section 4,
been in operation when
that agreement, arrangement or transaction was entered into or effected shall
be deemed to be, and always to have been, lawful and valid.
2 The Western Australian Treasury Corporation
Amendment Act 1992 s. 9(2) reads as follows:
(2) Section 14(3) of
the principal Act as inserted by this section applies in respect of moneys
lent before or after the commencement of this section.
3 The Western Australian Treasury Corporation
Amendment Act 1998 s. 7(2) reads as follows:
(2) The amendments to
the principal Act made by subsection (1) do not affect the corporate identity
of the Western Australian Treasury Corporation or its rights or obligations.
4 The Western Australian Treasury Corporation
Amendment Act 1998 s. 9(2) reads as follows:
(2) Section 7 as
inserted in the principal Act by subsection (1) does not apply to a deed or
other instrument that —
(a) has
been signed or sealed by or on behalf of all parties that are required to do
so; or
(b)
evidences a transaction that was completed,
before the
commencement of this Act.
5 The Western Australian Treasury Corporation
Amendment Act 1998 s. 10(2) and (3) read as follows:
(2) The person who
immediately before the commencement of this Act held the office of chief
executive officer of the Corporation shall be taken from that commencement to
have been appointed as the chief executive officer under section 8 as inserted
in the principal Act by subsection (1).
(3) All persons who
immediately before the commencement of this Act were in the employment of the
Corporation shall be taken from that commencement to have been engaged under
section 8B as inserted in the principal Act by subsection (1).
6 The Corporations (Consequential Amendments) Act
(No. 3) 2003 s. 2-4 read as follows:
2. Commencement
(1) If this Act
receives the Royal Assent before the day on which Schedule 1 to the Financial
Services Reform Act comes into operation, this Act comes into operation at the
same time as that Schedule comes into operation.
(2) If this Act
receives the Royal Assent on or after the day on which Schedule 1 to the
Financial Services Reform Act comes into operation, this Act is deemed to have
come into operation at the same time as that Schedule comes into operation.
3. Interpretation
In this Part —
Financial Services Reform Act means the Financial
Services Reform Act 2001 of the Commonwealth;
FSR commencement time means the time when Schedule
1 to the Financial Services Reform Act comes into operation;
statutory rule means a regulation, rule or by-law.
4. Validation
(1) This section
applies if this Act comes into operation under section 2(2).
(2) Anything done or
omitted to have been done after the FSR commencement time and before this Act
receives the Royal Assent that could have been done if this Act had received
the Royal Assent before the FSR commencement time is taken to be as valid and
lawful, and to always have been as valid and lawful, as it would have been if
this Act had received the Royal Assent before the FSR commencement time.
(3) Anything done or
omitted to have been done by a person after the FSR commencement time and
before this Act received the Royal Assent that would have been valid and
lawful if the Financial Services Reform Act had not commenced, is taken to be
valid and lawful.
(4) Anything done or
omitted to have been done after the FSR commencement time and before this Act
receives the Royal Assent —
(a) that
could only have been validly and lawfully done or omitted because this Act
received the Royal Assent after the FSR commencement time; and
(b) that
could not have been validly and lawfully done or omitted if this Act had
received the Royal Assent before the FSR commencement time,
is taken not to be
valid, and to never have been valid.
7 The Machinery of Government (Miscellaneous
Amendments) Act 2006 Pt. 17 Div. 12 reads as follows:
Division 12 — Transitional provisions
451.
Western Australian Treasury Corporation Act 1986 and Gold Corporation Act 1987
(1) A thing done by
the Treasurer before commencement under, or for the purposes of —
(a)
section 10(2)(fa)(xii) or 17A(3) of the Western Australian Treasury
Corporation Act 1986 ; or
(b)
section 16(1)(a) or (b) or 21(1) of the Gold Corporation Act 1987 ,
has the same effect
after commencement, to the extent that it has any force or significance after
commencement, as if it had been done by the Minister with the concurrence of
the Treasurer.
(2) A thing done or
omitted to be done by, to or in relation to, the Treasurer before commencement
under, or for the purposes of —
(a) a
provision of the Western Australian Treasury Corporation Act 1986 amended by
section 450; or
(b)
section 16(2)(a) or 21(2), (4), (5) or (6) of the Gold Corporation Act 1987 ,
has the same effect
after commencement, to the extent that it has any force or significance after
commencement, as if it had been done or omitted by, to or in relation to, the
Minister.
(3) In this section
—
commencement means the time at which this Division
comes into operation;
Minister means the Minister to whom the
administration of the Western Australian Treasury Corporation Act 1986 is
committed.
Defined terms
[This is a list of terms defined and the provisions where they
are defined. The list is not part of the law.]
Defined term Provision(s)
appointed director
3(1)
authorities 9(1a)
authority 3(1)
board
3(1)
borrow 3(1)
chief executive officer
3(1)
create 3(1)
debt paper
3(1)
director 3(1)
document 21A(4)
eligible person
18(1a)
financial institution 3(1)
foreign 13(4)
information
21A(4)
interest rate 3(1)
latest draft plan
16F(2)
latest draft statement
16N(2)
lend 3(1)
parliamentary purposes
21A(4)
prescribed debt paper
10(4a)
the Account 3(1)
the Corporation
3(1)
the repealed Act
3(1)
Treasury 3(1)
Under Treasurer
3(1)
© State of Western Australia 2023
.
This work is licensed under a Creative Commons Attribution 4.0 International
Licence (CC BY 4.0). To view relevant information and for a link to a copy of
the licence, visit www.legislation.wa.gov.au .
Attribute work as: © State
of Western Australia 2023
.
By Authority: GEOFF O. LAWN, Government Printer