📜 Government Trading Enterprises Bill 2022

Restriction on effecting significant transactions without approval

“101. Restriction on effecting significant transactions A GTE must not effect a significant transaction unless the Portfolio Minister and the Treasurer have approved the transaction. Penalty for contravention of this section: a fine of $72 000.”

Restriction on forming or acquiring subsidiary without approval

“113. Restriction on forming or acquiring subsidiary A GTE must not form or acquire a subsidiary unless the Portfolio Minister and the Treasurer have approved the formation or acquisition. Penalty for contravention of this section: a fine of $72 000.”

Breach of borrowing limits

“134. Breach of borrowing limits A GTE must not borrow money if the borrowing would result in the GTE exceeding the borrowing limits set by the Treasurer under section 133. Penalty for contravention of this section: a fine of $72 000.”

Providing false or misleading information

“49. False or misleading information An executive officer or a member of the staff of a GTE must not give information to a director, the CEO, the Portfolio Minister or the Treasurer that the executive officer or member of staff knows is false or misleading in a material particular. Penalty: a fine of $36 000 or imprisonment for 12 months, or both.”

Improper use of position

“50. Use of position An executive officer or a member of the staff of a GTE must not make improper use of the position the executive officer or member of staff holds to gain, directly or indirectly, an advantage for the executive officer or member of staff or for any other person. Penalty: a fine of $72 000 or imprisonment for 2 years, or both.”

Improper use of information

“51. Use of information An executive officer or a member of the staff of a GTE must not make improper use of information acquired by virtue of the position the executive officer or member of staff holds to gain, directly or indirectly, an advantage for the executive officer or member of staff or for any other person. Penalty: a fine of $72 000 or imprisonment for 2 years, or both.”

Prohibition on loans to directors and related persons

“65. Prohibition on loans to directors and related persons A GTE must not, directly or indirectly — (a) make a loan to a director or a related person of a director; or (b) give a guarantee or provide security in connection with a loan made to a director or a related person of a director. Penalty for contravention of this section: a fine of $72 000 or imprisonment for 2 years, or both.”

Failure to comply with information request

“89. Duty to comply with information request If a Portfolio Minister or the Treasurer makes a request under section 88, the GTE must comply with the request. Penalty for contravention of this section: a fine of $36 000.”

Failure to provide notice of financial difficulty

“91. Notice of financial difficulty If a GTE becomes aware of any matter that may result in the GTE having serious financial difficulty, the GTE must give written notice of the matter to the Portfolio Minister and the Treasurer as soon as practicable. Penalty for contravention of this section: a fine of $36 000.”

Restriction on disposal of significant asset without approval

“96. Restriction on disposal of significant asset A GTE must not dispose of a significant asset unless the Portfolio Minister and the Treasurer have approved the disposal. Penalty for contravention of this section: a fine of $72 000.”