Minister’s powers in relation to business arrangements
14 Minister’s powers in relation to business arrangements
In this section —
business arrangement means a company, a partnership, a trust, a joint venture, an arrangement or agreement for sharing profits or an arrangement or agreement for sponsorship;
participate in a business arrangement includes form, promote, establish, enter into, manage, dissolve, wind‑up and do anything incidental to the business arrangement.
Subject to subsection (3), the Minister may, for the purposes of this Act —
participate in a business arrangement; and
acquire, hold and dispose of shares, units or other interests in or relating to a business arrangement.
Before the Minister exercises a power conferred by subsection (2) in relation to a business arrangement the Minister must —
notify the Treasurer of the proposal; and
seek the Treasurer’s approval to it.
Subsection (3) does not apply if the terms and conditions of that business arrangement are terms and conditions approved by the Treasurer in respect of —
that business arrangement; or
business arrangements of that class; or
business arrangements generally.
The Treasurer may, by written notice given to the Minister, exempt any business arrangement or class of business arrangement from the operation of subsection (3).
An exemption may be unconditional or on specified conditions.
A notice under subsection (5) may be revoked or amended by the Treasurer by written notice given to the Minister.
This Act’s bill:Explanatory memorandumSecond reading speech
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