Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) In this section:
"authorized business" means a business or other activity related to or incidental to the performance of any of the functions of the Corporation.
"prescribed company" means a company that carries on, or proposes to carry on, an authorized business.
(2) The Corporation may:
(a) form, or participate with other persons in the formation of, a company to carry on an authorized business;
(b) acquire, hold and dispose of shares or stock in the capital of, or debentures or other securities of, a prescribed company;
(c) enter into a partnership, or an arrangement for the sharing of profits or expenses, with a prescribed company for the purpose of carrying on an authorized business; and
(d) provide technical or other assistance and facilities (whether in or outside Australia) for a prescribed company or for a partnership, or for the purposes of an arrangement, referred to in paragraph (c).
Note: Section 19 of the Public Governance, Performance and Accountability Act 2013 requires the accountable authority of a Commonwealth entity to keep the Minister informed of the activities of the entity and any of its subsidiaries.
(4) An agreement or arrangement between the Corporation and a prescribed company shall include a term empowering the Corporation to terminate the agreement or arrangement if the prescribed company ceases to be a prescribed company.
(5) Where:
(a) the Corporation has an interest in, or is a party to an agreement or arrangement with, a prescribed company; and
(b) the prescribed company ceases to be a prescribed company;
the Minister may give to the Corporation such directions as the Minister thinks appropriate with respect to:
(c) the disposal of the interest of the Corporation in the company; or
(d) the termination of the agreement or arrangement between the Corporation and the company;
as the case may be, and the Corporation shall comply with any such directions.
(6) This section does not authorize a prescribed company to carry on an authorised business otherwise than in accordance with the relevant law.