Australian Capital Territory Consolidated Acts

TERRITORY-OWNED CORPORATIONS ACT 1990 - NOTES

Dictionary

(see s 2)

Note 1     The Legislation Act contains definitions and other provisions relevant to this Act.

Note 2     For example, the Legislation Act, dict, pt 1, defines the following terms:

              •     Chief Minister

              •     Corporations Act

              •     financial year

              •     function

              •     Legislation Act

              •     Legislative Assembly

              •     liability

              •     the Territory

              •     Treasurer

              •     under.

"borrowing", in relation to a territory-owned corporation or subsidiary, includes raising money or obtaining credit, whether by entering into a financing lease, dealing with securities or otherwise, but does not include obtaining credit in a transaction forming part of the day-to-day operations of the corporation or subsidiary.

Example

If a territory-owned corporation or subsidiary obtains credit by entering into a financing lease as part of its day-to-day operations, the transaction is not borrowing.

Note     An example is part of the Act, is not exhaustive and may extend, but does not limit, the meaning of the provision in which it appears (see Legislation Act, s 126 and s 132).

"company" means a body corporate limited by shares that is a company for the Corporations Act.

"directorate"—see the Financial Management Act 1996, dictionary.

"financing lease "means a lease under which, in effect, the lessor transfers to the lessee substantially all the risks and benefits incident to ownership of the leased asset (whether or not ownership is, or is to be, transferred).

"group" means a territory-owned corporation and any subsidiary.

"non-voting share" means a share in a territory-owned corporation that is not a voting share.

"Portfolio Minister", in relation to a territory-owned corporation, means the Minister who has administrative responsibility in relation to the corporation.

"securities", includes stocks, debentures, debenture stocks, notes, bonds, promissory notes, bills of exchange and similar instruments or documents.

"statement of corporate intent" means a statement prepared in accordance with section 20.

"subsidiary" means a corporation—

        (a)     that under the Corporations Act is a subsidiary of a territory-owned corporation; and

        (b)     all of the issued share capital of which is held by or on behalf of the territory-owned corporation.

"territory-owned corporation" means a company mentioned in section 6 (1).

"voting share" means a share in a territory-owned corporation that confers the right to vote at a general meeting.

"voting shareholder" means—

        (a)     in relation to a territory-owned corporation—the holder of a share in the corporation that gives the right to vote at a general meeting; and

        (b)     in relation to a group—a voting shareholder of the territory-owned corporation that is the holding company of the group; and

        (c)     in relation to a subsidiary—a voting shareholder of the territory-owned corporation that is the ultimate holding company of the subsidiary.

"voting shareholders" means the voting shareholders acting in concert.

Endnotes

1     About the endnotes

Amending and modifying laws are annotated in the legislation history and the amendment history. Current modifications are not included in the republished law but are set out in the endnotes.

Not all editorial amendments made under the Legislation Act 2001, part 11.3 are annotated in the amendment history. Full details of any amendments can be obtained from the Parliamentary Counsel's Office.

Uncommenced amending laws and expiries are listed in the legislation history and the amendment history. These details are underlined. Uncommenced provisions and amendments are not included in the republished law but are set out in the last endnote.

If all the provisions of the law have been renumbered, a table of renumbered provisions gives details of previous and current numbering.

The endnotes also include a table of earlier republications.

2     Abbreviation key

A = Act	NI = Notifiable instrument
AF = Approved form	o = order
am = amended	om = omitted/repealed
amdt = amendment	ord = ordinance
AR = Assembly resolution	orig = original
ch = chapter	par = paragraph/subparagraph
CN = Commencement notice	pres = present
def = definition	prev = previous
DI = Disallowable instrument	(prev...) = previously
dict = dictionary	pt = part
disallowed = disallowed by the Legislative	r = rule/subrule
Assembly	reloc = relocated
div = division	renum = renumbered
exp = expires/expired	R[X] = Republication No
Gaz = gazette	RI = reissue
hdg = heading	s = section/subsection
IA = Interpretation Act 1967	sch = schedule
ins = inserted/added	sdiv = subdivision
LA = Legislation Act 2001	SL = Subordinate law
LR = legislation register	sub = substituted
LRA = Legislation (Republication) Act 1996	underlining = whole or part not commenced
mod = modified/modification	or to be expired

3     Legislation history

The Territory-owned Corporations Act 1990 was originally the Territory Owned Corporations Act 1990. It was renamed by the Statute Law Amendment Act 2005 A2005-20 (see amdt 3.406).

