Meaning of territory entity
6 Meaning of territory entity
In this Act:
territory entity means—
a territory authority; or
a public sector company.
In this section:
controlling interest—the Territory or a territory entity has a controlling interest in a company if its interest in the company is of a kind that—
it can—
control the composition of the board of directors of the company; or
cast, or control the casting of, more than 50% of the maximum number of votes that might be cast at a general meeting of the company; or
control more than 50% of the issued share capital of the company (excluding any part of the issued share capital that carries no right to participate beyond a particular amount in a distribution of either profits or capital); or
if paragraph (a) does not apply—no-one else holds a greater interest in the company.
public sector company means—
a territory-owned corporation; or
a subsidiary of a territory-owned corporation; or
a company prescribed by regulation; or
any other company in which the Territory or another territory entity has a controlling interest.
subsidiary, of a territory-owned corporation, means a subsidiary under the Territory-owned Corporations Act 1990 of the territory‑owned corporation.
Note for pt 2
The governance of territory authorities, including the insurance authority, is regulated by the Financial Management Act 1996 (the FMA), pt 9 as well as the Act that establishes them.
The FMA, pt 9 deals, for example, with the corporate status of territory authorities and their powers, the make-up of governing boards, the responsibilities of the governing board and board members, how governing board positions can be ended, meetings of governing boards and conflicts of interest.
This Act’s bill:Explanatory statementSecond reading speech
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.