Western Australia: Gold Banking Corporation Act 1987 (WA)

Western Australia Gold Corporation Act 1987 Western Australia Gold Corporation Act 1987 Contents Part I — Preliminary 1. Short title 1 2. Commencement 1 3. Terms used in this Act 1 Part II — Constitution and administration of Gold Corporation 4. Constitution of Gold Corporation as a body corporate 1 5. Constitution of Board of Gold Corporation 1 6. Functions of the Board 1 7. Management of Gold Corporation 1 8A. Remuneration of chief executive officer, deputy while Gold Corporation is not a Government entity 1 8B. Remuneration of chief executive officer, deputy while Gold Corporation is a Government entity 1 8. Power to appoint committees 1 9. Power of Board to delegate 1 9A. Duty to observe policy instruments 1 9B. Strategic development plan and statement of corporate intent 1 9C. Laying directions about strategic development plan or statement of corporate intent before Parliament 1 Part III — Functions of Gold Corporation 10. General functions of Gold Corporation 1 11. Powers of Gold Corporation 1 13. Power to act as agent for Commonwealth or States 1 Part IV — Financial provisions of Gold Corporation 15. Capital of Gold Corporation 1 16. Share issues 1 18. Borrowing from Treasurer 1 21. Application of profits 1 22. Guarantee by Treasurer 1 23. Charges for guarantee 1 Part VI — Western Australian Mint Division 1 — Constitution of the Mint 35. Constitution of the Mint 1 36. Functions of the Mint 1 37. Powers of the Mint 1 38. Prescribed symbols 1 39. Branches of the Mint 1 40. Managing director of the Mint 1 41A. Remuneration of managing director while Mint is not a Government entity 1 41B. Remuneration of managing director while Mint is a Government entity 1 41. Employment by the Mint of staff and consultants 1 Division 2 — Financial provisions of the Mint 42. Moneys available to the Mint 1 43. Recovery of fees and charges 1 44. Payments to Gold Corporation 1 Division 3 — Security provisions 45. Title to gold and other residues 1 46. Detention of suspects 1 47. Protection of the Mint name, symbol etc. 1 Part VII — GoldCorp Australia 48. Constitution of GoldCorp Australia as a body corporate 1 49. Functions of GoldCorp 1 50. Powers of GoldCorp 1 51. Managing director of GoldCorp 1 52A. Remuneration of managing director while GoldCorp is not a Government entity 1 52B. Remuneration of managing director while GoldCorp is a Government entity 1 52. Employment by GoldCorp of staff and consultants 1 53. Payments to Gold Corporation 1 Part VIII — Accounts and audit 54. Application of Financial Management Act 2006 and Auditor General Act 2006 1 55. Funding 1 Part IX — Miscellaneous matters 67. Title to gold etc. 1 68. Employment by Gold Corporation of staff and consultants 1 69. Use of staff and facilities of departments and instrumentalities etc. 1 70. Superannuation 1 71. Duty and liability of directors 1 72. Improper use of position or information 1 73. Contravention of sections 71 and 72 1 74. Secrecy and security of records of Gold Corporation and its subsidiaries 1 75. Security 1 77. Regulations 1 78. Repeal 1 Schedule 1 — Provisions concerning directors and the procedure of the Board 1. Term of office of directors 1 2. Vacation of office 1 3. Temporary directors 1 4. Remuneration of certain directors 1 5. Restrictions on loans to directors 1 6. Liability of directors 1 7. General procedure concerning meetings 1 8. Presiding member 1 9. Declaration of interests by directors 1 10. Conflict of interest 1 11. Voting 1 12. Quorum 1 13. Minutes 1 14. Resolution may be passed without meeting 1 15. Leave of absence 1 17. Common seals, and the use of facsimiles 1 Schedule 2 — Transitional provisions concerning the Mint 1. Terms used in this Schedule 1 2. Transitional arrangements as to employment 1 3. Transitional termination and re‑employment scheme 1 4. Continuity of service and superannuation 1 5. Managing Director of the Mint 1 6. Transfer of certain functions of directors of the Mint 1 7. Appropriation for employment benefits 1 8. Amounts payable to the Consolidated Account 1 9. Construction of references 1 Notes Compilation table 1 Editorial changes table 1 Uncommenced provisions table 1 Other notes 1 Defined terms Western Australia Gold Corporation Act 1987 An Act to constitute the Gold Corporation and provide for its functions and the conduct of its business, to preserve and continue the Western Australian Mint and constitute GoldCorp Australia as subsidiaries of Gold Corporation and provide for their functions and the conduct of their businesses, to repeal the Western Australian Mint Act 1970 and for related purposes. [Long title amended: No. 10 of 1990 s. 4.] Part I — Preliminary 1. Short title This Act may be cited as the Gold Corporation Act 1987. [Section 1 amended: No. 10 of 1990 s. 5.] 2. Commencement The provisions of this Act shall come into operation on such day as is, or days as are respectively, fixed by proclamation. 3. Terms used in this Act (1) In this Act, unless the contrary intention appears — Australian currency means the lawful currency of Australia; Board means the board of directors of Gold Corporation constituted by section 5; business undertaking means a body corporate or unincorporate engaging in or proposing to engage in any industry whether or not the industry is related to the gold industry; chief executive officer means the person holding office as chief executive officer of Gold Corporation appointed under section 7; Corporations Act means the Corporations Act 2001 of the Commonwealth; deputy chief executive officer means the person holding office as the deputy chief executive officer of Gold Corporation appointed under section 7; director means a person holding office as a member of the board of directors of Gold Corporation under section 5; foreign currency means the lawful currency of a country other than Australia; Gold Bank means the corporation of that name formerly constituted under section 4 prior to the coming into operation of section 9 of the Acts Amendment (Gold Banking Corporation) Act 1990; GoldCorp means the subsidiary of Gold Corporation known as GoldCorp Australia constituted under section 48; Gold Corporation means the Gold Corporation constituted under section 4; industry means any business activity undertaken with the object of making profits and, without limiting the generality of the foregoing, includes prospecting, exploration, mining, processing, manufacturing, marketing, banking, trading and the provision of services of any kind; minerals means any solid, liquefied or gaseous inorganic or organic matter and includes petroleum and gas; Mint means the Western Australian Mint preserved and continued in existence under section 35; money means Australian currency and foreign currency; repealed Act means the Western Australian Mint Act 1970; statutory authority means a body corporate or unincorporate which is established by and constituted under a written law as a State instrumentality, agency or authority, other than a body corporate of a class of bodies corporate specified in the Schedule to the Western Australian Treasury Corporation Act 1986; subsidiary in relation to Gold Corporation, means — (a) the Mint; (b) GoldCorp; and (c) a body determined to be a subsidiary of Gold Corporation under subsection (3); the Account means the banking accounts together constituting the Gold Corporation Account referred to in section 55; The Director of The Perth Mint means the body corporate of that name constituted under section 9 of the Perth Mint Act 1970 1 as enacted prior to the coming into operation of the Perth Mint Amendment Act 1986; the Royal Mint means the Perth Branch of the Royal Mint established by proclamation under section 11 of the Coinage Act 1870 of the Parliament of the United Kingdom; Treasurer means the Treasurer of the State; Treasury means the department of the Public Service for which the Under Treasurer is the chief executive officer. (2) A reference in this Act to gold shall be construed as including a reference to silver, other precious metals, precious stones and other minerals. (3) Part 1.2 Division 6 of the Corporations Act applies for the purpose of determining whether a body is a subsidiary of Gold Corporation. [Section 3 amended: No. 10 of 1990 s. 6 and 7; No. 73 of 1994 s. 4; No. 20 of 2003 s. 25; No. 28 of 2006 s. 415; No. 8 of 2009 s. 65.] Part II — Constitution and administration of Gold Corporation [Heading amended: No. 10 of 1990 s. 8; No. 28 of 2006 s. 416.] 