Public Governance, Performance and Accountability Act 2013

CHAPTER 3 - COMMONWEALTH COMPANIES  

PART 3-1 - GENERAL  

Division 2 - Core provisions for this Chapter  

SECTION 89   COMMONWEALTH COMPANIES  

89(1)    
A Commonwealth company is a Corporations Act company that the Commonwealth controls. However, it does not include a company that is a subsidiary of:

(a)    a Commonwealth company; or

(b)    a corporate Commonwealth entity; or

(c)    the Future Fund Board of Guardians.

89(2)    

The Commonwealth controls a company if, and only if, it:

(a)    controls the composition of the company ' s board; or

(b)    is in a position to cast, or control the casting of, more than one-half of the maximum number of votes that might be cast at a general meeting of the company; or

(c)    holds more than one-half of the issued share capital of the company (excluding any part of that issued share capital that carries no right to participate beyond a specified amount in a distribution of either profits or capital).

89(3)    
Without limiting paragraph (2)(a) , the Commonwealth is taken to control the composition of a company ' s board if the Commonwealth can appoint or remove all, or the majority, of the directors of the company.

89(4)    
For the purposes of subsection (3) , the Commonwealth is taken to have power to appoint a person as a director of a company if:

(a)    the person cannot be appointed as a director of the company without the exercise by the Commonwealth of such a power in the person ' s favour; or

(b)    the person ' s appointment as a director of the company follows necessarily from the person being:

(i) an Agency Head; or

(ii) a statutory office holder.