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TREASURY LEGISLATION AMENDMENT BILL 1994

       Queensland




TREASURY LEGISLATION
 AMENDMENT BILL 1994

 


 

Queensland TREASURY LEGISLATION AMENDMENT BILL 1994 TABLE OF PROVISIONS Section Page PART 1--PRELIMINARY 1 Short title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 PART 2--AMENDMENT OF QUEENSLAND TREASURY CORPORATION ACT 1988 2 Act amended in Pt 2 and Sch 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 3 Amendment of s 4 (Interpretation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 4 Insertion of new ss 19A-19D . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 19A Performance dividend . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 19B Attributed amounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 19C Attributed amounts become debts owing or part of outstanding amount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 19D Exemption from payment of attributed amount . . . . . . . . . . . . . . . . . 8 5 Insertion of new s 41 and Pt 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 41 Regulations about performance dividends and attributed amounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 PART 6--TRANSITIONAL 42 Regulation may prescribe a period commencing on 1 July 1993 . . 9 PART 3--AMENDMENT OF STATUTORY BODIES FINANCIAL ARRANGEMENTS ACT 1982 6 Act amended in Pt 3 and Sch 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 7 Insertion of new s 16A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 16A Treasurer may charge for a guarantee under s 16 . . . . . . . . . . . . . . . 10 8 Amendment of s 32 (Advance by way of overdraft) . . . . . . . . . . . . . . . . . . . 11

 


 

2 Treasury Legislation Amendment PART 4--AMENDMENT OF OFFSHORE BANKING UNITS AND REGIONAL HEADQUARTERS ACT 1993 9 Act amended . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 10 Amendment of s 3 (Definitions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 11 Insertion of new s 3A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 3A Meaning of "RHQ activity" . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 12 Amendment of s 18 (Land tax concession) . . . . . . . . . . . . . . . . . . . . . . . . . . 12 13 Replacement of s 19 (Pay-roll tax concession) . . . . . . . . . . . . . . . . . . . . . . 12 19 Pay-roll tax concession . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 14 Amendment of s 21 (Operation of concessions and revenue laws) . . . . . . . 12 15 Amendment of s 24 (Regulations) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 PART 5--AMENDMENT OF GOVERNMENT OWNED CORPORATIONS ACT 1993 16 Act amended in Pt 5 and Sch 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 17 Amendment of s 3 (Definitions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 18 Amendment of s 5 (Meaning of "government entity") . . . . . . . . . . . . . . . . . 14 19 Replacement of s 23 (Government entity must first become a candidate GOC) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 23 Government entity must first become a candidate GOC or a candidate GOC associate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 20 Insertion of new s 24A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 24A Meaning of "associate" of candidate GOC . . . . . . . . . . . . . . . . . . . . 14 21 Insertion of new ss 26A and 26B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 26A Nomination of GOC Act entity to become candidate GOC associate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 26B Declaration of GOC Act entity to be subsidiary of candidate GOC associate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 22 Insertion of new s 31A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 23 Insertion of new s 49A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 49A Responsible Ministers may give directions to candidate GOC associate about its functions . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 24 Replacement of s 54 (Transfer of assets, liabilities etc. in certain cases) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 54 Candidate GOC associates and subsidiaries of candidate GOC associates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16

 


 

3 Treasury Legislation Amendment 54A Transfer of assets, liabilities etc. to government entity to become GOC or GOC subsidiary . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 54B Debt owned by State . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 25 Insertion of new ss 57A-57D . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 57A Interim board of directors and chief executive officer for candidate GOC associate or associate subsidiary . . . . . . . . . . . . . . . 18 57B Application of certain provisions about directors and executives to candidate GOC associates and associate subsidiaries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 57C Assistance to candidate GOC associates and associate subsidiaries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 57D Entity must comply with directions . . . . . . . . . . . . . . . . . . . . . . . . . . 20 26 Replacement of s 58 (Share capital and issue of shares) . . . . . . . . . . . . . . 20 27 Amendment of s 62 (Regulations may deal with other matters) . . . . . . . . . 21 28 Insertion of new Pt 5A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 62A Appointment of statutory GOC's first chief executive officer . . . . . 22 62B Appointment of statutory GOC's first senior executives . . . . . . . . . . 22 29 Insertion of new s 63A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 63A Declaration of candidate GOC associate as GOC . . . . . . . . . . . . . . 23 30 Insertion of new s 94A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 94A First board of statutory GOC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 31 Insertion of new Div 3 in Ch 3, Pt 13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 Division 3--GOC may direct subsidiaries 153A GOC may direct subsidiary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 153B Subsidiaries must comply with directions . . . . . . . . . . . . . . . . . . . . . 25 153C Division not limiting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 32 Replacement of s 155 (Liability for Commonwealth tax equivalents) . . . . 25 155 Liability for Commonwealth tax equivalents . . . . . . . . . . . . . . . . . . 25 33 Insertion of new ss 188-192 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 188 Transfer of assets, liabilities etc. to GOC or GOC subsidiary . . . . . 26 189 Regulation about assets and liabilities not dealt with under s 54A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 190 Debt owned by State . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 191 Regulation about liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29

 


 

4 Treasury Legislation Amendment 192 Regulation dissolving certain government entities . . . . . . . . . . . . . . 29 34 Amendment of s 188 (Regulations) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 SCHEDULE 1 . . . . . . . . . . . . . . . . . . . . . . . . 31 MINOR AMENDMENTS OF QUEENSLAND TREASURY CORPORATION ACT 1988 SCHEDULE 2 . . . . . . . . . . . . . . . . . . . . . . . . 34 MINOR AMENDMENTS OF STATUTORY BODIES FINANCIAL ARRANGEMENTS ACT 1982 SCHEDULE 3 . . . . . . . . . . . . . . . . . . . . . . . . 41 MINOR AMENDMENTS OF GOVERNMENT OWNED CORPORATIONS ACT 1993

 


 

1994 A BILL FOR An Act to amend certain Acts administered by the Treasurer

 


 

s1 6 s4 Treasury Legislation Amendment The Parliament of Queensland enacts-- 1 PART 1--PRELIMINARY 2 title 3 Short 1. This Act may be cited as the Treasury Legislation Amendment Act 4 1994. 5 PART 2--AMENDMENT OF QUEENSLAND 6 TREASURY CORPORATION ACT 1988 7 amended in Pt 2 and Sch 1 8 Act 2. This Part and Schedule 1 amend the Queensland Treasury 9 Corporation Act 1988. 10 of s 4 (Interpretation) 11 Amendment 3. Section 4-- 12 insert-- 13 ` "attributed amount" has the meaning given in section 19B(2); 14 "outstanding amount" has the meaning given in section 19B(1); 15 "performance dividend" has the meaning given in section 19A(1);'. 16 of new ss 19A-19D 17 Insertion 4. After section 19-- 18 insert-- 19

 