4. Constitution of Gold Corporation as a body corporate (1) There is hereby established a body corporate to be called the Gold Corporation. (2) Gold Corporation — (a) under its corporate name has perpetual succession and a common seal; (b) is capable of suing and being sued in its corporate name; (c) has the functions conferred or assigned by this Act; and (d) subject to this Act — (i) is capable of doing and suffering all such acts and things as bodies corporate may lawfully do and suffer; and (ii) has the legal capacity, and the rights, the powers and the privileges, of a natural person in so far as they are attributed to a public company registered under the Corporations Act. (3) Gold Corporation is an agent of the Crown in right of the State and enjoys the status, immunities and privileges of the Crown, except as otherwise prescribed. (4) Where the Board considers that to trade under its corporate name would not be appropriate, Gold Corporation may use, and operate any of its business under, an abbreviation or adaptation of its corporate name, or a trading name, which is approved by the Minister. (5) Notwithstanding any exemption or immunity that may otherwise exist, Gold Corporation shall be liable for and shall pay all land tax, metropolitan region improvement tax, water charges, pay‑roll tax, duty under the Duties Act 2008 (subject to section 16(9)), and all other taxes, fees and charges imposed by the Government, its instrumentalities or agencies. (6) No local government rate or charge is to be imposed or levied on any land vested in, or the care, control and management of which are placed with, Gold Corporation, if that land is used or reserved exclusively for the purpose of providing works, undertakings or facilities necessary to the performance of the functions of Gold Corporation. (7) Gold Corporation is to pay to the Treasurer for the benefit of the Consolidated Account in respect of a financial year a sum equal to the amount of any local government rate or charge that, but for subsection (6), Gold Corporation would have been liable to pay in respect of that financial year. (8) Amounts payable under subsection (7) — (a) are to be determined in accordance with the principles; and (b) are to be paid at the time or times, that the Treasurer may direct. [Section 4 amended: No. 5 of 1988 s. 4; No. 10 of 1990 s. 6 and 9; No. 73 of 1994 s. 4; No. 20 of 2003 s. 26; No. 70 of 2003 s. 28; No. 77 of 2006 s. 4; No. 12 of 2008 s. 52.] 5. Constitution of Board of Gold Corporation (1) There shall be a Board of directors of Gold Corporation. (2) The Board shall comprise the person who for the time being holds or is acting in the office of Under Treasurer of the State, who shall be a director ex officio, and other directors who shall be appointed by the Governor on the nomination of the Minister and shall consist of — (a) a chairman; (b) not less than 2 nor more than 7 other persons; (c) the chief executive officer and the deputy chief executive officer of Gold Corporation; and (d) if the Board as otherwise constituted so resolves from time to time, the managing director of the Mint or the managing director of GoldCorp, or both of them. (3) Subsection (2) shall not be construed so as to preclude the appointment of a person who is a director appointed under paragraph (b) of that subsection as managing director of the Mint or managing director of GoldCorp. (4) Schedule 1 has effect with respect to the directors and the procedure of the Board. (5) The person who for the time being holds or is acting in the office of Under Treasurer of the State may delegate to some other officer of the Treasury, by an instrument of delegation signed by that person, the duty of performing any function of the ex officio director under this Act. (6) Where an officer of the Treasury is authorised under subsection (5) to perform a function as a delegate, when attending a meeting of the Board or otherwise performing that function that officer is deemed to be a director and shall have the powers, duties and immunity of a director. [Section 5 amended: No. 5 of 1988 s. 5; No. 10 of 1990 s. 6 and 10.] 6. Functions of the Board (1) The Board is the governing body of Gold Corporation and its subsidiaries, the Mint and GoldCorp. (2) Subject to this Act, the Board has power — (a) to determine the policy of Gold Corporation, the Mint and GoldCorp in relation to any matter and to control the affairs of Gold Corporation and each of its subsidiaries; and (b) to determine the respective functions and operations to be performed by Gold Corporation and each of its subsidiaries. (3) Subject to this Act, the Board shall — (a) perform the functions and develop and expand the business of Gold Corporation and its subsidiaries for the benefit and to the greatest advantage of the people of Australia; (b) perform its functions in accordance with prudent commercial principles; and (c) use its best endeavours to ensure that the revenue of Gold Corporation is sufficient to meet its expenditure and to derive a profit by earning a commercial rate of return on its capital. (4) The Board and the Minister shall, at the request of either, consult together, either personally or through appropriate representatives, in relation to any aspect of the policy, functions or management of Gold Corporation or any of its subsidiaries. (5) The Minister may give directions in writing to Gold Corporation with respect to its functions and powers, either generally or with respect to a particular matter (but not in relation to its dealings with any particular person), and the Board shall ensure that the Corporation gives effect to any such direction. (6) The text of any direction received by Gold Corporation under subsection (5) shall be included in the annual report submitted by the accountable authority of Gold Corporation under Part 5 of the Financial Management Act 2006. (7) For parliamentary purposes, or for the proper conduct of the Minister's public business — (a) Gold Corporation shall furnish to the Minister all information in the possession of Gold Corporation relating to the business of Gold Corporation or a subsidiary; and (b) the Board shall ensure that the Minister shall have and may retain copies of any documents requested. (8) Gold Corporation shall exercise such control over any subsidiary as to ensure that the Board is provided with all the information relating to the subsidiary that Gold Corporation needs in order to comply with subsection (7). (9) For the purposes specified in subsection (7) the Minister may — (a) request Gold Corporation to furnish information to the Minister; (b) request the Board to ensure that the Minister is given access to information; and (c) make use of the staff of Gold Corporation or of any subsidiary to obtain information and to furnish it to the Minister. (10) Gold Corporation shall comply with a request under subsection (9) and make staff and facilities available to the Minister for the purposes of paragraph (c) of that subsection. (11) For the purposes of this section — document includes any data that is recorded or stored mechanically, photographically, or electronically and any tape, disc or other device or medium on which it is recorded or stored; information means documents or other information relating to the business of Gold Corporation or a subsidiary of Gold Corporation being information, as so defined, specified, or of a description specified, by the Minister; and parliamentary purposes means the purpose of — (a) answering a question asked in a House of Parliament; or (b) complying with a written law, or an order or resolution of a House of Parliament, that requires information to be furnished to a House of Parliament. [Section 6 amended: No. 10 of 1990 s. 6 and 11; No. 73 of 1994 s. 4; No. 77 of 2006 s. 17.] 