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ELECTRICITY NETWORK ASSETS (AUTHORISED TRANSACTIONS) ACT 2015 - SECT 18
Direction and control of electricity network SOCs and transaction entities
18 Direction and control of electricity network SOCs and transaction entities
(1) Each electricity network SOC and transaction entity is subject to the
direction and control of the Treasurer in the exercise of any of its functions
for the purposes of an authorised transaction while it is a public sector
agency.
(2) The Treasurer may give directions for the purposes of an
authorised transaction to an electricity network SOC or transaction entity,
and to the directors and other officers of an electricity network SOC or
transaction entity. Any such directions must be complied with by the
electricity network SOC, the transaction entity or the directors or other
officers concerned.
(3) Directions to a transaction entity (or its directors
and other officers) can only be given and are only required to be complied
with while the transaction entity is a public sector agency.
(4) The power to
give directions under this section extends to directions with respect to the
way in which an electricity network SOC or transaction entity is to conduct
its business and other affairs.
(5) Action taken by an electricity network
SOC or transaction SOC to comply with a direction of the Treasurer under this
Act does not require the approval of the voting shareholders or portfolio
Minister of the corporation.
(6) Anything done or omitted to be done by a
director or other officer of an electricity network SOC or transaction entity
in compliance or purported compliance with a direction given by the Treasurer
under this Act does not subject the director or officer personally to any
action, liability, claim or demand.
(7) The provisions of this section are
declared to be Corporations legislation displacement provisions for the
purposes of section 5G of the Corporations Act in relation to the provisions
of the Corporations legislation generally.
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