 

s4 7 s4 Treasury Legislation Amendment dividend 1 `Performance `19A.(1) The Corporation must, from time to time, pay the State an 2 amount (the "performance dividend"). 3 `(2) The performance dividend is to be calculated, and is payable, under 4 the regulations for periods prescribed by the regulations. 5 `(3) The Treasurer may ask the Corporation to provide the Treasurer with 6 information relevant to a performance dividend. 7 `(4) The Corporation must comply with a request under subsection (3) 8 within 14 days. 9 amounts 10 `Attributed `19B.(1) This section applies to a statutory body or other person if an 11 amount is outstanding by the statutory body or other person to the 12 Corporation during a period prescribed under section 19A(2) because of a 13 financial arrangement entered into under section 19(1) (the "outstanding 14 amount"). 15 `(2) The statutory body or other person must pay the Corporation an 16 amount attributable, under the regulations, to the body or other person (the 17 "attributed amount") because of the financial arrangement. 18 `(3) An attributed amount is to be calculated, and is payable, under the 19 regulations for periods prescribed by the regulations. 20 amounts become debts owing or part of outstanding 21 `Attributed amount 22 `19C.(1) This section applies if a statutory body or other person does not 23 pay to the Corporation an attributed amount for a financial arrangement 24 entered into under section 19(1) when the attributed amount is payable 25 under the regulations. 26 `(2) The attributed amount is a debt owing by the statutory body or other 27 person to the Corporation. 28 `(3) However, the attributed amount for a financial arrangement is added 29 to the outstanding amount if-- 30 (a) the outstanding amount is associated with an account of the 31

 


 

s4 8 s4 Treasury Legislation Amendment Corporation prescribed by the regulations; and 1 (b) when the attributed amount becomes payable there is an 2 outstanding amount under the financial arrangement. 3 `(4) If, under subsection (3), an attributed amount is added to the 4 outstanding amount-- 5 (a) the attributed amount becomes part of the outstanding amount; 6 and 7 (b) there is a new outstanding amount that is subject to the same 8 terms as applied to the previous outstanding amount before the 9 attributed amount was added to it. 10 `(5) If subsection (3) does not apply to an attributed amount, interest is 11 payable on the debt at a rate decided by the Treasurer by Gazette notice. 12 `(6) The Corporation must notify the statutory body or person about-- 13 (a) the addition of the attributed amount to the outstanding amount; 14 and 15 (b) the amount of the new outstanding amount. 16 `(7) An attributed amount is added to an outstanding amount under 17 subsection (3) despite anything contrary in the financial arrangement. 18 19 Example-- 20 · Under the financial arrangement that statutory body x has entered into 21 with the Corporation, there is an outstanding amount of $100 000. 22 · A term of the arrangement is that interest is payable on the outstanding 23 amount at a variable rate. 24 · The attributed amount for the arrangement is $2 000. When the attributed 25 amount is added to the outstanding amount, the new outstanding amount 26 is $102 000. 27 · The new outstanding amount of $102 000 is the amount to which the 28 variable interest rate applies, despite any other term of the financial 29 arrangement. from payment of attributed amount 30 `Exemption `19D.(1) The Treasurer may exempt a statutory body or other person 31 from the payment of all or part of an attributed amount. 32

 


 

s5 9 s5 Treasury Legislation Amendment `(2) If a statutory body or other person is exempted under subsection (1) 1 from the payment of all or part of an attributed amount, the Corporation's 2 liability for the performance dividend for the period to which the exemption 3 applies is reduced by an amount equal to the amount exempted.'. 4 of new s 41 and Pt 6 5 Insertion 5. After section 40-- 6 insert-- 7 about performance dividends and attributed amounts 8 `Regulations `41.(1) Without limiting section 40, the Governor in Council may also 9 make regulations under this Act about-- 10 (a) the performance dividend, including, for example, a formula to 11 calculate the dividend; and 12 (b) attributed amounts and amounts that would be attributed amounts 13 if a financial arrangement were entered into by the Corporation 14 under section 19(1). 15 `(2) A regulation may authorise any matter about a performance dividend 16 or attributed amount to be applied, calculated or decided by the Corporation. 17 `PART 6--TRANSITIONAL 18 may prescribe a period commencing on 1 July 1993 19 `Regulation `42.(1) A regulation made under section 41 before 31 December 1994 20 may prescribe a period commencing on 1 July 1993. 21 `(2) This Part expires on 31 December 1994.'. 22

 


 

s6 10 s7 Treasury Legislation Amendment PART 3--AMENDMENT OF STATUTORY BODIES 1 FINANCIAL ARRANGEMENTS ACT 1982 2 amended in Pt 3 and Sch 2 3 Act 6. This Part and Schedule 2 amend the Statutory Bodies Financial 4 Arrangements Act 1982. 5 of new s 16A 6 Insertion 7. After section 16-- 7 insert-- 8 may charge for a guarantee under s 16 9 `Treasurer `16A.(1) The Treasurer may charge a statutory body for providing a 10 guarantee under section 16, if the guarantee is given other than to the 11 Corporation, by imposing a fee-- 12 (a) for each prescribed period, or part of a prescribed period, 13 happening during the period of the guarantee; or 14 (b) at the end of the guarantee. 15 `(2) The amount a statutory body may be charged under subsection (1) 16 for a guarantee must not be more than the attributed amounts for which the 17 statutory body would have been liable if the financial arrangements to which 18 the guarantee relates were entered into with the Corporation under 19 section 19(1) of the Queensland Treasury Corporation Act 1988. 20 `(3) The Treasurer may ask the Corporation to provide the Treasurer with 21 a certificate about the rate that would have been applied to calculate the 22 attributed amounts mentioned in subsection (2). 23 `(4) In this section-- 24 "prescribed period" means a period prescribed by the regulations under 25 the Queensland Treasury Corporation Act 1988 for calculating the 26 performance dividend as mentioned in section 19A of that Act.'. 27

 


 

s8 11 s 11 Treasury Legislation Amendment of s 32 (Advance by way of overdraft) 1 Amendment 8. Section 32(1), after `bank'-- 2 insert-- 3 `, building society or credit union'. 4 ART 4--AMENDMENT OF OFFSHORE BANKING 5 P UNITS AND REGIONAL HEADQUARTERS ACT 1993 6 amended 7 Act 9. This Part amends the Offshore Banking Units and Regional 8 Headquarters Act 1993. 9 of s 3 (Definitions) 10 Amendment 10. Section 3, definition "RHQ activity"-- 11 omit, insert-- 12 ` "RHQ activity" has the meaning given by section 3A;'. 13 of new s 3A 14 Insertion 11. After section 3-- 15 insert-- 16 of "RHQ activity" 17 `Meaning `3A.(1) An "RHQ activity" is an activity prescribed by regulation and 18 performed by a QRHQ that is part of a multinational corporate group to 19 supply services to parts of the group outside Australia. 20 `(2) To remove doubt, an "RHQ activity" does not include an activity 21 performed by a QRHQ to supply services, directly or indirectly, to parts of 22 the group in Australia.'. 23

 


