Page 4972 - Week 17 - Tuesday, 11 December 1990

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Clause 13

MR KAINE (Chief Minister) (8.33): Mr Speaker, I move:

Page 5, subclause 13(1), lines 15 to 20, omit the subclause, substitute the following subclause:

"(1) The Chief Minister may authorise a person -

(a) to participate, on behalf of the Territory, in the formation of a company; or

(b) to acquire, on behalf of the Territory, shares in a company;

being a company that is, or it is intended will become, a Territory owned corporation or a subsidiary.".

This amendment seeks to omit the existing subclause and substitute a new subclause in its place. This deals with a correction of the layout of subclause (13)(1), whereby both paragraphs (a) and (b) of subclause (13)(1) relate to a company that is or is intended to become a Territory owned corporation or a subsidiary.

Amendment agreed to.

Clause, as amended, agreed to.

New clause 13A

MR KAINE (Chief Minister) (8.33): I move:

Page 5, line 33, after clause 13 insert the following clause:

Acquisition of subsidiaries

"13A. (1) A Territory owned corporation or a subsidiary shall not enter into a specified transaction if, as a result of the transaction, a company would or could become a partially owned subsidiary of the Territory owned corporation or subsidiary.

(2) In this section -

'partially owned subsidiary' means a company that -

(a) is a subsidiary, within the meaning of the Corporations Act, of a Territory owned corporation or subsidiary; and

(b) not all of the issued share capital of which is held by or on behalf of the corporation or subsidiary;

'specified transaction' means -

(a) the participation, whether direct or indirect, in the formation of a company;

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