7. Management of Gold Corporation (1) There shall be a chief executive officer and a deputy chief executive officer of Gold Corporation. (2) The chief executive officer shall, subject to the direction of the Board, manage the affairs of Gold Corporation and its subsidiaries. (3) The deputy chief executive officer shall perform such duties as the chief executive officer directs. (4) The chief executive officer and the deputy chief executive officer — (a) subject to sections 8A and 8B and clause 1(1) of Schedule 1, shall be appointed on such terms and conditions and shall be paid such remuneration and allowances as are determined by the Board; (b) may be removed from office by the Minister on the recommendation of the Board for any reason for which a director holding office under section 5(2)(a) or (b) might be removed from office by the Governor; and (c) may resign by notice given in writing in accordance with the officer's conditions of service. (5) If the chief executive officer is prevented by illness or absence from performing his duties or there is a vacancy in the office of chief executive officer, the deputy chief executive officer shall perform those duties and shall have and may exercise the powers of the chief executive officer. [Section 7 amended: No. 10 of 1990 s. 6; No. 46 of 2016 s. 16.] 8A. Remuneration of chief executive officer, deputy while Gold Corporation is not a Government entity (1) In this section — remuneration has the meaning given in the Salaries and Allowances Act 1975 section 4(1). (2) This section applies when Gold Corporation is not a Government entity as defined in the Salaries and Allowances Act 1975 section 7BA. (3) The remuneration, including any variation to the remuneration, of the chief executive officer or the deputy chief executive officer of Gold Corporation is to be determined by the Board on the recommendation of the Minister. (4) Subsection (3) — (a) applies regardless of whether the chief executive officer or the deputy chief executive officer was appointed on, before or after the day on which the Executive Officer Remuneration (Government Entities) Legislation Amendment Act 2016 Part 3 comes into operation; but (b) does not require the Board to re‑determine the remuneration of the person who, immediately before that day, holds office as Gold Corporation's chief executive officer or deputy chief executive officer. [Section 8A inserted: No. 46 of 2016 s. 17; amended: No. 13 of 2023 s. 213.] 8B. Remuneration of chief executive officer, deputy while Gold Corporation is a Government entity (1) In this section — remuneration has the meaning given in the Salaries and Allowances Act 1975 section 4(1). (2) This section applies when Gold Corporation is a Government entity as defined in the Salaries and Allowances Act 1975 section 7BA. (3) The remuneration of the chief executive officer, or the deputy chief executive officer, of Gold Corporation who is an executive officer, as defined in the Salaries and Allowances Act 1975 section 7C(1), is to be set by the Board within the range determined by the Salaries and Allowances Tribunal under section 7C(2) of that Act. (4) Any variation to the remuneration of the chief executive officer, or the deputy chief executive officer, of Gold Corporation who, because of the Salaries and Allowances Act 1975 section 7C(4), is not an executive officer as defined in section 7C(1) of that Act, is to be determined by the Board on the recommendation of the Minister. [Section 8B inserted: No. 46 of 2016 s. 17; amended: No. 13 of 2023 s. 213.] 8. Power to appoint committees (1) The Board may appoint committees of directors or directors and other persons to assist the Board to perform its functions and may discharge, alter, continue or reconstitute any committee so appointed. (2) Subject to the direction of the Board and to the terms of any delegation to a committee, each committee may regulate its own procedure. 9. Power of Board to delegate (1) The Board may, by instrument in writing, delegate to — (a) the chief executive officer of Gold Corporation; (b) a committee appointed under section 8; or (c) an employee of Gold Corporation, the Mint or GoldCorp, the exercise of such of the functions of Gold Corporation or any of its subsidiaries as are specified in the instrument. (2) The chief executive officer may, by instrument in writing, delegate to an employee of Gold Corporation, the Mint or GoldCorp the exercise of such of the chief executive officer's functions (including any functions delegated to the chief executive officer by the Board) as are specified in the instrument. (3) An instrument purporting to have been signed by a delegate of the Board in the capacity of a delegate shall in all courts and before all persons acting judicially be received in evidence as if it were an instrument duly executed by the Board and shall, until the contrary is proved, be presumed to be an instrument signed by a delegate of the Board. (4) In subsection (3), a reference to a delegate includes a reference to the chairman of a committee to which the exercise of a function has been delegated. [Section 9 amended: No. 10 of 1990 s. 6; No. 28 of 2006 s. 417.] 9A. Duty to observe policy instruments Gold Corporation is to perform its functions in accordance with its strategic development plan and its statement of corporate intent as existing from time to time. [Section 9A inserted: No. 28 of 2006 s. 418.] 9B. Strategic development plan and statement of corporate intent (1) The Board must, at the prescribed times, prepare and submit to the Minister — (a) a strategic development plan for Gold Corporation; and (b) a statement of corporate intent for Gold Corporation. (2) The regulations may make provision for the following — (a) the manner and form in which the Board is to prepare, submit, revise or modify a strategic development plan or statement of corporate intent; (b) the period a strategic development plan or statement of corporate intent is to cover; (c) the matters to be set out in a strategic development plan or statement of corporate intent; (d) the functions of the Board, the Minister and the Treasurer in relation to the development, approval or modification of a strategic development plan or statement of corporate intent; (e) the operation of a strategic development plan or statement of corporate intent. (3) If a regulation referred to in subsection (2) enables the Minister to give directions to the Board, the Minister must within 14 days after a direction is given under the regulation cause a copy of the direction to be laid before each House of Parliament or be dealt with in accordance with section 9C. (4) Regulations referred to in subsection (2) are not to be made except with the Treasurer's concurrence. [Section 9B inserted: No. 28 of 2006 s. 418.] 9C. Laying directions about strategic development plan or statement of corporate intent before Parliament (1) If — (a) a House of Parliament is not sitting at the commencement of the period referred to in section 9B(3) in respect of a direction; and (b) the Minister is of the opinion that that House will not sit during that period, the Minister is to transmit a copy of the direction to the Clerk of that House. (2) A copy of a direction transmitted to the Clerk of a House is to be taken to have been laid before that House. (3) The laying of a copy of a direction that is regarded as having occurred under subsection (2) is to be recorded in the Minutes, or Votes and Proceedings, of the House on the first sitting day of the House after the Clerk received the copy. (4) The text of a direction referred to in section 9B(3) is to be included in the annual report submitted by the accountable authority of Gold Corporation under Part 5 of the Financial Management Act 2006. [Section 9C inserted: No. 28 of 2006 s. 418; amended: No. 77 of 2006 s. 17.] Part III — Functions of Gold Corporation [Heading amended: No. 10 of 1990 s. 6.] 