 

s 12 12 s 15 Treasury Legislation Amendment of s 18 (Land tax concession) 1 Amendment 12. Section 18(1), `for the land'-- 2 omit. 3 of s 19 (Pay-roll tax concession) 4 Replacement 13. Section 19-- 5 omit, insert 6 tax concession 7 `Pay-roll `19. If a QOBU or QRHQ employs people to perform its OBU or RHQ 8 activities, it only has to pay tax under the Pay-roll Tax Act 1971 to the 9 extent, and on the conditions, prescribed by regulation.'. 10 of s 21 (Operation of concessions and revenue laws) 11 Amendment 14.(1) Section 21(4)-- 12 omit, insert-- 13 `(4) If a condition subsequent prescribed under section 20 has not been 14 satisfied in relation to a transaction, the concession under section 20 is taken 15 to have never applied to the transaction.'. 16 (2) Section 21(5), `this Part'-- 17 omit, insert-- 18 `section 20'. 19 of s 24 (Regulations) 20 Amendment 15. Section 24-- 21 insert-- 22 `(2) A regulation may create offences and prescribe penalties of not more 23 than 100 penalty units for the offences.'. 24

 


 

s 16 13 s 17 Treasury Legislation Amendment PART 5--AMENDMENT OF GOVERNMENT OWNED 1 CORPORATIONS ACT 1993 2 amended in Pt 5 and Sch 3 3 Act 16. This Part and Schedule 3 amend the Government Owned 4 Corporations Act 1993. 5 of s 3 (Definitions) 6 Amendment 17.(1) Section 3, definitions "asset", "responsible Ministers" and 7 "subsidiary"-- 8 omit. 9 (2) Section 3-- 10 insert-- 11 ` "associate" of a candidate GOC has the meaning given by section 24A; 12 "associate subsidiary" means a GOC Act entity declared by regulation to 13 be a subsidiary of a candidate GOC associate; 14 "GOC Act entity" means an entity established by a regulation under this 15 Act; 16 "responsible Ministers" has the meaning given by-- 17 (a) for a candidate GOC that is not already a statutory GOC or a part 18 of a statutory GOC--section 31; or 19 (b) for a candidate GOC that is already a statutory GOC or a part of a 20 statutory GOC--section 33; or 21 (c) for a candidate GOC associate--section 31A; 22 "subsidiary" has the meaning given by the Corporations Law, and 23 includes-- 24 (a) for a GOC or candidate GOC--a government entity declared by 25 regulation to be a subsidiary of the GOC or candidate GOC; and 26 (b) for a candidate GOC associate--a GOC Act entity declared by 27 regulation to be a subsidiary of the associate;'. 28

 


 

s 18 14 s 21 Treasury Legislation Amendment of s 5 (Meaning of "government entity") 1 Amendment 18. Section 5(d)-- 2 omit, insert-- 3 `(d) a GOC Act entity; or 4 (e) an entity prescribed by regulation.'. 5 of s 23 (Government entity must first become a 6 Replacement candidate GOC) 7 19. Section 23-- 8 omit, insert-- 9 entity must first become a candidate GOC or a 10 `Government candidate GOC associate 11 `23.(1) A government entity must become a candidate GOC or a 12 candidate GOC associate before becoming a statutory GOC. 13 `(2) A government entity must become a candidate GOC before 14 becoming a company GOC. 15 `(3) A statutory GOC, or part of a statutory GOC, must become, or 16 again become, a candidate GOC before becoming a company GOC.'. 17 of new s 24A 18 Insertion 20. After section 24-- 19 insert-- 20 of "associate" of candidate GOC 21 `Meaning `24A. An "associate" of a candidate GOC is a GOC Act entity 22 nominated under Part 2 to be an associate of the candidate GOC.'. 23 of new ss 26A and 26B 24 Insertion 21. After section 26-- 25 insert-- 26

 


 

s 22 15 s 23 Treasury Legislation Amendment of GOC Act entity to become candidate GOC associate 1 `Nomination `26A. The Governor in Council may, by regulation, nominate a GOC 2 Act entity to be an associate of a particular candidate GOC. 3 of GOC Act entity to be subsidiary of candidate GOC 4 `Declaration associate 5 `26B. A regulation may declare a GOC Act entity to be a subsidiary of a 6 particular candidate GOC associate.'. 7 of new s 31A 8 Insertion 22. After section 31-- 9 insert-- 10 `Responsible Ministers of candidate GOC associate 11 `31A. The responsible Ministers of a candidate GOC associate are the 12 Ministers who are the responsible Ministers of the associate's candidate 13 GOC.'. 14 of new s 49A 15 Insertion 23. Chapter 2, Part 4, after section 49-- 16 insert-- 17 Ministers may give directions to candidate GOC 18 `Responsible associate about its functions 19 `49A.(1) The responsible Ministers of a candidate GOC associate may 20 give the associate written directions for the associate and its subsidiaries that 21 appear to them to be necessary or desirable about the performance of the 22 associate's functions. 23 `(2) The associate must ensure that a direction given to it under this 24 section is complied with in relation to itself and must, as far as practicable, 25 ensure that it is also complied with in relation to its subsidiaries.'. 26

 


 

s 24 16 s 24 Treasury Legislation Amendment of s 54 (Transfer of assets, liabilities etc. in certain cases) 1 Replacement 24. Section 54-- 2 omit, insert-- 3 GOC associates and subsidiaries of candidate GOC 4 `Candidate associates 5 `54.(1) A regulation may provide that, on a specified day, a candidate 6 GOC associate or an associate subsidiary-- 7 (a) is a body corporate; and 8 (b) has the name specified by regulation; and 9 (c) has a seal; and 10 (d) may sue and be sued in its corporate name; and 11 (e) has the functions and powers specified by regulation. 12 (2) A regulation may make provision with respect to any matter for 13 which it is necessary or convenient to make provision to facilitate the 14 change of the associate or subsidiary from a government entity that is not a 15 body corporate to a body corporate that is to become a GOC or GOC 16 subsidiary. 17 of assets, liabilities etc. to government entity to become 18 `Transfer GOC or GOC subsidiary 19 `54A.(1) If-- 20 (a) a government entity is to become a GOC or GOC subsidiary; and 21 (b) any of the following subparagraphs applies to the entity-- 22 (i) the entity is not a body corporate; 23 (ii) the entity is a part of a body corporate; 24 (iii) the entity is a candidate GOC associate or associate 25 subsidiary; 26 (iv) a regulation declares that this section applies to the entity; 27 the regulations may make provision with respect to-- 28 (c) whether, and, if so, the extent to which, the entity is the successor 29

 


