- an unlisted proprietary company limited by shares incorporated under the Corporations Act and
- a Commonwealth Company for the purposes of the PGPA Act.
ASC is wholly owned by the Australian Government represented by a single Shareholder Minister, the Minister for Finance.
There is no separate enabling legislation for ASC.
ASC has adopted a constitution, the key features of which include:
- a statement of objects
- a limitation on the power of ASC to take specified actions without prior written consent of the Shareholder Minister
- provision deeming that Directors are considered to act in good faith and in best interests of ASC if they act in good faith, in the best interests of the Commonwealth, within the power of ASC and the law and the company remains solvent
- a provision deeming that Directors are considered to act in the best interests of the Commonwealth if they act in accordance with the instructions, directions or expectations of the Commonwealth
- the ability for the Shareholder Minister to communicate expectations of the Commonwealth to inform the view of Directors
- the ability for the Shareholder Minister to direct Directors to exercise the powers of the company in a specified manner and
- a corporate indemnity for officers.
ASC 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.
Unique industry regulatory features
ASC has a number of contracts with the Commonwealth, represented by the Department of Defence. Further information about ASC can be found at http://www.asc.com.au.