Legislative Assembly for the ACT: 1996 Week 7 Hansard (18 June) . . Page.. 1827..
MR DE DOMENICO (Minister for Urban Services and Minister for Business, Employment and Tourism) (3.48): Mr Speaker, for the information of members, I present the memorandum and articles of association of both Ecowise Services Ltd and Ecowise Environmental Ltd, and I move:
That the Assembly takes note of the papers.
Mr Speaker, I am pleased to table information about the first two subsidiaries to be established by ACTEW Corporation. This is the initial step in separating ACTEW's businesses so that the corporation can seek new and profitable business opportunities. The corporation is establishing two subsidiary companies - Ecowise Services Ltd and Ecowise Environmental Ltd. This will enable ACTEW to provide and market a number of electrical and other environmental services to the Government and the private sector. Ecowise Services Ltd will provide products and services in electricity, electronics, communications, and energy management. Ecowise Environmental Ltd will provide hydrology, hydrography, environmental services and scientific and laboratory services.
Corporation law requires five or more subscribers to establish a public company. The subscribers to these subsidiaries were ACTEW Corporation and four of its directors. After incorporation of the subscribers, the shares currently held by the directors will be transferred to the ownership of ACTEW Corporation. These companies will give ACTEW the scope to build on its excellent environmental and energy management work. The company structure will also provide a framework for ACTEW to effectively market these products and further enhance the corporation's reputation as an innovator and leader in providing energy-related services. In accordance with the Territory Owned Corporations Act 1990, I have presented to the Assembly the memorandum and articles of association for Ecowise Services Ltd and Ecowise Environmental Ltd.
Question resolved in the affirmative.
MR HUMPHRIES (Attorney-General): Mr Speaker, pursuant to section 6 of the Subordinate Laws Act 1989, I present subordinate legislation in accordance with the schedule of gazettal notices for a declaration, determinations, instruments of appointment, management standards, regulations and a variation. I also present a notice of commencement.