Powers

  1. The Corporation has power to do in the country or elsewhere all things necessary or convenient to be done for or in connection with or otherwise incidental to the performance of its functions and duties.
  2. In its capacity as trustee of the Trusts, the Corporation has all the powers ā€“
    1. in respect of each of the Trusts that it is possible to confer on a trustee; and
    2. as if it were the absolute owner of the relevant assets and acting in its personal capacity; and
    3. necessary for fulfilling its obligations under this Act and the terms of the relevant trusts, but subject always to the provisions of this Act.
  3. Without limiting the generality of Subsections (1), and (2), subject to this Act, the Corporation (both in its capacity as trustee of each of the Trusts and otherwise) has power to ā€“
    1. enter into arrangements for the formation, management, acquisition, sale, restructuring or liquidation of State Owned Assets or State Owned Enterprises; and
    2. subscribe for or otherwise acquire shares or other interests in the nature of equity in State owned assets or State Owned Enterprises; and
    3. procure or cause to be allotted, issued, sold, disposed of or otherwise dealt with fully or partly paid shares, units or equity interests in State owned assets or State Owned Enterprises; and
    4. receive and disburse moneys in accordance with this Act for the purpose of performing its functions; and
    5. deal with shares, stock, units, debentures, options, warrants or other securities or financial instruments or interests with the same power as that of a natural person; and
    6. carry on any business or undertaking wheresoever situated; and
    7. manage the affairs of any business enterprise or undertaking; and
    8. enter into any contract, deed, instrument or agreement; and
    9. deal with land, any interest in any land or any lease with the same power as that of a natural person; and
    10. appoint attorneys, agents, nominees or representatives; and
    11. act as a trustee, attorney, agent, nominee or representative; and
    12. nominate any person to be a member of the board of directors or other controlling or governing body of a State Owned Enterprise provided such persons would not be disqualified from being a director under any of Section 11(4)(a) and (b)(i), (iii) to (vii) (inclusive) and subject to the provisions of the constitution of the State Owned Enterprise; and
    13. exercise any right to vote or other power or right attaching to any asset; and
    14. adopt such means of making known or advertising the activities of the Corporation as the Corporation thinks fit; and
    15. advise on or arrange financing for the State and State Owned Enterprises in relation to the provision of infrastructure or services by or on behalf of the State; and
    16. borrow or lend money or enter into financial accommodation arrangements whether in its own capacity or on behalf of the Trusts, the State and State Owned Enterprises (including any transaction between the Corporation, the State and any State Owned Enterprise); and
    17. grant security over its assets or the assets of the Trusts; and
    18. provide any guarantee, indemnity or other financial assurance in its own capacity or on behalf of the Trusts; and
    19. set policies or objectives for State Owned Enterprises on any matter or on behalf of the Trusts, the State or any State Owned Enterprises; and
    20. do anything necessary or convenient for or incidental to the purpose of its functions or powers, each of which paragraph shall be a separate and distinct power and none of which is to be limited by any other.
  4. The Corporation may agree to indemnify and may indemnify a director, secretary, liquidator or other officer of a State Owned Enterprise on such terms and conditions as the Corporation determines in its absolute discretion by instrument in writing signed by the Corporation.
  5. In exercising the power of appointment referred to in Subsection (3)(l), the Corporation may appoint any of the Managing Director or the Directors to such positions