 

s 24 17 s 24 Treasury Legislation Amendment in law of a particular person; and 1 (d) the assets and liabilities that are, or are not, assets and liabilities of 2 the entity or of someone else; and 3 (e) the consideration for a transfer of assets to the entity, which may 4 include a debt to be owed by the entity to the shareholding 5 Ministers of the GOC that the entity is to become or of which it is 6 to become a subsidiary; and 7 (f) the instruments that are, or are not, to apply to the entity, 8 including whether or not the instruments are taken to be 9 instruments-- 10 (i) to which the entity is a party; or 11 (ii) that were given to, by or in favour of the entity; or 12 (iii) in which a reference is made to the entity; or 13 (iv) under which money is or may become payable, or other 14 property is to be, or may become liable to be, transferred, 15 conveyed or assigned to or by the entity; and 16 (g) the proceedings to which the entity becomes a party in 17 substitution for someone else; and 18 (h) the existing officers and employees of the entity and their rights; 19 and 20 (i) if the entity is a candidate GOC associate or subsidiary of a 21 candidate GOC associate--the existing officers and employees of 22 the candidate GOC and any subsidiary of the candidate GOC and 23 the officers' and employees' rights. 24 `(2) Without limiting subsection (1)-- 25 (a) a regulation under subsection (1)(e) may make provision about-- 26 (i) how the consideration is to be decided; and 27 (ii) the changing of the consideration, whether before or after the 28 entity concerned becomes a GOC or subsidiary of a GOC; 29 and 30 (iii) the terms of the debt; and 31 (b) a regulation under subsection (1)(f) may make provision about 32

 


 

s 25 18 s 25 Treasury Legislation Amendment whether, and, if so, the extent to which, instruments apply to the 1 entity in substitution for someone else; and 2 (c) a regulation under subsection (1)(h) or (i) may provide for the 3 office (including that of chief executive officer or a senior 4 executive) the officer or employee is to hold in the entity when it 5 becomes a GOC or subsidiary of a GOC. 6 `(3) A regulation under subsection (1)(h) or (i) has effect despite the 7 following provisions-- 8 · section 57B (Application of certain provisions about directors and 9 executives to candidate GOC associates and associate 10 subsidiaries) 11 · section 102 (Appointment of chief executive officer) 12 · section 168 (Appointment of senior executives) 13 · Schedule 2 (Additional provisions relating to chief executive 14 officer of statutory GOC), clause 1 (Appointment of chief 15 executive officer). 16 `(4) A regulation mentioned in subsection (2)(c) has effect despite the 17 Corporations Law. 18 `(5) A regulation under this section may be stated to commence on the 19 entity's becoming a GOC or subsidiary of a GOC or at a later time. 20 owned by State 21 `Debt `54B. A debt mentioned in section 54A(1)(e) is owned by the State and 22 held by the shareholding Ministers for the State.'. 23 of new ss 57A-57D 24 Insertion 25. After section 57-- 25 insert-- 26 board of directors and chief executive officer for candidate 27 `Interim GOC associate or associate subsidiary 28 `57A. A regulation may provide-- 29

 


 

s 25 19 s 25 Treasury Legislation Amendment (a) that a candidate GOC associate or associate subsidiary is to have 1 an interim board of directors and chief executive officer; and 2 (b) for the role of the interim board of directors. 3 of certain provisions about directors and executives to 4 `Application candidate GOC associates and associate subsidiaries 5 `57B.(1) Sections 98 to 100 apply to a candidate GOC associate or 6 associate subsidiary, with all necessary changes and any changes prescribed 7 by regulation, as if it were a statutory GOC. 8 `(2) Section 168 applies to a candidate GOC associate or associate 9 subsidiary, with all necessary changes and any changes prescribed by 10 regulation, as if it were a GOC and its interim board of directors were its 11 board of directors. 12 `(3) Schedule 1 applies to a candidate GOC associate or associate 13 subsidiary, with all necessary changes and any changes prescribed by 14 regulation, as if it were a statutory GOC and its interim board of directors 15 were its board of directors. 16 `(4) Schedule 2 applies to a candidate GOC associate, with all necessary 17 changes and any changes prescribed by regulation, as if it were a statutory 18 GOC and its interim board of directors were its board of directors. 19 `(5) Schedule 2 applies to an associate subsidiary, with all necessary 20 changes, and any changes prescribed by regulation and the change set out in 21 subsection (6), as if it were a statutory GOC and its interim board of 22 directors were its board of directors. 23 `(6) For an associate subsidiary, Schedule 2, clause 1 (Appointment of 24 chief executive officer) is changed as follows-- 25 `Appointment of associate subsidiary's chief executive officer 26 27 `1.(1) An associate subsidiary's chief executive officer is to be appointed by the 28 Governor in Council on the recommendation of its interim board of directors. 29 `(2) However, before the interim board of directors makes the recommendation, it 30 must consult with the interim board of directors of its parent corporation. 31 `(3) In this clause-- 32 "parent corporation" of an associate subsidiary means the candidate GOC 33 associate of which the associate subsidiary is a subsidiary.

 


 

s 26 20 s 26 Treasury Legislation Amendment to candidate GOC associates and associate subsidiaries 1 `Assistance `57C.(1) The responsible Ministers of a candidate GOC may direct the 2 entities mentioned in subsection (2) to assist an associate, or a subsidiary of 3 an associate, of the candidate GOC. 4 `(2) The entities are-- 5 (a) the chief executive of a government entity of which the candidate 6 GOC, or a subsidiary of the candidate GOC, is part; and 7 (b) the candidate GOC or a subsidiary of the candidate GOC. 8 `(3) Without limiting by implication the matters about which directions 9 may be given under subsection (1), a candidate GOC associate or its 10 subsidiary may arrange with the chief executive of a department, or with the 11 candidate GOC or its subsidiaries, for the services of officers and 12 employees of the department, candidate GOC or subsidiaries to be made 13 available to it. 14 must comply with directions 15 `Entity `57D. An entity must comply with a direction given to it under 16 section 57C.'. 17 of s 58 (Share capital and issue of shares) 18 Replacement 26. Section 58-- 19 omit, insert-- 20 `Share capital and issue of shares 21 `58.(1) If a candidate GOC does not have a share capital, a regulation 22 may provide that, on a specified day, the candidate GOC is taken to have a 23 share capital of a specified amount. 24 `(2) Before becoming a GOC, the candidate GOC must apply the part of 25 its capital that the responsible Ministers direct in paying up, in full, shares in 26 itself. 27 `(3) As soon as practicable after complying with subsection (2), the 28 candidate GOC must issue the shares paid up under the subsection. 29 `(4) If a candidate GOC does not have a board of directors (including an 30

 


 

s 27 21 s 27 Treasury Legislation Amendment interim board of directors), the responsible Ministers may apply the part of 1 the capital and issue the shares on the candidate GOC's behalf. 2 `(5) Chapter 3, Part 3 applies to the candidate GOC-- 3 (a) if it is to become a statutory GOC--as if it were a statutory GOC; 4 and 5 (b) if it is to become a company GOC--as if it were a company 6 GOC. 7 `(6) Subsections (1) to (4) apply to a government entity (the "intended 8 subsidiary") that is to become a GOC subsidiary as if-- 9 (a) the intended subsidiary were a candidate GOC; and 10 (b) the responsible Ministers of the government entity of which it is 11 to become a subsidiary were also its responsible Ministers. 12 `(7) The shareholding Ministers may, by written notice to the intended 13 subsidiary, give directions about the issue, holding and transfer of shares 14 paid up under subsection (2). 15 `(8) The intended subsidiary must ensure that the directions are complied 16 with. 17 `(9) In subsections (1) to (4)-- 18 "candidate GOC" includes a candidate GOC associate.'. 19 of s 62 (Regulations may deal with other matters) 20 Amendment 27. Section 62-- 21 insert-- 22 `(3) Also, a regulation may change the name of-- 23 (a) a candidate GOC, or a subsidiary or proposed subsidiary of a 24 candidate GOC, if the entity or proposed entity is not registered as 25 a corporation under the Corporations Law; or 26 (b) a candidate GOC associate; or 27 (c) an associate subsidiary. 28 `(4) A regulation under subsection (3)-- 29

