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LAND AND PROPERTY INFORMATION NSW (AUTHORISED TRANSACTION) ACT 2016 - SECT 11
Direction and control of transaction companies
11 Direction and control of transaction companies
(1) A transaction company is subject to the direction and control of the
Treasurer in the exercise of any of its functions for the purposes of the
authorised transaction but only while the transaction company is a public
sector agency.
(2) The Treasurer may give directions for the purposes of the
authorised transaction to a transaction company, and to the directors and
other officers of a transaction company. Any such directions must be complied
with by the transaction company or the directors or other officers concerned.
(3) Directions to a transaction company (or its directors and other officers)
under this section can only be given and are only required to be complied with
while the transaction company is a public sector agency.
(4) The power to
give directions under this section extends to directions with respect to the
way in which a transaction company is to conduct its business and other
affairs.
(5) Anything done or omitted to be done by a director or other
officer of a transaction company 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.
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