- an unlisted public company limited by shares incorporated under the Corporations Act and
- a Commonwealth Company for the purposes of the PGPA Act.
MIC is wholly owned by the Australian Government represented by two Shareholder Ministers, the Minister for Finance and the Minister for Population, Cities and Urban Infrastructure .
There is no separate enabling legislation for MIC.
MIC has adopted a constitution, the key features of which include:
- a statement of objects
- a limitation on the powers of MIC by reference to Australian Government Policy and the contents of the CFF
- express restrictions on the power of MIC to do any of the following without prior written consent of the Minister for Finance and the Minister for Population, Cities and Urban Infrastructure :
- borrow or raise money
- grant security over any property of MIC or its uncalled capital
- give security for a debt, liability or obligation of MIC or another person
- form a company or participate in the formation of a company
- participate in a significant partnership, trust, unincorporated Joint Venture (JV) or similar
- acquire or dispose of a significant shareholding in a company
- acquire or dispose of a significant business or asset
- commence / cease a significant business activity
- make a significant change in nature or extent of its interests in a partnership, trust, unincorporated JV or similar
- significantly alter MIC 's corporate structure
- alter MIC 's share capital structure or
- a corporate indemnity for Directors.
MIC and its wholly-owned subsidiaries are subject to a Commercial Freedoms Framework. MIC is party to an Equity Funding Agreement with the Commonwealth, which formalises the intention of the Commonwealth to provide equity funding in respect of the transaction it has entered into with Sydney Intermodal Terminal Alliance.
MIC only has fully paid ordinary shares in issue, all of which are owned by the Commonwealth.
The company does not presently have any financial borrowing.