Treasury Corporation Act 1983

This Act may be cited as the Treasury Corporation Act 1983.

Sections 1 and 2 shall commence on the date of assent to this Act.

Except as provided by subsection (1), this Act shall commence on such day as may be appointed by the Governor in respect thereof and as may be notified by proclamation published in the Gazette.

In this Act, except in so far as the context or subject-matter otherwise indicates or requires:

Board means the board of directors of the Corporation.

borrowing has the same meaning as in the funding Act.

Chairperson means the Chairperson of the Board.

Chief Executive means the Chief Executive of the Corporation appointed under this Act.

Corporation means the New South Wales Treasury Corporation constituted by section 4.

council means a council within the meaning of the Local Government Act 1993, and includes any other local government authority prescribed by the regulations.

Deputy Chairperson means the Deputy Chairperson of the Board.

derivative arrangement has the same meaning as in the funding Act.

function includes power and duty.

funding Act means the Government Sector Finance Act 2018.

Government means the Crown in right of New South Wales.

public authority means an authority within the meaning of the funding Act, other than the New South Wales Treasury Corporation, and includes a council.

In this Act, a reference to the performance of a function includes, where the function is a power or duty, a reference to the exercise of the power or performance of the duty.

(Repealed)

Notes in this Act do not form part of this Act.

There is hereby constituted a corporation with the corporate name “New South Wales Treasury Corporation”.

The policies of the Corporation shall be as determined by the Board.

The affairs of the Corporation shall be managed by the Chief Executive in accordance with such policies as may be determined by, and such directions as may be given by, the Board.

Any act, matter or thing done in the name of, or on behalf of, the Corporation by the Chief Executive, or with the authority of the Chief Executive, shall be taken to have been done by the Corporation.

The Corporation is subject to the control and direction of the Treasurer.

If the Corporation is of the opinion that compliance with a direction given under subsection (5) is likely to have a significantly adverse effect on the performance by the Corporation of its functions:

the Corporation may request the Treasurer to review the direction, and

if the Corporation is of the same opinion after the direction has been reviewed, the Corporation must include particulars of the direction, and of its opinion as to the effect of compliance with the direction, in the annual reporting information prepared for it under the Government Sector Finance Act 2018.

A direction given by the Treasurer under subsection (5) does not cease to have effect merely because a request has been made for a review of the direction under subsection (6).

In the event of an inconsistency between a direction given by the Treasurer and a direction given by the Board, the direction given by the Treasurer prevails to the extent of the inconsistency.

Any act, matter or thing done by the Chief Executive may not be called into question, by any person transacting any business or otherwise dealing with the Corporation, because of a contravention of any direction under this section.

The Corporation may employ staff. The provisions of the Government Sector Employment Act 2013 relating to the employment of Public Service employees do not apply to the staff employed by the Corporation.

The Corporation is not a government agency for the purposes of Part 11 of the Public Works and Procurement Act 1912.

There is constituted by this Act a board of directors of the Corporation.

The Board is to consist of the following:

the Chief Executive,

the Secretary of the Treasury (or an officer of the Treasury nominated for the time being by the Secretary of the Treasury to represent the Secretary),

another officer of the Treasury (if any) nominated for the time being by the Secretary of the Treasury to represent the Treasury,

not fewer than 3 and not more than 7 persons appointed by the Treasurer who, in the opinion of the Treasurer, have expertise that is relevant to the functions exercisable by the Corporation.

The Secretary of the Treasury is, by an instrument of appointment or a subsequent instrument, to appoint one of the members of the Board to be the Chairperson and one to be the Deputy Chairperson of the Board.

The Secretary of the Treasury is to consult with the Treasurer before appointing a director referred to in subsection (2) (d) as Chairperson or Deputy Chairperson of the Board.

Schedules 3 and 4 have effect with respect to the members and procedure of the Board.

The functions of the Board are:

to determine the policies of, and give directions to the Chief Executive in connection with the management of the affairs of, the Corporation, and

to determine, with the concurrence of the Treasurer, the remuneration (including travelling and subsistence allowances) that the Chief Executive is entitled to be paid, and

to perform such other functions as may be conferred or imposed on the Board by or under this or any other Act or law.

The Treasurer may, on the recommendation of the Board, appoint a person as the Chief Executive of the Corporation.

Schedule 1 has effect with respect to the Chief Executive.

The Board may establish committees to assist it in connection with the exercise of any of its functions.

A committee of the Board must be chaired by a member of the Board. It does not matter that some or all of the other members of a committee are not members of the Board.

The procedure for the calling of meetings of a committee and for the conduct of business at those meetings is to be as determined by the Board or (subject to any determination of the Board) by the committee.

The Board may delegate to a committee any of the functions of the Board, other than this power of delegation.

The principal object of the Corporation is to provide financial services for or for the benefit of the Government, public authorities and other public bodies.

The Corporation has such other objects as may be provided for by or under any other Act.

The Corporation has, for the purpose of pursuing its objects (both within and outside the State), the same legal capacity, powers and authorities as a company under the Corporations Act 2001 of the Commonwealth.

The activities in which the Corporation can engage include the following:

it can provide the Government, a public authority or any other public body with borrowings on such terms and conditions as the Corporation considers appropriate,

it can act as agent for the Government, a public authority or any other public body in obtaining borrowings, effecting a derivative arrangement or entering into a joint financing arrangement under the funding Act or any other Act,

it can appoint and employ a person (including a public authority or other public body) as agent for the purpose of exercising any power of the Corporation,

it can by agreement with the Government assume any liability incurred by the Government in relation to finance obtained by the Government,

it can invest funds of or under the control of the Corporation,

it can require the Government, a public authority or any other public body to pay to the Corporation such fees as the Corporation considers appropriate for the performance of its functions,

it can assume the responsibility of the Government, a public authority or any other public body for the administration of any matter relating to borrowings, derivative arrangements or joint financing arrangements,

it can accept money for investment from the Government and from public authorities and other public bodies,

it can aggregate or divide, in such manner as it considers appropriate, any funds obtained by it for the purpose of providing borrowings to the Government, public authorities and other public bodies,

it can redeem any securities issued by the Corporation and hold, cancel or re-issue any such securities,

it can manage the liabilities and assets of the Corporation having regard to current situations and possible eventualities,

it can carry out, participate in, and give advice concerning, the management of the liabilities and assets of the Government, public authorities and other public bodies,

it can enter into a contract of guarantee,

it can do anything that may be necessary or convenient to be done for the purpose of pursuing its objects.

This section is not to be read as in any way limiting the functions of the Corporation.

The Corporation is not to invest funds of or under the control of the Corporation except:

if the Corporation is a GSF agency for the purposes of Part 6 of the Government Sector Finance Act 2018—in any way that the Corporation is permitted to invest money under that Part, or

if the Corporation is not a GSF agency for the purposes of Part 6 of the Government Sector Finance Act 2018—in any way approved by the Treasurer.

The regulations may make provision for or with respect to the manner in which the Corporation is to assume the responsibility of the Government, a public authority or other public body for the administration of any matter relating to borrowings obtained.

The Corporation is not to enter into a contract of guarantee except on such terms and conditions as are approved by the Treasurer.

(Repealed)

The Corporation is not to act as agent for a public authority or other public body in obtaining borrowings under the funding Act or any other Act when the borrowings are obtained from the Corporation.