Before entering into a PPP contract, State Owned Corporations (SOCs) or subsidiaries of a SOC may require written approval from their voting shareholders under section 19 or 20X of the State Owned Corporations Act 1989 (SOC Act)4, unless the Treasurer gives written notice that it is not required. These approvals should be obtained prior to obtaining Cabinet and GSF Act approvals.
SOCs, or their subsidiaries, should confer with NSW Treasury to determine whether this approval is required for their particular PPP.
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4 Note Section 19 applies to company SOCs and 20X applies to statutory SOCs.