Transport Corporation not to make loans to directors
155 Transport Corporation not to make loans to directors
S. 155(1) amended by Nos 34/2023 s. 87(1), 25/2025 s. 95.
The powers of a Transport Corporation that is not V/Line Corporation do not include a power, whether directly or indirectly—
S. 155(1)(a) amended by No. 45/2010 s. 9.
to make a loan to a director of the Transport Corporation, a partner of such a director, or a relative (as defined in the Corporations Act) of such a director or partner; or
S. 155(1)(b) amended by No. 45/2010 s. 9.
to give a guarantee or provide security in connection with a loan made or to be made by another person to a director, partner or relative referred to in paragraph (a).
S. 155(2) amended by Nos 34/2023 s. 87(2), 25/2025 s. 95.
Nothing in subsection (1) prohibits a Transport Corporation that is not V/Line Corporation from entering into an agreement or arrangement with a person referred to in subsection (1) if similar agreements or arrangements are entered into by the Transport Corporation with members of the public on the same terms and conditions.
This Act’s bill:Explanatory memorandumSecond reading speech
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