 


 

s 28 22 s 28 Treasury Legislation Amendment (a) does not affect the legal personality of the entity whose name is 1 changed; and 2 (b) is effective even if the name being changed was given to the entity 3 under another Act. 4 `(5) Unless a contrary intention appears, a reference in an Act or 5 document to the entity by its former name is taken to be a reference to the 6 entity by its new name.'. 7 of new Pt 5A 8 Insertion 28. Chapter 2, after Part 5-- 9 insert-- 10 `PART 5A--FIRST CHIEF EXECUTIVE OFFICERS 11 AND SENIOR EXECUTIVES OF STATUTORY GOCs 12 of statutory GOC's first chief executive officer 13 `Appointment `62A.(1) This section applies if the responsible Ministers of a candidate 14 GOC that is to become a statutory GOC authorise its board of directors to 15 act under this section. 16 `(2) For the appointment of the first chief executive officer of the 17 statutory GOC, the Governor in Council may act under Schedule 2, clause 1 18 before the commencement of a regulation declaring the candidate GOC to 19 be a GOC. 20 `(3) For the purpose of acting under the clause, a reference in the clause 21 to the GOC's board is taken to be a reference to the candidate GOC's board 22 of directors. 23 `(4) In this section-- 24 "board of directors" of a candidate GOC includes an interim board of 25 directors of the candidate GOC. 26 of statutory GOC's first senior executives 27 `Appointment `62B.(1) This section applies if the responsible Ministers of a candidate 28 GOC that is to become a statutory GOC authorise its board of directors to 29

 


 

s 29 23 s 30 Treasury Legislation Amendment act under this section. 1 `(2) For the appointment of the first senior executives of the statutory 2 GOC, the Governor in Council may act under section 168 (Appointment of 3 senior executives) before the commencement of a regulation declaring the 4 candidate GOC to be a GOC. 5 `(3) For the purpose of acting under the section, a reference in the section 6 to the GOC's board is taken to be a reference to the candidate GOC's board 7 of directors. 8 `(4) In this section-- 9 "board of directors" of a candidate GOC includes an interim board of 10 directors of the candidate GOC.'. 11 of new s 63A 12 Insertion 29. After section 63-- 13 insert-- 14 of candidate GOC associate as GOC 15 `Declaration `63A.(1) This section applies if a regulation under section 54A (Transfer 16 of assets, liabilities etc. to government entity to become GOC or GOC 17 subsidiary) makes provision for the transfer of assets and liabilities from a 18 candidate GOC to its associate. 19 `(2) The Governor in Council may, by regulation, declare that the 20 associate is a GOC if satisfied that-- 21 (a) any corporatisation charter of the candidate GOC has been 22 sufficiently implemented or the candidate GOC would, apart 23 from the regulation under section 54A, be otherwise ready to 24 become a GOC; and 25 (b) the associate complies with, or on becoming a GOC will comply 26 with, section 65 (Statutory GOC must be body corporate etc.).'. 27 of new s 94A 28 Insertion 30. Chapter 3, Part 5, Division 1-- 29 insert-- 30

 


 

s 31 24 s 31 Treasury Legislation Amendment board of statutory GOC 1 `First `94A.(1) This section applies to a government entity that is to become a 2 statutory GOC if the government entity is a candidate GOC or candidate 3 GOC associate. 4 `(2) For the appointment of the first board of the statutory GOC, the 5 Governor in Council may act under Schedule 1, clauses 1 and 2 before the 6 commencement of a regulation declaring the candidate GOC, or the 7 candidate GOC associate, to be a GOC. 8 `(3) The appointment takes effect when the regulation commences.'. 9 of new Div 3 in Ch 3, Pt 13 10 Insertion 31. Chapter 3, Part 13-- 11 insert-- 12 3--GOC may direct subsidiaries 13 `Division may direct subsidiary 14 `GOC `153A.(1) A GOC may give written directions to a subsidiary of the 15 GOC-- 16 (a) to ensure that the subsidiary complies with, and gives effect to the 17 purposes of, this Act; and 18 (b) about the payment of amounts to allow the GOC to make 19 payments under sections 159 (Payment of dividends) and 160 20 (Interim dividends). 21 `(2) A regulation may provide for a GOC to give directions to a 22 subsidiary about anything else. 23 `(3) In this section-- 24 "subsidiary" does not include a subsidiary registered as a corporation 25 under the Corporations Law. 26

 


 

s 32 25 s 32 Treasury Legislation Amendment must comply with directions 1 `Subsidiaries `153B. A subsidiary must comply with a direction given to it under 2 section 153A. 3 not limiting 4 `Division `153C. This Division does not, by implication, limit the powers that a 5 GOC otherwise has to direct a subsidiary.'. 6 of s 155 (Liability for Commonwealth tax equivalents) 7 Replacement 32. Section 155-- 8 omit, insert-- 9 for Commonwealth tax equivalents 10 `Liability `155.(1) The Treasurer may issue a manual (the "tax equivalents 11 manual") about deciding the amounts ("tax equivalents") to be paid by a 12 GOC to its GOC Minister for payment into the Consolidated Fund as the 13 value of benefits derived by the GOC because it is not liable to pay 14 Commonwealth tax that would be payable by it if it were neither a GOC nor 15 a government entity. 16 `(2) Without limiting subsection (1), the tax equivalents manual may 17 provide for-- 18 (a) rulings by the tax assessor appointed under subsection (3) on 19 issues about tax equivalents, including the application of rulings 20 under a Commonwealth Act about Commonwealth tax; and 21 (b) the lodging of returns by GOCs; and 22 (c) assessing returns; and 23 (d) the functions and powers of the tax assessor appointed under 24 subsection (3); and 25 (e) objections and appeals against assessments and rulings. 26 `(3) The Treasurer may appoint a person to be the tax assessor under the 27 tax equivalents manual. 28 `(4) A GOC must, as required under the tax equivalents manual, pay tax 29

 