10. General functions of Gold Corporation (1) The functions of Gold Corporation are — (a) to promote and develop markets for gold in Australia and elsewhere; [(b) deleted] (c) to develop, promote, provide, trade and deal in investments and services relating to gold; (d) to mint, make, issue, buy, sell, distribute and otherwise deal in coins (whether or not coins subject to the Currency Act 1965 of the Commonwealth), medallions and other artifacts containing gold; (e) to recover, extract, process, smelt, sample, refine, assay and work gold and anything containing gold; (f) to participate and engage in industry concerned with gold in Australia and elsewhere; (g) to provide storage and safekeeping facilities to international standards for gold and other valuable objects; (h) to continue and develop the activities of the Royal Mint, The Perth Mint and Western Australian Mint carried on under the repealed Act and to maintain the Mint's reputation and international accreditation as a melter and assayer acceptable to the London Gold Market; (i) to maximise the value added to and export income derived from gold production through the development and marketing of things containing or relating to gold; (j) to promote and create opportunities for the establishment and operation of a market for Australian gold coins and other things containing or associated with gold; (k) to establish and promote Perth as an international bullion centre; and (m) in relation to precious metals other than gold, and in relation to precious stones or other minerals, to establish and maintain the qualifications, skills and accreditations necessary to be acceptable to the central market organization or authority appropriate. (2) Gold Corporation may carry on its business in Australia and elsewhere. (3) Subject to this Act, any function conferred by this Act on Gold Corporation may be performed by Gold Corporation itself and, with the approval of the Board, by — (a) a subsidiary of Gold Corporation; or (b) Gold Corporation or a subsidiary of Gold Corporation, or both, in partnership, joint venture or other association with other persons or bodies. [Section 10 amended: No. 10 of 1990 s. 6 and 12.] 11. Powers of Gold Corporation (1) Gold Corporation has power to do all things necessary or convenient for the purpose of carrying out its functions under this Act, subject to this Act. (2) Without limiting the generality of subsection (1), Gold Corporation may — (a) receive gold on current account, certificate of deposit or fixed deposit, or in any other manner determined by Gold Corporation from time to time, within Australia or elsewhere, and money in respect of business relating to gold; (b) subject to subsection (3), borrow, lease, buy or otherwise acquire and sell, lend, lease or otherwise dispose of gold and other things containing or associated with gold or the gold industry within Australia or elsewhere; (c) issue, buy, sell, and otherwise deal in, whether or not at a discount or a premium, securities in relation to gold and enter into transactions denominated in, convertible into, exchangeable with or otherwise related to gold; (d) for the purposes of gold related transactions and of carrying out its functions under this Act in relation to gold, but not for any other purpose, buy, borrow, or otherwise acquire and sell, lend or otherwise dispose of, deal in and hold Australian and foreign currency subject to such limits as the Treasurer may impose; (e) form or establish, or participate in the formation or establishment of, and conduct any business undertaking to promote the objects of this Act, and for that purpose form, or associate with other persons in the formation of, and manage companies, exercise any right conferred upon Gold Corporation to appoint a director of or to hold office in such a business undertaking or company and for that purpose provide staff, information and facilities; (f) engage or participate in industry relating to gold, either alone or with other persons or bodies, for purposes related to the processing of tailings and other processed substances containing gold; (g) with the prior approval of the Treasurer, and subject to such terms and conditions as the Treasurer may approve, and not otherwise — (i) temporarily invest money standing to the credit of the Account in such manner and categories of investment as are approved; (ii) operate banking accounts; (iii) borrow, whether for the purposes of paragraphs (b) and (d) or of performing any other functions, money from a lender other than the Treasurer; and (h) do any thing incidental to the exercise of any such power. (3) The Treasurer may from time to time impose limits on — (a) the physical quantity of gold that Gold Corporation, the Mint or GoldCorp may borrow or lease; and (b) the monetary value of currency, or of any liability related to currency, that Gold Corporation, the Mint or GoldCorp may borrow or incur, and for the purpose of determining those limits the Board shall make known to the Treasurer its recommendations as to the requirements of Gold Corporation, the Mint and GoldCorp at least once in each financial year and at such other times as the Treasurer may require. (4) Moneys borrowed by Gold Corporation, the Mint or GoldCorp under this Act shall not exceed in the aggregate in any financial year such amount as the Treasurer approves, and the powers to borrow conferred by this Act shall be construed subject to that limitation. [Section 11 amended: No. 10 of 1990 s. 6 and 13.] [12. Deleted: No. 10 of 1990 s. 14.] 13. Power to act as agent for Commonwealth or States (1) Gold Corporation may, with the approval of the Minister, enter into any agreement or arrangement with the Commonwealth or any State, or with any authority of the Commonwealth or of any State, for the performance by Gold Corporation, whether as agent or otherwise, of such acts and the performance of such functions as appear to be advantageous, relevant or incidental to the business of Gold Corporation. (2) Gold Corporation may do all acts and perform all functions that it considers necessary or convenient for the purpose of carrying out an agreement or arrangement under subsection (1). (3) The power conferred by this section on Gold Corporation to enter into an agreement or arrangement is in addition to any other powers conferred on it by this Act. [Section 13 amended: No. 10 of 1990 s. 6.] Part IV — Financial provisions of Gold Corporation [Heading amended: No. 10 of 1990 s. 6.] [14. Deleted: No. 10 of 1990 s. 15.] 15. Capital of Gold Corporation (1) The authorised capital of Gold Corporation shall be the authorised capital which immediately prior to the coming into operation of section 9 of the Acts Amendment (Gold Banking Corporation) Act 1990 was the authorised capital of Gold Bank, which by the operation of this subsection and without further assurance shall thereupon be transferred to and vested in Gold Corporation as representing the initial capital which was — (a) upon establishment $100 000 000, and may be increased by regulations made on the recommendation of the Board; and (b) upon establishment divided into 100 000 000 shares of $1 each, but may, by regulations made on the recommendation of the Board, be divided or constituted otherwise by reference to shares of a different fixed amount or different classes of shares. (2) On the coming into operation of section 9 of the Acts Amendment (Gold Banking Corporation) Act 1990, the Under Treasurer of the State shall ensure, and the Board is empowered and required to arrange, that the amount of $25 000 000 paid by the Treasurer to Gold Bank in respect of shares in Gold Bank issued at par to the Treasurer is repaid to the Treasurer in consideration for the transfer of those shares to Gold Corporation, and those shares shall upon that repayment be taken to be cancelled. (3) The Treasurer is authorised, on transferring to Gold Corporation the shares in Gold Bank at par in accordance with subsection (2) and receiving the repayment of the $25 000 000 paid to Gold Bank in respect of those shares, to — (a) release the Mint from loans amounting to $5 000 000, and any liability for interest on those loans, on receipt from the Board of shares representing $5 000 000 at par in Gold Corporation; and (b) acquire from Gold Corporation — (i) out of moneys appropriated by Parliament pursuant to item 34 of Schedule 1 of the Appropriation (General Loan and Capital Works Fund) Act 1989 for the purpose, shares representing a further $5 000 000 at par; (ii) further shares, out of moneys appropriated by Parliament from time to time for that purpose, on behalf of the Crown in right of the State and in that behalf is empowered to exercise any power attaching to those shares and, subject to this Act, to dispose of them. (4) Any dividends or sums received by the Treasurer in respect of any shares acquired under this section shall be credited to the Consolidated Account. [Section 15 amended: No. 5 of 1988 s. 6; No. 10 of 1990 s. 16; No. 6 of 1993 s. 11; No. 49 of 1996 s. 64; No. 77 of 2006 s. 4.] 