Urban Renewal Act 1995

The Governor may, by regulation, establish—

a statutory corporation under this Act;

a subsidiary of a statutory corporation under this

Act.¹

Regulations establishing a statutory corporation—

must name the body; and

must provide for the constitution of a board of management as the body's governing body; and

must specify the functions of the body; and

may limit the powers of the body; and

may specify procedures that will be followed in the event of a proposal to dissolve the body; and

may make other provisions (not inconsistent with this Act) that in the opinion of the Governor are necessary or expedient for the purposes of the body.

A statutory corporation—

is a body corporate; and

subject to a limitation imposed by or under an Act, has all the powers of a natural person together with the powers specifically conferred on it by or under this Act or other Acts.

The Governor may, by regulation—

alter the name of a statutory corporation; or

vary the constitution of the board of management of a statutory corporation; or

alter the functions of a statutory corporation; or

alter or limit the powers of a statutory corporation;

or

make other provisions (not inconsistent with this Act) that in the opinion of the Governor are necessary or expedient for the purposes of the statutory corporation.

The Governor may, by regulation—

dissolve a body established under this section; and

transfer the assets, rights and liabilities of a body dissolved under this provision (either as a whole or in separate parcels specified by regulation)—

to the Minister; or

to another statutory corporation; or

to SAHT; or

to the Crown, or to another agent or instrumentality of the Crown (not established under this Act); or

with the agreement with the person or body—to a person or body that is not an agent or instrumentality of the Crown; and

make other provisions that in the opinion of the Governor are necessary or expedient in connection with the dissolution of the body.

However, if a regulation is in force under paragraph (e) of subsection (2) in respect of the statutory corporation, a statutory corporation must not be dissolved unless the Governor is satisfied that any relevant procedure prescribed under that paragraph has been followed.

If a regulation establishing a statutory corporation under this section is disallowed by either House of Parliament, the assets, rights and liabilities of the statutory corporation become assets, rights and liabilities of the Minister.

Note1 A subsidiary will also be a statutory corporation for the purposes of this Act.