Victorian Numbered Acts Victorian Numbered Acts(1) A transaction entity is subject to the direction and control of the Premier in the exercise of any of its functions for the purposes of an authorised transaction while it is a public sector entity.
(2) The Premier may give directions for the purposes of an authorised transaction to a transaction entity, and to the directors and other officers of a transaction entity.
(3) A transaction entity must comply with a direction given to it under subsection (2).
(4) A director or officer of a transaction entity must comply with a direction given to the director or officer under subsection (2).
(5) The power to give a direction under subsection (2) extends to a direction relating to the way in which the transaction entity is to carry out its functions or conduct its business or other affairs.
(6) A direction under subsection (2) can only be given to a transaction entity or its directors and other officers and is only required to be complied with while the transaction entity is a public sector entity.
(7) Action taken by a transaction entity to comply
with a direction of the Premier under subsection (2) does not require the
approval
of the voting shareholders of the entity or of any other Minister.
(8) 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 Corporations legislation.
Note
Section 5G of the Corporations Act provides that if a State law declares a provision of a State law to be a Corporations legislation displacement provision for the purposes of that section, any provision of the Corporations legislation with which the State provision would otherwise be inconsistent does not operate to the extent necessary to avoid the inconsistency.