Board of directors to give notice of significant events
169 Board of directors to give notice of significant events
This section applies if the board of directors of a Transport Corporation determines that matters have arisen—
that may prevent, or significantly affect, the achievement of the business objectives of the Transport Corporation and its subsidiaries (if any) under the corporate plan; or
that may prevent, or significantly affect, the achievement of the targets under the plan.
If this section applies, the board of directors of the Transport Corporation must immediately notify the Minister of its determination and the reasons for the determination.
S. 169(3) inserted by No. 45/2010 s. 17, amended by Nos 38/2011 s. 19, 10/2016 s. 179(Sch. 1 item 8.17), 19/2022 s. 12.
This section applies to Ports Victoria and the Port of Hastings Corporation with the following modification—a reference to the Minister is taken to be a reference to the Treasurer and the Minister.
S. 169(4) inserted by No. 3/2017 s. 45, amended by No. 49/2019 s. 186(Sch. 4 item 43.15).
This section applies to a Transport Corporation that is a sector transport agency with the further modification that any reference to the Minister is taken to be a reference to the Secretary.
S. 169(5) inserted by No. 34/2023 s. 96.
This section applies to V/Line Corporation as if a reference to the board of directors of a Transport Corporation in the section were a reference to V/Line Corporation.
This Act’s bill:Explanatory memorandumSecond reading speech
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