On the 15 July 2002, The Corporations (Q) Act 1990 (Q) Reprint No 3 created in QLD
a Corporate Government. The State of Queensland Australia is registered
with the US Securities and Exchange Commissions
under No. 0001244818.
“Can you explain to the people of Queensland why the STATE OF QUEENSLAND is registered as a corporation with the U.S. Securities and Exchange Commission under CIK No. 0001244818, together with the Queensland Treasury Corporation registration under filing CIK No. 0000852555 to trade debt securities through the Luxembourg Stock Exchange, and using the people of Queensland and their property to provide the wealth-base/collateral on private bank loans? Surely this a breach of the trust and faith which the electors of QLD placed in their elected members to uphold and respect the laws of the Commonwealth – what are the implications of such an action in contrary to the Criminal Code Act 1995 (C’wth) to which they are subject under Chapter 7 – The Proper Administration of Government?
Extract HERE ⇓
The unclear status of the Statement of Corporate Intent also jeopardies the position of the GOCs from a governance viewpoint. If it is to be an agreement that should be stated in unequivocal terms. Further if it is to act as a limiting factor on the actions of the GOC that also should be stated. It may well be that there was a reluctance to clearly spell out the intended structure and how it was to work in relation to corporatised entities as to do so may well have clearly stated that with corporatisation there is a lot of change, but nothing really changes – all things stay the same from a control perspective. That level of control is the clearest when you look at the position in relation to the senior management of the GOC. They are appointed by the government and the board of the GOC has no power over them thus highlighting the fundamental weakness of the corporate governance structure. The GOCs are little more than another manifestation of the State. They are very much agents and are not independent entities with appropriate control over their own destiny.
Thank you Darryl