Corporate form
National Intermodal Corporation Limited (formerly Moorebank Intermodal Company Limited) is:
- an unlisted public company limited by shares incorporated under the Corporations Act 2001; and
- a Commonwealth Company for the purposes of the Public Governance, Performance and Accountability Act 2013.
National Intermodal is wholly owned by the Australian Government represented by two Shareholder Ministers, the Minister for Finance and the Minister for Infrastructure, Transport, Regional Development and Local Government.
Enabling legislation
There is no separate enabling legislation for National Intermodal.
Constituent documents
National Intermodal’s Constitution has the following key features:
- a statement of it objects
- the powers and obligations bestowed on officers of the company
- limitations on National Intermodal’s powers by reference to Australian Government Policy, the Company’s Commercial Freedoms Framework and the Shareholder Ministers' Statement of Expectations
- express powers of Shareholder Ministers
- obligations relating to the issuance of shares and payment of dividends to the Commonwealth and
- the role of the Board and a corporate indemnity for Directors.
National Intermodal and its wholly-owned subsidiaries are subject to a Commercial Freedoms Framework. National Intermodal has a Funding Agreement with the Commonwealth, which formalises the intention of the Commonwealth to provide equity funding to the company in order for it to meet its approved objectives, including construction of the Moorebank Intermodal Terminal.
Capital structure
National Intermodal has fully paid ordinary shares in issue, all of which are owned by the Commonwealth. National Intermodal has access to private debt through a syndicated revolving credit facility.
