Urban Renewal Act 1995

Without limiting another provision of this Act, but subject to a limitation or condition imposed by the Minister in relation to the statutory corporation, a statutory corporation may—

sue and be sued;

acquire, hold, deal with and dispose of real and personal property (or an interest in real or personal property), and grant or hold a lease or licence;

with the approval of the Minister or as authorised by regulation—acquire, hold, deal with and dispose of shares in, or securities issued by, another body corporate, or participate in the formation of another body;

with the approval of the Minister or as authorised by regulation—borrow money and obtain other forms of financial accommodation;

establish and operate ADI accounts and invest money;

enter into any kind of contract or arrangement;

exercise other powers conferred by regulation;

exercise other powers that are necessary, expedient or incidental to the functions of the statutory corporation.

A statutory corporation must not establish a trust scheme or a partnership or other scheme or arrangement for sharing of profits or joint venture with another person or undertake an operation or transaction pursuant to such a scheme or arrangement.

However, subsection (2) does not apply if—

the statutory corporation is acting with the approval of the

Minister; or

the other party to the scheme or arrangement is another statutory corporation or SAHT; or

a regulation provides that subsection (2) does not apply to the statutory corporation.

The Minister must obtain the concurrence of the Treasurer before giving an approval under subsection (1)(d).