5Formation of companies

### 5 Formation of companies > > (1)  [*\[Section 5 Subsection (1) amended by No. 42 of 2001, Sched. 1, Applied:15 Jul 2001\]*](/view/html/inforce/2001-07-15/act-2001-042#JS1@Ja21@GC3@EN) The Minister may form, or participate in the formation of, one or more companies limited by shares that is or are to be incorporated under the Corporations Act, with each such company having as its primary purposes one or more of the following activities: > > > > > > (a) the transmission of electricity; > > > > > > > (b) the distribution of electricity; > > > > > > > (c) the retailing of electricity; > > > > > > > (d) any other activity, other than the generation of electricity, related to or associated with the transmission, distribution or retailing of electricity. > > > (2)  If the Minister proposes to form, or participate in the formation of, a company under [subsection (1)](#GS5@Gs1@EN) , the Minister must lay before both Houses of Parliament a statement specifying – > > > > > > (a) the intention to so form or participate in the formation of such a company; and > > > > > > > (b) the primary purposes of the company; and > > > > > > > (c) any other information the Minister considers appropriate. > > > (3)  The Minister may not form, or participate in the formation of, a company under [subsection (1)](#GS5@Gs1@EN) unless the proposal in respect of that company referred to in [subsection (2)](#GS5@Gs2@EN) has been approved by both Houses of Parliament. > > > (4)  A proposal referred to in [subsection (2)](#GS5@Gs2@EN) is approved by a House of Parliament – > > > > > > (a) when the House passes a motion approving the proposal; or > > > > > > > (b) at the end of 6 sitting days after the draft order was laid before the House if no notice of a motion to disapprove the proposal is before the House; or > > > > > > > (c) if such a notice is before the House at the end of that period, when the first of the following occurs: > > > > > > > > > > (i) the notice is withdrawn; > > > > > > > > > > > (ii) the motion is negatived; > > > > > > > > > > > (iii) a further period of 6 sitting days ends.