16. Share issues (1) Shares in Gold Corporation shall — (a) not be issued by Gold Corporation except in accordance with a resolution of the Board and with the approval of the Minister with the Treasurer's concurrence; (b) be issued, transferred and dealt with on such terms as are determined by resolution of the Board with the approval of the Minister with the Treasurer's concurrence at the time of issue; and (c) not be allotted or issued to, or held by, a person other than — (i) the Treasurer; (ia) the Minister; or (ii) a statutory authority, subject to subsection (2). (2) Where a statutory authority is authorised to acquire and hold shares, that power shall be exercisable in relation to shares issued by Gold Corporation subject to — (a) the prior approval of the Minister, in the case of shares taken up directly from Gold Corporation; and (b) the limitation that a statutory authority may not hold shares in excess of 15% of the issued capital of Gold Corporation, or such other percentage of that capital as may be prescribed. (3) A holder of shares of Gold Corporation — (a) is liable only to the extent of any amount unpaid on the shares held by that holder; (b) is entitled to receive any dividend or other entitlement declared by the Board in respect of those shares; and (c) may, by instrument executed by the transferor and the transferee in a form approved by the Board and delivered to Gold Bank, transfer the shares held by that holder to another person authorised by this Act to hold such shares. [(4)‑(8) deleted] (9) Any transaction with respect to the issue, purchase, sale or transfer of shares under this Part shall be exempt from duty chargeable under the Duties Act 2008. (10) The Board shall cause to be kept a register, in such form and containing such details as the Treasurer may approve or require, of the holders of shares issued under this Part by Gold Corporation. [Section 16 amended: No. 10 of 1990 s. 6 and 17; No. 28 of 2006 s. 419; No. 12 of 2008 s. 52.] [17. Deleted: No. 10 of 1990 s. 18.] 18. Borrowing from Treasurer (1) Gold Corporation, the Mint and GoldCorp may borrow from the Treasurer such amounts as the Treasurer approves on such conditions, including conditions as to repayment and payment of interest, as the Treasurer may impose. (2) Where an advance is made under subsection (1), Gold Corporation, the Mint or GoldCorp, as the case may require, shall — (a) repay the amount of the advance; (b) pay interest in accordance with the conditions imposed under subsection (1); and (c) comply with any other conditions imposed. (3) The amount to be approved by the Treasurer shall take into account any borrowing made otherwise than from the Treasurer, and the limitation imposed by section 11(4). [Section 18 amended: No. 10 of 1990 s. 6 and 19.] [19. Deleted: No. 10 of 1990 s. 20.] [20. Deleted: No. 70 of 2003 s. 29.] 21. Application of profits (1) Subject to this section, the Minister, with the concurrence of the Treasurer, shall determine the amount, if any, that is to be paid by Gold Corporation by way of dividend to shareholders from net profits in respect of a financial year (beginning with the financial year ending on 30 June 1988). (2) Any amount paid to the Treasurer or Minister by way of dividend shall be credited to the Consolidated Account. (3) A dividend under this section shall be calculated with respect to the net profits for a financial year after first taking into account the amount payable to the Treasurer by Gold Corporation under the State Enterprises (Commonwealth Tax Equivalents) Act 1996. (4) The Board shall, as soon as practicable after the end of each financial year of Gold Corporation, make a recommendation to the Minister as to the amount of the dividend (if any) that the Board recommends as appropriate for that financial year. (5) In making a determination under subsection (1) in respect of a financial year, the Minister shall have regard to but shall not be bound by the recommendation of the Board. (6) Gold Corporation shall pay the amount of a dividend payable under this section as soon as practicable after the determination of the Minister and the Board shall use its best endeavours to ensure that the amount is paid within 6 months after the end of the financial year to which the dividend relates. [Section 21 amended: No. 10 of 1990 s. 6 and 21; No. 6 of 1993 s. 11; No. 70 of 2003 s. 30; No. 28 of 2006 s. 420; No. 77 of 2006 s. 4.] 22. Guarantee by Treasurer (1) The payment of — (a) the cash equivalent of gold due, payable and deliverable by Gold Corporation, the Mint or GoldCorp under this Act; and (b) all moneys due and payable by Gold Corporation in respect of the exercise of the power to buy, borrow or otherwise acquire and to sell, lend or otherwise dispose of, deal in and hold Australian and foreign currency, is guaranteed by the Treasurer, in the name and on behalf of the Crown in right of the State. (2) The term cash equivalent in subsection (1) means, in relation to any security in respect of which Gold Corporation, the Mint or GoldCorp is liable to deliver gold in the form of gold coin, the current market price in Australian currency of that gold coin calculated in accordance with any terms or conditions prescribed in relation to that security and in force at the time of issue of that security. (3) Except in so far as subsection (1) has effect unconditionally, the Treasurer, in the name and on behalf of the Crown in right of the State, may guarantee the payment of moneys borrowed by Gold Corporation, the Mint or GoldCorp upon such terms and conditions, and in such manner, as the Treasurer may determine. (4) Where a guarantee to which this section applies has effect — (a) the due payment of moneys thereunder — (i) is by force of this Act a charge on the financial resources of the State; and (ii) shall be charged to the Consolidated Account, which to the extent necessary is hereby appropriated accordingly; and (b) the account and the assets of Gold Corporation and its subsidiaries are jointly and severally charged with — (i) the due repayment to the Treasurer of any payment made by the Treasurer under paragraph (a); and (ii) the performance and observance of such covenants and conditions as the Treasurer may impose as a term or condition on the giving of that guarantee, and Gold Corporation and the subsidiaries shall give, or cause to be given, to the Treasurer such security as the Treasurer requires and execute all instruments necessary for that purpose. (5) The Treasurer shall cause any amounts received or recovered in respect of any payment made by the Treasurer under a guarantee to which this section applies to be credited to the Consolidated Account. (6) Except in so far as subsection (4)(b) applies, a guarantee under this section does not apply to or in relation to the obligations of any subsidiary of Gold Corporation other than the Mint and GoldCorp. [Section 22 inserted: No. 10 of 1990 s. 22; amended: No. 6 of 1993 s. 11; No. 49 of 1996 s. 64; No. 77 of 2006 s. 4.] 