After 11 May 1989 and before 10 November 1999, Acts commenced on notification day unless otherwise stated (see Australian Capital Territory (Self-Government) Act 1988 (Cwlth), s 25).

Taxation (Government Business Enterprises) Act 2003 A2003-12 sch 1 pt 1.10

notified LR 27 March 2003

s 1, s 2 taken to have commenced 1 July 2002 (LA s 75 (2))

sch 1 pt 1.10 commenced 28 March 2003 (s 2 (2))

Annual Reports Legislation Amendment Act 2004 A2004-9 sch 1 pt 1.32

notified LR 19 March 2004

s 1, s 2 commenced 19 March 2004 (LA s 75 (1))

sch 1 pt 1.32 commenced 13 April 2004 (s 2 and see Annual Reports (Government Agencies) Act 2004 A2004-8, s 2 and CN2004-5)

Territory Owned Corporations Amendment Act 2004 A2004-53

notified LR 16 August 2004

s 1, s 2 commenced 16 August 2004 (LA s 75 (1))

remainder commenced 17 August 2004 (s 2)

Territory Owned Corporations Amendment Act 2004 (No 2) A2004-74 s 4

notified LR 15 December 2004
s 1, s 2 commenced 15 December 2004 (LA s 75 (1))
s 4 commenced 12 January 2005 (s 2 and CN2005-1)

Statute Law Amendment Act 2005 A2005-20 sch 3 pt 3.66

notified LR 12 May 2005

s 1, s 2 taken to have commenced 8 March 2005 (LA s 75 (2))

sch 3 pt 3.66 commenced 2 June 2005 (s 2 (1))

Statute Law Amendment Act 2006 A2006-42 sch 3 pt 3.22

notified LR 26 October 2006

s 1, s 2 taken to have commenced 12 November 2005 (LA s 75 (2))

sch 3 pt 3.22 commenced 16 November 2006 (s 2 (1))

Territory-owned Corporations Amendment Act 2006 A2006-59 (as am by A2007-42 s 4)

notified LR 20 December 2006

s 1, s 2 commenced 20 December 2006 (LA s 75 (1))

remainder commenced 12 December 2010 (s 2 (2) (b) (as am by A2007-42 s 4) and see SL2008-49 s 3 (as am by SL2009-53 s 4))

Territory-owned Corporations Amendment Act 2007 A2007-42

notified LR 12 December 2007

s 1, s 2 commenced 12 December 2007 (LA s 75 (1))

remainder commenced 13 December 2007 (s 2)

Note     This Act only amends the Territory-owned Corporations Amendment Act 2006 A2006-59.

Territory-owned Corporations Amendment Act 2010 A2010-26

notified LR 7 July 2010

s 1, s 2 commenced 7 July 2010 (LA s 75 (1))

remainder commenced 8 July 2010 (s 2)

Administrative (One ACT Public Service Miscellaneous Amendments) Act 2011 A2011-22 sch 1 pt 1.148

notified LR 30 June 2011

s 1, s 2 commenced 30 June 2011 (LA s 75 (1))

sch 1 pt 1.148 commenced 1 July 2011 (s 2 (1))

4     Amendment history

Name of Act
s 1     sub A2005-20 amdt 3.406

Dictionary
s 2     om R6 LRA
    ins A2004-53 s 4
    am A2011-22 amdt 1.417

Notes
s 3 hdg     sub 1999 No 72 s 4
s 3     defs reloc to dict A2004-53 s 6
    def Auditor-General om 1996 No 26 sch
    def borrowing om A2004-53 s 5
    def Corporations Act om 1995 No 7 sch 1
    def group am 1993 No 1 sch 1
    om A2004-53 s 5
    def subsidiary am 1995 No 7 sch 1
    om A2004-53 s 5
    def voting shareholder om A2004-53 s 5
    sub A2004-53 s 7