 

s 33 26 s 33 Treasury Legislation Amendment equivalents to the GOC Minister for payment into the Consolidated Fund. 1 `(5) The Treasurer must table a copy of the tax equivalents manual, and 2 each amendment of the manual, in the Legislative Assembly within 3 14 sitting days after the manual is issued or the amendment made. 4 `(6) For applying this section to a subsidiary of a GOC, the GOC 5 Minister of the GOC is taken to be the GOC Minister of the subsidiary. 6 `(7) In this section-- 7 "GOC" includes a subsidiary of the GOC.'. 8 of new ss 188-192 9 Insertion 33. After section 187-- 10 insert-- 11 of assets, liabilities etc. to GOC or GOC subsidiary 12 `Transfer `188.(1) A regulation may make provision about a GOC or GOC 13 subsidiary with respect to-- 14 (a) whether, and, if so, the extent to which, the GOC or subsidiary is 15 the successor in law of a GOC or GOC subsidiary (the "other 16 GOC or subsidiary"); and 17 (b) the assets and liabilities that are, or are not, assets and liabilities of 18 the GOC or subsidiary or of someone else; and 19 (c) the consideration for a transfer of assets to the GOC or 20 subsidiary, which may include-- 21 (i) for the GOC--a debt to be owed by the GOC to its 22 shareholding Ministers; or 23 (ii) for the subsidiary--a debt to be owed by the subsidiary to its 24 GOC's shareholding Ministers; and 25 (d) the instruments that are, or are not, to apply to the GOC or 26 subsidiary, including whether or not the instruments are taken to 27 be instruments-- 28 (i) to which the GOC or subsidiary is a party; or 29 (ii) that were given to, by or in favour of the GOC or subsidiary; 30

 


 

s 33 27 s 33 Treasury Legislation Amendment or 1 (iii) in which a reference is made to the GOC or subsidiary; or 2 (iv) under which money is or may become payable, or other 3 property is to be, or may become liable to be, transferred, 4 conveyed or assigned to or by the GOC or subsidiary; and 5 (e) the proceedings to which the GOC or subsidiary becomes a party 6 in substitution for the other GOC or subsidiary or for someone 7 else; and 8 (f) the existing officers and employees of the other GOC or 9 subsidiary and their rights. 10 `(2) Without limiting subsection (1)-- 11 (a) a regulation under subsection (1)(c) may make provision about-- 12 (i) how the consideration is to be decided; and 13 (ii) the changing of the consideration; and 14 (iii) the terms of the debt; and 15 (b) a regulation under subsection (1)(d) may make provision about 16 whether, and, if so, the extent to which, instruments apply to the 17 GOC or subsidiary or the other GOC or subsidiary. 18 about assets and liabilities not dealt with under s 54A 19 `Regulation `189.(1) To the extent that anything about a candidate GOC or subsidiary 20 of a candidate GOC could have been dealt with under section 54A (Transfer 21 of assets, liabilities etc. to government entity to become GOC or GOC 22 subsidiary) but was not dealt with under the section through inadvertence or 23 otherwise, the thing may be dealt with under this section. 24 `(2) For the purpose of dealing with the thing, a regulation may make 25 provision with respect to-- 26 (a) whether and, if so, the extent to which a GOC or GOC subsidiary 27 is the successor in law of the candidate GOC or candidate GOC 28 subsidiary; and 29 (b) the assets and liabilities that are, or are not, assets and liabilities of 30 the GOC or subsidiary or of someone else; and 31

 


 

s 33 28 s 33 Treasury Legislation Amendment (c) the consideration for a transfer of assets to the GOC or 1 subsidiary, which may include-- 2 (i) for the GOC--a debt to be owed by the GOC to its 3 shareholding Ministers; or 4 (ii) for the subsidiary--a debt to be owed by the subsidiary to its 5 GOC's shareholding Ministers; and 6 (d) the instruments that are, or are not, to apply to the GOC or 7 subsidiary, including whether or not the instruments are taken to 8 be instruments-- 9 (i) to which the GOC or subsidiary is a party; or 10 (ii) that were given to, by or in favour of the GOC or subsidiary; 11 or 12 (iii) in which a reference is made to the GOC or subsidiary; or 13 (iv) under which money is or may become payable, or other 14 property is to be, or may become liable to be, transferred, 15 conveyed or assigned to or by the GOC or subsidiary; and 16 (e) the proceedings to which the GOC or subsidiary becomes a party 17 in substitution for the candidate GOC or candidate GOC 18 subsidiary or for someone else. 19 `(3) Without limiting subsection (2)-- 20 (a) a regulation under subsection (2)(c) may make provision about-- 21 (i) how the consideration is to be decided; and 22 (ii) the changing of the consideration; and 23 (iii) the terms of the debt; and 24 (b) a regulation under subsection (2)(d) may make provision about 25 whether, and if so, the extent to which, instruments apply to the 26 GOC or subsidiary in substitution for the candidate GOC or 27 candidate GOC subsidiary or for someone else. 28 `(4) In this section-- 29 "candidate GOC" includes a government entity, including an entity that 30 has ceased to exist, of which the candidate GOC formed part; 31

 


 

s 33 29 s 33 Treasury Legislation Amendment "subsidiary" of a candidate GOC includes a government entity, including 1 an entity that has ceased to exist, of which the subsidiary formed part. 2 owned by State 3 `Debt `190. A debt mentioned in section 188(1)(c) (Transfer of assets, 4 liabilities etc. to GOC or GOC subsidiary) or 189(2)(c) (Regulation about 5 assets and liabilities not dealt with under s 54A) is owned by the State and 6 held by the shareholding Ministers for the State. 7 about liability 8 `Regulation `191.(1) This section applies if-- 9 (a) a government entity affected by the operation of this Act may 10 have incurred a liability; and 11 (b) the liability may no longer exist because the government entity 12 has ceased to exist. 13 `(2) A regulation may allocate the liability to a GOC or GOC subsidiary 14 for the purpose of enabling a person to bring a proceeding to enforce the 15 liability against the GOC or subsidiary. 16 dissolving certain government entities 17 `Regulation `192.(1) This section applies if all the assets and liabilities of a 18 government entity (the "first entity") have become the assets and liabilities 19 of another government entity or have been otherwise disposed of by the 20 first entity. 21 `(2) A regulation may dissolve the first entity and make provision with 22 respect to any matter for which it is necessary or convenient to make 23 provision about the first entity's dissolution and the preparation of its final 24 accounts. 25 `(3) Without limiting subsection (2), the regulation may make provision 26 about-- 27 (a) access to information and documents for preparing final accounts; 28 and 29

 


 

s 34 30 s 34 Treasury Legislation Amendment (b) the entity who is to prepare the accounts. 1 `(4) A regulation under this section is effective even if the first entity is 2 established under another Act. 3 `(5) This section does not apply if the first entity is a government 4 company or company GOC.'. 5 of s 188 (Regulations) 6 Amendment 34.(1) Section 188-- 7 insert-- 8 `(2) Regulations under this Act-- 9 (a) about a government entity's functions or powers may express 10 them by reference to the requirements or directions of another 11 entity; and 12 (b) about a government entity's assets or liabilities (including the 13 consideration for them) may identify, or otherwise provide for, 14 them by reference to a document held, or to be held, by an entity; 15 and 16 (c) about a government entity's employees and officers may identify 17 them, and things about them, by reference to a document held by 18 an entity. 19 `(3) A document mentioned in subsection (2)(b) need not exist when the 20 regulations are made. 21 `(4) A regulation making power in this Act does not by implication limit 22 section 26 (Statutory instrument may authorise determination etc. by 23 specified person etc.) of the Statutory Instruments Act 1992.'. 24 (2) Section 188-- 25 renumber as section 193. 26 27

