39
In forceFormation, ownership or participation in other bodies corporate
Chapter 4Council and its members
Part 4.1Council as body corporate
Division 1Corporate nature, capacity and powers of council
39 Formation, ownership or participation in other bodies corporate
(1)
A council must not form, own (in full or in part) or otherwise participate in any type of corporation, partnership or other trading body, irrespective of whether such formation, ownership or participation is for the purposes of investment or otherwise.
(2)
However, the Minister, in consultation with the Treasurer, may approve a formation, ownership or participation, on any conditions the Minister thinks fit.
This Act’s bill:Explanatory statementSecond reading speech
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