Application of Act
s 4     sub 1995 No 7
    am 1996 No 33

Application to the Crown
s 5     om 1993 No 44

Main objectives of corporations
s 7     sub A2004-53 s 8

Status of territory-owned corporations and subsidiaries
s 8     sub A2004-53 s 9

Notification to Assembly
s 9     am 1999 No 72 sch

Legal obligations
s 10     am 1999 No 72 sch

Constitution
s 11     sub 1999 No 72 s 5

Directors
s 12     am 1999 No 10 s 4; 1999 No 72 sch

Shares in corporations
s 13     am 1998 No 20
    sub 1999 No 72 s 6

Acquisition of subsidiaries
s 14     am 1993 No 1; 1995 No 7

Provision of information
s 15     sub A2004-53 s 10

Acquisition and disposal of subsidiaries and undertakings
s 16     am 1998 No 20; A2004-53 s 11, s 12, s 14, s 15; pars renum R10 LA (see A2004-53 s 13)

Obligation to tell shareholders about significant events
s 16A     ins A2004-53 s 16

Directions to corporations
s 17     am 1999 No 72 sch

Application of government policies
s 17A     ins A2004-53 s 17
    am A2006-42 amdt 3.205

Audit committee
s 18A     ins A2004-53 s 18
    am A2010-26 s 4

Preparation of statement of corporate intent
s 19     am 1999 No 72 s 7

Statement of corporate intent
s 20     am A2006-42 amdt 3.206

Annual report
s 22     am 1993 No 1; 1995 No 7; 1997 No 118
    am A2004-9 amdts 1.42-1.44; A2010-26 ss 5-8; ss renum R18 LA
    (6), (7) exp 31 December 2010 (s 22 (7))
    ss renum R20 LA

Borrowing from Territory
s 24     am 1997 No 73

Borrowing otherwise than from Territory
s 25     am A2004-53 s 19, s 20

Guarantees by corporation
s 28A     ins 1997 No 36
    om A2003-12 amdt 1.14
    ins A2004-53 s 21

Territory taxes
pt 5 hdg     sub A2003-12 amdt 1.13

Territory taxes
s 29     am A2003-12 amdt 1.15, amdt 1.16; ss renum R8 LA (see A2003-12 amdt 1.17)

Treasurer's instructions
s 30     sub 1997 No 36
    om A2003-12 amdt 1.18

Compliance with Treasurer's instructions
s 30A     ins 1997 No 36
    om A2003-12 amdt 1.18

Income tax equivalents
s 30B     ins 1997 No 36
    om A2003-12 amdt 1.18

Wholesale sales tax equivalents
s 30C     ins 1997 No 36
    om A2003-12 amdt 1.18

Payment of tax equivalents
s 30D     ins 1997 No 36
    om A2003-12 amdt 1.18

Penalty for late payment
s 30E     ins 1997 No 36
    om A2003-12 amdt 1.18

Variation of tax equivalents
s 30F     ins 1997 No 36
    om A2003-12 amdt 1.18

Remission, refund and waivers
s 30G     ins 1997 No 36
    om A2003-12 amdt 1.18

Rulings
s 30H     ins 1997 No 36
    om A2003-12 amdt 1.18

Objections
s 30J     ins 1997 No 36
    om A2003-12 amdt 1.18

Appeals
s 30K     ins 1997 No 36
    om A2003-12 amdt 1.18

Effect of pending objection or review
s 30L     ins 1997 No 36
    om A2003-12 amdt 1.18

Profits available for payment of dividends
s 32     am 1993 No 1

Benefits retained and preserved
s 33A     ins 1991 No 87
    am 1994 No 38

Affirmative action
s 33B     ins 1991 No 87
    am A2005-20 amdt 3.407

Investment of surplus funds
s 33C     ins A2004-53 s 22
    am A2011-22 amdt 1.418

Regulation-making power
s 34     sub 2001 No 44 amdt 1.4016

Territory-owned corporations
sch 1     am 1991 No 87; 1993 No 36; 1995 No 7; 1996 No 33; 1997 No 40; 2000 No 42 s 4; A2004-74 s 4; A2006-59 s 4

Provisions to be included in constitution of territory-owned corporation or subsidiary
sch 2 hdg     am 1999 No 72 sch
sch 2     am 1999 No 72 sch

Further provisions to be included in constitution of territory-owned corporation or subsidiary
sch 3 hdg     am 1999 No 72 sch
sch 3     am 1999 No 10 s 5; 1999 No 72 s 8, sch; R7 LA

Modifications in relation to ACTEW Corporation Limited
sch 4     ins 1995 No 7
    am 2000 No 80 amdt 3.25; A2003-12 amdt 1.19; A2004-53 ss 23-25

Modifications in relation to ACTTAB Limited
sch 5     ins 1996 No 33
    am A2003-12 amdt 1.20; A2004-53 s 26, s 27

