Mineral Resources Development Company Limited Authorization Act 2020 / Act No. 9 of 2020

Being an Act to (a) recognize the incorporation of Mineral Resources Development Company Limited as an entity that, together with its subsidiaries hold on trust interest in petroleum, mining, and unconventional hydrocarbons projects for beneficiaries including project area landowners, affected Provincial Governments and Local- Level Government; and (b) provide that the shares in Mineral Resources Development Company Limited are held on trust by the Prime Minister from time to time on behalf of the State; and (c) provide that Mineral Resources Development Company Limited and its subsidiaries are not the State or instrumentalists of the State and that their assets shall not be deemed as public assests shall not be deemed as public assets; and (d) repeal the Mineral Resources Development Company Pty Limited (Privatisation) Act 1996 and for related purposes.

The Act consists of 16 sections, divided into 8 parts; Part 1, outlines compliance with constitutional requirements, the interpretation, application of the Act and the provision that the legislation is not applicable to a Mineral Resources Development Company; Part 2, on shares in the Mineral Resources Development Company and its subsidiaries; Part 3, the independence on Mineral Resources Development Companies; Part 4, the Mineral Resources Development Company as incorporated under the Companies Act 1997 and the establishment of the Board; Part 5, the Mineral Resources Development Subsidiaries and trust arrangement under the Oil and Gas Act 1998; Part 6, on additional provisions; Part 7, miscellaneous, the Head of State acting on advice can make regulation. The transitional provisions states that the repealed Act means the Mineral Resources Development Company Pty Limited Privatisation Act 1996.