 


 

31 Treasury Legislation Amendment CHEDULE 1 1 ¡S MINOR AMENDMENTS OF QUEENSLAND 2 TREASURY CORPORATION ACT 1988 3 section 2 4 1. Section 4, heading-- 5 omit, insert-- 6 `Definitions'. 7 2. Section 4, definition "the Treasurer"-- 8 omit. 9 3. Section 12, `Treasury Department'-- 10 omit, insert-- 11 `department'. 12 4. Section 14-- 13 omit, insert-- 14 `Delegation 15 `14.(1) The Corporation may delegate its powers, including this power of 16 delegation, to-- 17 (a) an advisory board, or a member of an advisory board, mentioned 18 in section 10; or 19 (b) an officer or employee of the Corporation; or 20 (c) an officer or employee of the department who is assigned under 21 section 12; or 22 (d) an officer or employee of a statutory body who is assigned under 23

 


 

32 Treasury Legislation Amendment SCHEDULE 1 (continued) section 13. 1 `(2) If the Corporation enters into financial or other arrangements under 2 this Act, it may delegate its powers for and incidental to the financial or 3 other arrangements to anyone. 4 `(3) A delegation under subsection (2) may state that, to the extent stated, 5 the delegation is irrevocable despite any Act or rule of law. 6 `(4) A delegation under this section may state-- 7 (a) that the Corporation will not exercise the delegated powers while 8 the delegation is in force; and 9 (b) that the Corporation will not supervise the delegate in the 10 delegate's carrying out the delegation. 11 `(5) For applying section 27A of the Acts Interpretation Act 1954 to a 12 delegation under subsection (2), "power" has the same meaning in the 13 section as it has in the subsection. 14 `(6) In subsection (2)-- 15 "powers" includes rights, exemptions and remedies.'. 16 5. Section 23(6), `Order in Council'-- 17 omit, insert-- 18 `regulation'. 19 6. Section 38, `on the recommendation of the Treasurer'-- 20 omit. 21 7. After section 39-- 22 insert-- 23 `Orders in council not subordinate legislation 24 `39A. An order in council made under this Act is not subordinate 25 legislation.'. 26

 


 

33 Treasury Legislation Amendment SCHEDULE 1 (continued) 8. Section 40(1), `The Governor in Council' to `with respect to--'-- 1 omit, insert-- 2 `40.(1) The Governor in Council may make regulations under this Act. 3 `(1A) A regulation may make provision with respect to--'. 4 9. Section 40(1), `or any of these matters'-- 5 omit. 6 10. Section 40(2), `Without limiting' to `subsection (1)'-- 7 omit, insert-- 8 `Also'. 9 11. Section 40(3)-- 10 omit, insert-- 11 `(3) A regulation may apply to the Corporation, affiliates and other 12 parties to financial arrangements or investments.'. 13 14

 


 

34 Treasury Legislation Amendment CHEDULE 2 1 ¡S MINOR AMENDMENTS OF STATUTORY BODIES 2 FINANCIAL ARRANGEMENTS ACT 1982 3 section 6 4 1. Section 3, heading-- 5 omit, insert-- 6 `Definitions'. 7 2. Section 3, definition "the Treasurer"-- 8 omit. 9 3. Section 3, definition "statutory body", paragraph (a)(iii)(B)-- 10 omit, insert-- 11 `(B) a regulation under this Act states that it is necessary or 12 convenient for it to enter into any financial 13 arrangements with the Treasurer, the Corporation or 14 anyone else;'. 15 4. Section 15-- 16 omit. 17 5. Section 20(1)(a), `notification in the Gazette'-- 18 omit, insert-- 19 `Gazette notice'. 20

 


 

35 Treasury Legislation Amendment SCHEDULE 2 (continued) 6. Section 20(1)(a), `Treasury Department'-- 1 omit, insert-- 2 `department'. 3 7. Section 20(1)(a), `such notification'-- 4 omit, insert-- 5 `the notice'. 6 8. Section 20(1)(a), `the notification'-- 7 omit, insert-- 8 `the notice'. 9 9. Section 20(1)(b), `notified by the Treasurer in the Gazette'-- 10 omit, insert-- 11 `declared by regulation'. 12 10. Section 26(2)-- 13 omit. 14 11. Section 27(1), `on the recommendation of the Treasurer'-- 15 omit. 16 12. Section 32(3)(a), `a statutory body specified in the order'-- 17 omit, insert-- 18 `a specified statutory body'. 19

 


 

36 Treasury Legislation Amendment SCHEDULE 2 (continued) 13. Section 34-- 1 omit, insert-- 2 `Delegation of powers 3 `34.(1) If a statutory body enters into financial arrangements under this 4 Act, it may delegate its powers under this or another Act to anyone, whether 5 or not the powers relate to the financial arrangements. 6 `(2) A statutory body may delegate a power under subsection (1) only 7 with the approval of the Governor in Council. 8 `(3) A delegation may state that, to the extent stated, the delegation is 9 irrevocable despite any Act or rule of law. 10 `(4) For applying section 27A of the Acts Interpretation Act 1954 to a 11 delegation under this section, the word power has the same meaning in that 12 section 27A as it has in this section. 13 `(5) In this section-- 14 "powers" includes rights, exemptions and remedies.'. 15 14. Section 35(3C), `order in council'-- 16 omit, insert-- 17 `regulation'. 18 15. Section 36, `order in council'-- 19 omit, insert-- 20 `regulation'. 21 16. Section 37, `on the recommendation of the Minister responsible for 22 such statutory body'-- 23 omit. 24

 


 

37 Treasury Legislation Amendment SCHEDULE 2 (continued) 17. Section 38, `on the recommendation of the Treasurer'-- 1 omit. 2 18. Section 44(1), `or any of these matters'-- 3 omit. 4 19. Section 44(2), `Without limiting' to `subsection (1)'-- 5 omit, insert-- 6 `Also'. 7 20. Section 44(3)-- 8 omit, insert-- 9 `(3) A regulation may apply to statutory bodies, affiliates and other 10 parties to financial arrangements.'. 11 21. Section 47(3)-- 12 omit, insert-- 13 `(3) The Governor in Council may, by regulation made for statutory 14 bodies other than the Corporation-- 15 (a) declare that all or any of the provisions of this Part (other than the 16 provisions specified in subsection (2)) apply-- 17 (i) for specified statutory bodies; and 18 (ii) for specified financial arrangements; and 19 (iii) for a specific time or without limit of time; and 20 (b) prescribe the terms on which declared provisions apply.'. 21

 


 

38 Treasury Legislation Amendment SCHEDULE 2 (continued) 22. Section 47(4), `Where an' to `this section'-- 1 omit, insert-- 2 `If a regulation is made under this section'. 3 23. Section 47(4), `the order'-- 4 omit, insert-- 5 `the regulation'. 6 24. Section 47(5), ` an order in council made pursuant to'-- 7 omit, insert-- 8 `a regulation under'. 9 25. Section 48(1)(d), `recommended by the Treasurer and'-- 10 omit. 11 26. Section 50(3)-- 12 omit, insert-- 13 `(3) The Governor in Council may, by regulation made for statutory 14 bodies other than the Corporation-- 15 (a) declare that all or any of the provisions of this Part (other than the 16 provisions specified in subsection (2)) apply-- 17 (i) for specified statutory bodies; and 18 (ii) for specified securities, investments or other financial 19 arrangements; and 20 (iii) for a specific time or without limit of time; and 21 (b) prescribe the terms on which declared provisions apply.'. 22