23. Charges for guarantee (1) The Treasurer may, after consultation with the Board, fix charges to be paid by, as the case requires, Gold Corporation, the Mint or GoldCorp to the Treasurer for the benefit of the Consolidated Account in respect of a guarantee under section 22. (2) Amounts payable under subsection (1) are to be paid at the times, and in the instalments, that the Treasurer may direct. [Section 23 inserted: No. 70 of 2003 s. 31; amended: No. 77 of 2006 s. 4.] [Part V (s. 24‑34) deleted: No. 10 of 1990 s. 23.] Part VI — Western Australian Mint Division 1 — Constitution of the Mint 35. Constitution of the Mint (1) The body corporate constituted, pursuant to section 9(g) of the Perth Mint Amendment Act 1986, under section 7(6) of the repealed Act as the Western Australian Mint, (being the successor of the Perth branch of the Royal Mint and The Director of The Perth Mint) is preserved and continues in existence as a body corporate for the purposes of this Act so that its corporate identity and its rights and obligations are not affected by the repeal of the repealed Act. (2) The Western Australian Mint is in this Act referred to as the Mint. (3) The Mint — (a) under its corporate name has perpetual succession and a common seal; (b) is capable of suing and being sued in its corporate name; (c) has the functions conferred or assigned by this Act; and (d) subject to this Act — (i) is capable of doing and suffering all such acts and things as bodies corporate may lawfully do and suffer; and (ii) has the legal capacity, and the rights, the powers, and the privileges of a natural person in so far as they are attributed to a public company registered under the Corporations Act. (4) The Mint is a subsidiary of Gold Corporation. (5) The Mint is an agent of the Crown in right of the State and enjoys the status, immunities and privileges of the Crown, except as otherwise prescribed. (6) Notwithstanding any exemption or immunity that may otherwise exist, the Mint shall be liable for and shall pay all land tax, metropolitan region improvement tax, water charges, pay‑roll tax, duty under the Duties Act 2008, and all other taxes, fees and charges imposed by the Government, its instrumentalities or agencies. (7) No local government rate or charge is to be imposed or levied on any land vested in, or the care, control and management of which are placed with, the Mint, that is used or reserved exclusively for the purpose of providing works, undertakings or facilities necessary to the performance of the functions of the Mint. (7a) The Mint is to pay to the Treasurer for the benefit of the Consolidated Account in respect of a financial year a sum equal to the amount of any local government rate or charge that, but for subsection (7), the Mint would have been liable to pay in respect of that financial year. (7b) Amounts payable under subsection (7a) — (a) are to be determined in accordance with the principles; and (b) are to be paid at the time or times, that the Treasurer may direct. (8) Notwithstanding subsection (1), the Mint may use and operate under the name of "The Perth Mint" or under a trading name approved by the Minister being — (a) an abbreviation or adaptation of its corporate name; or (b) a name other than its corporate name. (9) Schedule 2, which contains savings and transitional provisions concerning the Mint, has effect. [Section 35 amended: No. 10 of 1990 s. 6 and 24; No. 20 of 2003 s. 26; No. 70 of 2003 s. 32; No. 77 of 2006 s. 4; No. 12 of 2008 s. 52.] 36. Functions of the Mint The functions of the Mint are — (a) to continue and develop the activities of the Royal Mint and The Perth Mint previously carried on under the repealed Act and to maintain the Mint's reputation and international accreditation as a melter and assayer acceptable to the London Gold Market; (b) to mint, make, buy, sell, and otherwise deal in coins (whether or not coins subject to the Currency Act 1965 of the Commonwealth), medallions and other artifacts of precious metal; (c) to crush, mill, recover, extract, process, smelt, sample, refine, assay and work gold, silver and other precious metals, their ores and dore and alloys; (d) to provide storage and safekeeping facilities to international standards for gold and other valuable objects; (e) to carry on the functions and business of the Western Australian State Battery system; (f) to provide technical and consulting services; and (g) subject to this Act, to perform such other functions as the Board may determine. 37. Powers of the Mint (1) The Mint has power in the State or elsewhere to do all things necessary or convenient for the purpose of carrying out its functions under this Act, subject to this Act. (2) Without limiting the generality of subsection (1), the Mint may — (a) acquire, hold and dispose of real and personal property on its own account or in trust for the Crown in right of the State; (b) borrow, lease, buy or otherwise acquire, and sell, lend, lease or otherwise dispose of, gold within Australia or elsewhere; (c) accept gold on deposit; and (d) borrow, lend and invest moneys, with the approval of the Treasurer but not otherwise. [Section 37 amended: No. 10 of 1990 s. 25.] 38. Prescribed symbols The Mint may utilize prescribed symbols specified in regulations made under this Act, with or without trade or internationally recognized markings, in relation to or in connection with its verification of metals or of weight, the identification of securities, the marketing of bullion, medallions or artifacts, or otherwise as the Board may determine. 39. Branches of the Mint The Mint may establish and maintain a branch in Kalgoorlie and with the approval of the Board may establish a branch or branches elsewhere. 40. Managing director of the Mint (1) The Board may, with the approval of the Minister, appoint a person to be managing director of the Mint. (2) The managing director of the Mint shall, subject to the direction of the Board and the chief executive officer of Gold Corporation, manage the affairs of the Mint and, in doing so, shall give effect to the policy of the Board. (3) The managing director — (a) subject to sections 41A and 41B, shall be appointed on such terms and conditions and shall be paid such remuneration and allowances as are determined by the Board; (b) may be removed from office by the Minister on the recommendation of the Board for any reason for which a director holding office under section 5(2)(a) or (b) might be removed from office by the Governor; and (c) may resign by notice given in writing in accordance with his conditions of service. [Section 40 amended: No. 28 of 2006 s. 421; No. 46 of 2016 s. 18.] 41A. Remuneration of managing director while Mint is not a Government entity (1) In this section — remuneration has the meaning given in the Salaries and Allowances Act 1975 section 4(1). (2) This section applies when the Mint is not a Government entity as defined in the Salaries and Allowances Act 1975 section 7BA. (3) The remuneration, including any variation to the remuneration, of the managing director of the Mint is to be determined by the Board on the recommendation of the Minister. (4) Subsection (3) — (a) applies regardless of whether the managing director was appointed on, before or after the day on which the Executive Officer Remuneration (Government Entities) Legislation Amendment Act 2016 Part 3 comes into operation; but (b) does not require the Board to re‑determine the remuneration of the person who, immediately before that day, holds office as the managing director of the Mint. [Section 41A inserted: No. 46 of 2016 s. 19; amended: No. 13 of 2023 s. 213.] 41B. Remuneration of managing director while Mint is a Government entity (1) In this section — remuneration has the meaning given in the Salaries and Allowances Act 1975 section 4(1). (2) This section applies when the Mint is a Government entity as defined in the Salaries and Allowances Act 1975 section 7BA. (3) The remuneration of the managing director of the Mint who is an executive officer, as defined in the Salaries and Allowances Act 1975 section 7C(1), is to be set by the Board within the range determined by the Salaries and Allowances Tribunal under section 7C(2) of that Act. (4) Any variation to the remuneration of the managing director of the Mint who, because of the Salaries and Allowances Act 1975 section 7C(4) is not an executive officer as defined in section 7C(1) of that Act, is to be determined by the Board on the recommendation of the Minister. [Section 41B inserted: No. 46 of 2016 s. 19; amended: No. 13 of 2023 s. 213.] 