Dictionary
dict     ins A2004-53 s 28
    def borrowing ins A2004-53 s 28
    def company am 1995 No 7 sch 1
    reloc from s 3 A2004-53 s 6
    def department ins A2004-53 s 28
    om A2011-22 amdt 1.419
    def directorate ins A2011-22 amdt 1.419
    def financing lease ins A2004-53 s 28
    def group ins A2004-53 s 28
    def non-voting share ins 1999 No 72 s 4
    reloc from s 3 A2004-53 s 6
    def Portfolio Minister reloc from s 3 A2004-53 s 6
    def securities reloc from s 3 A2004-53 s 6
    def statement of corporate intent reloc from s 3 A2004-53 s 6
    def subsidiary ins A2004-53 s 28
    def territory-owned corporation reloc from s 3 A2004-53 s 6
    def voting share ins 1999 No 72 s 4
    reloc from s 3 A2004-53 s 6
    def voting shareholder ins A2004-53 s 28
    def voting shareholders ins A2004-53 s 28

5     Earlier republications

Some earlier republications were not numbered. The number in column 1 refers to the publication order.

Since 12 September 2001 every authorised republication has been published in electronic pdf format on the ACT legislation register. A selection of authorised republications have also been published in printed format. These republications are marked with an asterisk (*) in column 1. Electronic and printed versions of an authorised republication are identical.

Republication No	Amendments to	Republication date
1	Act 1991 No 87	29 February 1992
2	Act 1993 No 44	31 August 1993
3	Act 1996 No 33	30 September 1996
4	Act 1997 No 36	1 July 1997
5	Act 1998 No 20	10 July 1998
6	Act 2000 No 42	4 September 2000
7	Act 2001 No 44	12 December 2001
8	A2003-12	28 March 2003
9	A2004-9	13 April 2004
10	A2004-53	17 August 2004
11	A2004-74	12 January 2005
12	A2005-20	2 June 2005
13	A2006-42	16 November 2006
14	A2007-42	13 December 2007
15	A2007-42	19 June 2008
16	A2007-42	11 December 2008
17	A2007-42	11 December 2009
18	A2010-26	8 July 2010
19	A2010-26	12 December 2010
20	A2010-26	1 January 2011

© Australian Capital Territory 2011

Australian Capital Territory

A1990-53

Republication No 21

Effective: 1 July 2011

Republication date: 1 July 2011

Last amendment made by A2011-22





Unauthorised version prepared by ACT Parliamentary Counsel's Office

About this republication

The republished law

This is a republication of the Territory-owned Corporations Act 1990

(including any amendment made under the Legislation Act 2001, part 11.3 (Editorial changes)) as in force on 1 July 2011

. It also includes any commencement, amendment, repeal or expiry affecting this republished law to 1 July 2011

.

The legislation history and amendment history of the republished law are set out in endnotes 3 and 4.

Kinds of republications

The Parliamentary Counsel's Office prepares 2 kinds of republications of ACT laws (see the ACT legislation register at www.legislation.act.gov.au):

              • authorised republications to which the Legislation Act 2001 applies

              • unauthorised republications.

The status of this republication appears on the bottom of each page.

Editorial changes

The Legislation Act 2001, part 11.3 authorises the Parliamentary Counsel to make editorial amendments and other changes of a formal nature when preparing a law for republication. Editorial changes do not change the effect of the law, but have effect as if they had been made by an Act commencing on the republication date (see Legislation Act 2001, s 115 and s 117). The changes are made if the Parliamentary Counsel considers they are desirable to bring the law into line, or more closely into line, with current legislative drafting practice.

This republication does not include amendments made under part 11.3 (see endnote 1).

Uncommenced provisions and amendments

If a provision of the republished law has not commenced, the symbol  U  appears immediately before the provision heading. Any uncommenced amendments that affect this republished law are accessible on the ACT legislation register (www.legislation.act.gov.au). For more information, see the home page for this law on the register.

Modifications

If a provision of the republished law is affected by a current modification, the symbol  M  appears immediately before the provision heading. The text of the modifying provision appears in the endnotes. For the legal status of modifications, see the Legislation Act 2001, section 95.

Penalties

At the republication date, the value of a penalty unit for an offence against this law is $110 for an individual and $550 for a corporation (see Legislation Act 2001, s 133).

Australian Capital Territory

Territory-owned Corporations Act 1990

Territory-owned Corporations Act 1990