 


 

39 Treasury Legislation Amendment SCHEDULE 2 (continued) 27. Section 50(4), `Where an' to `this section'-- 1 omit, insert-- 2 `If a regulation is made under this section'. 3 28. Section 50(4), `the order'-- 4 omit, insert-- 5 `the regulation'. 6 29. Section 50(5), ` an order in council made pursuant to'-- 7 omit, insert-- 8 `a regulation under'. 9 30. Section 51, heading-- 10 omit, insert-- 11 `Regulations about the investment of certain moneys'. 12 31. Section 51(2)-- 13 omit. 14 32. Section 52-- 15 omit, insert-- 16 `PART 6--MISCELLANEOUS 17 `Orders in council not subordinate legislation 18 `52. An order in council under this Act is not subordinate legislation. 19

 


 

40 Treasury Legislation Amendment SCHEDULE 2 (continued) `Regulations 1 `53. The Governor in Council may make regulations under this Act.'. 2 3

 


 

41 Treasury Legislation Amendment CHEDULE 3 1 ¡S MINOR AMENDMENTS OF GOVERNMENT OWNED 2 CORPORATIONS ACT 1993 3 section 16 4 1. Section 14, `any necessary'-- 5 omit, insert-- 6 `all necessary'. 7 2. Section 19(d), 2nd dot point, `and'-- 8 omit, insert-- 9 `,'. 10 3. Section 25-- 11 omit, insert-- 12 `Meaning of certain expressions about government entities 13 `25.(1) A government entity is taken to be a government entity that is to 14 become a GOC if it is a candidate GOC or a candidate GOC associate. 15 `(2) A government entity is taken to be a government entity that is to 16 become a statutory GOC if a regulation has declared that it is to become a 17 statutory GOC. 18 `(3) A government entity is taken to be a government entity that is to 19 become a company GOC if a regulation has declared that it is to become a 20 company GOC. 21 `(4) A government entity is taken to be a government entity that is to 22 become a GOC subsidiary if it is a subsidiary or proposed subsidiary of a 23 candidate GOC or a subsidiary of a candidate GOC associate.'. 24

 


 

42 Treasury Legislation Amendment SCHEDULE 3 (continued) 4. Chapter 2, Pt 2, heading-- 1 omit, insert-- 2 `PART 2--NOMINATION AND DECLARATION OF 3 ENTITIES'. 4 5. Section 26(3), `any necessary'-- 5 omit, insert-- 6 `all necessary'. 7 6. Section 32, after subsection (1)-- 8 insert-- 9 `(2) The responsible Ministers of a candidate GOC associate are not to be 10 treated as directors of the associate or any subsidiary of the associate.'. 11 7. Section 32(2), `a subsidiary of a GOC'-- 12 omit, insert-- 13 `GOC subsidiary'. 14 8. Section 32(3), `(2)'-- 15 omit, insert-- 16 `(3)'. 17 9. Section 32(2), (3) and (4)-- 18 renumber as section 32(3), (4) and (5). 19 10. Section 35(2)(d), `a timetable for'-- 20 omit. 21

 


 

43 Treasury Legislation Amendment SCHEDULE 3 (continued) 11. Section 50(a), after `candidate GOC'-- 1 insert-- 2 `, or a candidate GOC associate,'. 3 12. Sections 50-53 and 55, `subsidiary of a GOC'-- 4 omit, insert-- 5 `GOC subsidiary'. 6 13. Section 57, heading, at the end-- 7 insert-- 8 `for entity to become GOC or GOC subsidiary'. 9 14. Section 57(1), `subsidiary of a GOC'-- 10 omit, insert-- 11 `GOC subsidiary'. 12 15. Section 57(3), `any necessary'-- 13 omit, insert-- 14 `all necessary'. 15 16. Section 59(3)-- 16 omit, insert-- 17 `(3) In this section-- 18 "candidate GOC" includes-- 19 (a) a candidate GOC associate; and 20 (b) a government entity that is to become a GOC subsidiary.'. 21

 


 

44 Treasury Legislation Amendment SCHEDULE 3 (continued) 17. Section 60(3), `subsidiary of a GOC'-- 1 omit, insert-- 2 `GOC subsidiary'. 3 18. Section 62(2), `or a proposed subsidiary of a GOC or candidate 4 GOC, with any'-- 5 omit, insert-- 6 `, a proposed subsidiary of a GOC or candidate GOC, or a candidate 7 GOC associate, or an associate subsidiary, with all'. 8 19. Section 62(2)-- 9 insert-- 10 `(e) a candidate GOC associate; or 11 (f) an associate subsidiary.'. 12 20. Chapter 2, Pt 6, heading-- 13 omit, insert-- 14 `PART 6--CANDIDATE GOCs AND CANDIDATE 15 GOC ASSOCIATES BECOMING GOCs'. 16 21. Section 83, `subsidiary of a GOC'-- 17 omit, insert-- 18 `GOC subsidiary'. 19 22. Section 87, heading, `subsidiary of statutory GOC'-- 20 omit, insert-- 21 `statutory GOC subsidiary'. 22

 


 

45 Treasury Legislation Amendment SCHEDULE 3 (continued) 23. Section 87, `subsidiary of a statutory GOC'-- 1 omit, insert-- 2 `statutory GOC subsidiary'. 3 24. Section 90(2), `subsidiary of a company GOC'-- 4 omit, insert-- 5 `company GOC subsidiary'. 6 25. Section 146, heading, `subsidiaries of GOCs'-- 7 omit, insert-- 8 `GOC subsidiaries'. 9 26. Section 146(1), `subsidiary of a GOC'-- 10 omit, insert-- 11 `GOC subsidiary'. 12 27. Sections 154 and 162-164, `subsidiary of a GOC'-- 13 omit, insert-- 14 `GOC subsidiary'. 15 28. Section 174-- 16 insert-- 17 `(2) For accruing leave entitlements that have not accrued when a person 18 mentioned in subsection (1)(a) and (b) becomes employed by the GOC, the 19 person's employment mentioned in subsection (3) is taken to be 20 employment by the GOC. 21 `(3) For subsection (2), the person's employment is-- 22

 


 

46 Treasury Legislation Amendment SCHEDULE 3 (continued) (a) employment by the government entity; and 1 (b) employment by another entity that under a law is taken to be 2 employment of the person by the government entity.'. 3 29. Section 177, heading, `subsidiaries of GOCs'-- 4 omit, insert-- 5 `GOC subsidiaries'. 6 30. Section 177, `subsidiary of a GOC, with any'-- 7 omit, insert-- 8 `GOC subsidiary, with all'. 9 10 © State of Queensland 1994

 


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