41. Employment by the Mint of staff and consultants (1) The Board may appoint such employees of the Mint, either full‑time or part‑time, as the Board considers necessary for the purposes of this Part. (2) Subject to any relevant order, award or agreement under the Industrial Relations Act 1979, the Board may determine the remuneration and other terms and conditions of the Mint's employees. (3) The Board may appoint such employees of the Mint outside Western Australia as the Board considers necessary for the purposes of this Part and may determine the remuneration and other terms and conditions of service of such employees. (4) The Mint may engage under contract for services such professional, technical or other assistance as it considers necessary. Division 2 — Financial provisions of the Mint 42. Moneys available to the Mint Subject to this Act, the moneys available to the Mint shall be — (a) moneys appropriated by Parliament from time to time for the purposes of the Mint; (b) moneys standing to the credit of the accounts of the Mint; and (c) all other moneys received for the products, goods and services provided by the Mint, or otherwise lawfully received by or made available to the Mint. 43. Recovery of fees and charges (1) All fees and charges payable for services rendered or materials supplied by The Director of The Perth Mint or the Mint may be recovered by the Mint as a debt in a court of competent jurisdiction. (2) The fees and charges payable for materials, products or services provided by the Mint after the coming into operation of this Part may be determined by the Board. 44. Payments to Gold Corporation The Mint shall pay to Gold Corporation in respect of each financial year any amount determined by the Board to be — (a) the proportion of the expenses of Gold Corporation attributable to the Mint; (b) the amount of a dividend that is payable from all or part of the profits of the Mint from its operations during the financial year; and (c) the proportion of the payment made by Gold Corporation under section 5 of the State Enterprises (Commonwealth Tax Equivalents) Act 1996 that is attributable to the operations of the Mint during the financial year. [Section 44 amended: No. 10 of 1990 s. 6; No. 70 of 2003 s. 33.] Division 3 — Security provisions 45. Title to gold and other residues Where — (a) prior to the coming into operation of the Perth Mint Amendment Act 1986, any gold, or gold bearing ore or dore, or alloy containing gold was smelted, sampled, assayed, refined or otherwise worked at the premises of the Royal Mint or of The Perth Mint; or (b) on or after the coming into operation of that Act any gold or other precious metal, or ore or dore bearing any gold or other precious metal, or any alloy thereof, or any precious stone or ore bearing any precious stone, was or is smelted, sampled, assayed, refined or otherwise worked at the premises of the Mint, any residue, after the normal working procedures have been carried out and the metal or stone so worked has been delivered to or on behalf of the person for whom the work was done, that remained or remains thereafter in the fabric of those premises, vests in the Mint absolutely as though it had been gold purchased in good faith by the Mint. 46. Detention of suspects (1) Where an employee of the Mint or Gold Corporation, authorised for the purpose by the Board, has reasonable cause to suspect that a person has contravened or is contravening Instructions under section 75 or a provision of The Criminal Code in relation to operations of the Mint, or has attempted or is attempting such a contravention, that employee may cause that person to be detained in the Mint in a suitable place, using such force as is reasonably necessary for the purpose, until the arrival of a member of the Police Force at the place of detention. (2) A person so detaining any other person shall take such steps as are necessary to ensure the summoning and arrival of a member of the Police Force, with as little delay as practicable. (3) A member of the Police Force may detain, in the Mint or elsewhere, for a reasonable time any person suspected of a contravention or attempted contravention to which subsection (1) applies, and, where satisfied that there are reasonable grounds for suspecting that an offence has been committed, may — (a) search that person and the possessions of that person; (b) seize anything found, as a result of the search or otherwise, that may afford evidence of the commission of an offence; (c) use such force as is reasonably necessary for the purpose of detention and search; and (d) arrest the person without warrant. [Section 46 amended: No. 10 of 1990 s. 6.] 47. Protection of the Mint name, symbol etc. (1) Subject to subsection (5), a person who, without the consent in writing of the Mint — (a) uses the name, or an abbreviation of the name, of the Mint, or a prescribed symbol, in connection with a business, trade, profession or occupation; (b) sells, offers for sale, exposes for sale, or otherwise has in his possession for sale, goods or securities to which the name, or an abbreviation of the name, of the Mint, or a prescribed symbol, has been applied; (c) uses the name, or an abbreviation of the name, of the Mint, or a prescribed symbol, in relation to goods or securities or to the promotion, by any means, of the supply or use of goods or securities; or (d) imports into the State for sale, or for use for the purposes of any trade or business, any article to which the name, or an abbreviation of the name, of the Mint or a prescribed symbol has been applied, outside the State, without the consent in writing of the Mint, commits an offence. (2) Subject to subsection (3), where, without the consent in writing of the Mint, the name, or an abbreviation of the name of the Mint or a prescribed symbol — (a) is used as, or as part of, the name or emblem of a person; or (b) is used by a person in connection with any activity of the person so as to imply that the person is in any way connected with the Mint, the person commits an offence. (3) A person shall not be convicted of an offence against this section in respect of the use of an abbreviation of the name of the Mint if the use occurred in such circumstances, or in relation to such matters, as to be unlikely to be taken to imply any connection with the Mint, unless the prosecution proves that the use was intended to imply such a connection. (4) The conviction of a person for an offence against this section in respect of the use of a name, abbreviation of a name, or prescribed symbol does not prevent a further conviction of that person in respect of the use of that name, abbreviation or prescribed symbol at any time after the first‑mentioned conviction. (5) For the purposes of this section — (a) any combination of words or letters, or of both words and letters, that is capable of being understood as referring to the Mint shall be taken to be an abbreviation of the name of the Mint; (b) a reference to a prescribed symbol shall be read as including a reference to an emblem, brand, design, symbol, logo or mark that — (i) is identical with a prescribed symbol; or (ii) so nearly resembles a prescribed symbol as to be capable of being mistaken for a prescribed symbol; (c) a name, abbreviation, or prescribed symbol shall be taken to be applied to goods or securities if it — (i) is impressed on, worked into or affixed to the goods or securities; or (ii) is applied to a covering, label, or other thing in or with which the goods or securities are supplied; (d) the reference in paragraph (c) to a covering includes a reference to a vessel, box, capsule, case, frame or wrapper and the reference in that