NBN Co Limited (nbn)
an unlisted public company limited by shares incorporated under the Corporations Act and
a Commonwealth Company for the purposes of the PGPA Act.
nbn does not have any specific Enabling Legislation.
nbn has adopted a constitution, the key features of which include:
a statement of objects
a limitation on the powers of nbn to do those things which are necessary or incidental to achievement of the objects and which are consistent with Australian Government Policy
a provision deeming that Directors are considered to act in good faith and in best interests of nbn if they act in good faith, in the best interests of the Commonwealth, within the power of nbn 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 a resolution of the Commonwealth
the ability of the Commonwealth to pass member resolutions by signed notice and
a corporate indemnity for Directors.
nbn is party to an Equity Funding Agreement with the Commonwealth, which formalises the intention of the Commonwealth to provide equity funding to nbn.
nbn only has fully paid ordinary shares in issue, all of which are owned by the Commonwealth.
The company does not presently have any borrowings.
Unique industry regulatory features
Information on nbn’s regulatory features is available from the Department of Communications and the Arts https://www.communications.gov.au/what-we-do/internet/national-broadband-network/nbn-legislative-framework