paragraph to a label includes a reference to a band or ticket; (e) a name, abbreviation, or prescribed symbol shall be taken to be used in relation to goods or securities or to the promotion of the supply or use of goods or securities, if it is used in a sign, advertisement (whether printed, broadcast or televised), invoice, catalogue, price list or other document in relation to the goods or securities; and (f) a reference to the Mint includes a reference to the Royal Mint, The Perth Mint and to a person authorised by, or associated jointly with, the Mint in relation to any function of the Mint, being a person prescribed for the purposes of this section, in relation to any activity carried on by that person and so prescribed. (6) Proceedings under this section shall not be instituted without the consent in writing of the Attorney General. (7) A person who commits an offence against this section is punishable upon conviction — (a) in the case of a person other than a body corporate, by a fine not exceeding $2 000; or (b) in the case of a body corporate, by a fine not exceeding $4 000. Part VII — GoldCorp Australia 48. Constitution of GoldCorp Australia as a body corporate (1) There is hereby established a body corporate to be called GoldCorp Australia (in this Act referred to as GoldCorp). (2) GoldCorp — (a) under its corporate name has perpetual succession and a common seal; (b) is capable of suing or being sued in its corporate name; (c) has the functions conferred or assigned by this Act; and (d) subject to this Act — (i) is capable of doing and suffering all such acts and things as bodies corporate may lawfully do and suffer; and (ii) has the legal capacity, and the rights, the powers and the privileges of a natural person in so far as they are attributed to a public company registered under the Corporations Act. (3) GoldCorp is a subsidiary of Gold Corporation. (4) GoldCorp is an agent of the Crown in right of the State and enjoys the status, immunities and privileges of the Crown, except as otherwise prescribed. (5) Notwithstanding any exemption or immunity that may otherwise exist, GoldCorp shall be liable for and shall pay all land tax, metropolitan region improvement tax, water charges, pay‑roll tax, duty under the Duties Act 2008, and all other taxes, fees and charges imposed by the Government, its instrumentalities or agencies. (6) No local government rate or charge is to be imposed or levied on any land vested in, or the care, control and management of which are placed with, GoldCorp, that is used or reserved exclusively for the purpose of providing works, undertakings or facilities necessary to the performance of the functions of GoldCorp. (7) GoldCorp is to pay to the Treasurer for the benefit of the Consolidated Account in respect of a financial year a sum equal to the amount of any local government rate or charge that, but for subsection (6), GoldCorp would have been liable to pay in respect of that financial year. (8) Amounts payable under subsection (7) — (a) are to be determined in accordance with the principles; and (b) are to be paid at the time or times, that the Treasurer may direct. [Section 48 amended: No. 10 of 1990 s. 6; No. 20 of 2003 s. 26; No. 70 of 2003 s. 34; No. 77 of 2006 s. 4; No. 12 of 2008 s. 52.] 49. Functions of GoldCorp The functions of GoldCorp are — (a) to develop, promote and market in Australia and elsewhere things containing or related to gold; (b) to promote and create opportunities for the establishment and operation of markets for gold coins and other things containing gold or associated with gold; (c) to maximise the value added to and export income derived from gold production; and (d) subject to this Act, to perform such other functions as the Board may determine. 50. Powers of GoldCorp (1) GoldCorp has power to do all things necessary or convenient for the purpose of carrying out its functions under this Act, subject to this Act. (2) Without limiting the generality of subsection (1), GoldCorp may — (a) hold, borrow, lease, buy or otherwise acquire and sell, lend, lease or otherwise dispose of gold coins and other things containing or associated with gold; (b) acquire, hold and dispose of real and personal property; (c) borrow, lend and invest money, with the approval of the Treasurer but not otherwise; and (d) form or establish subsidiaries or appoint agents in Australia and elsewhere for the purposes of marketing internationally things containing or associated with gold. [Section 50 amended: No. 10 of 1990 s. 26.] 51. Managing director of GoldCorp (1) The Board may, with the approval of the Minister, appoint a person to be the managing director of GoldCorp. (2) The managing director of GoldCorp shall, subject to the direction of the Board and the chief executive officer of Gold Corporation, manage the affairs of GoldCorp and, in doing so, shall give effect to the policy of the Board. (3) The managing director — (a) subject to sections 52A and 52B, shall be appointed on such terms and conditions and shall be paid such remuneration and allowances as are determined by the Board; (b) may be removed from office by the Minister on the recommendation of the Board for any reason for which a director holding office under section 5(2)(a) or (b) might be removed from office by the Governor; and (c) may resign by notice given in writing in accordance with his conditions of service. [Section 51 amended: No. 28 of 2006 s. 422; No. 46 of 2016 s. 20.] 52A. Remuneration of managing director while GoldCorp is not a Government entity (1) In this section — remuneration has the meaning given in the Salaries and Allowances Act 1975 section 4(1). (2) This section applies when GoldCorp is not a Government entity as defined in the Salaries and Allowances Act 1975 section 7BA. (3) The remuneration, including any variation to the remuneration, of the managing director of GoldCorp is to be determined by the Board on the recommendation of the Minister. (4) Subsection (3) — (a) applies regardless of whether the managing director was appointed on, before or after the day on which the Executive Officer Remuneration (Government Entities) Legislation Amendment Act 2016 Part 3 comes into operation; but (b) does not require the Board to re‑determine the remuneration of the person who, immediately before that day, holds office as the managing director of GoldCorp. [Section 52A inserted: No. 46 of 2016 s. 21; amended: No. 13 of 2023 s. 213.] 52B. Remuneration of managing director while GoldCorp is a Government entity (1) In this section — remuneration has the meaning given in the Salaries and Allowances Act 1975 section 4(1). (2) This section applies when GoldCorp is a Government entity as defined in the Salaries and Allowances Act 1975 section 7BA. (3) The remuneration of the managing director of GoldCorp who is an executive officer, as defined in the Salaries and Allowances Act 1975 section 7C(1), is to be set by the Board within the range determined by the Salaries and Allowances Tribunal under section 7C(2) of that Act. (4) Any variation to the remuneration of the managing director of GoldCorp who, because of the Salaries and Allowances Act 1975 section 7C(4) is not an executive officer as defined in section 7C(1) of that Act, is to be determined by the Board on the recommendation of the Minister. [Section 52B inserted: No. 46 of 2016 s. 21; amended: No. 13 of 2023 s. 213.] 52. Employment by GoldCorp of staff and consultants (1) The Board may appoint such employees of GoldCorp, either full‑time or part‑time, as the Board considers necessary for the purposes of this Part. (2) Subject to any relevant order, award or agreement to be made under the Industrial Relations Act 1979, the Board may determine the remuneration and other terms and conditions of GoldCorp's employees. (3) GoldCorp is not part of the Public Service under the Public Sector Management Act 1994 2 nor a public authority for the purposes of the Industrial Relations Act 1979 Part II Division 2AA. (4) The Board may appoint such employees of GoldCorp outside Western Australia as the Board co