14Purchase etc of certain shares

14 Purchase etc of certain shares

14 Purchase etc of certain shares

(1) The Corporation may, on behalf of the Crown, negotiate and enter into agreements for the purposes of, or in connection with, the acquisition, holding, dealing with, and disposal of shares in any company having (whether expressly or otherwise) among its objects—

(a) the carrying out of investigations or research into energy or energy resources, or

(b) the locating, development, extraction, transportation, distribution, conservation, utilisation, acquisition or disposal of energy or energy resources.

(2) Such an agreement may be entered into by the Corporation only with the approval of the Governor given on the recommendation of the Minister with the concurrence of the Treasurer.

(3) Such an agreement may be executed, on behalf of the Corporation, only by 2 or more persons authorised for the purpose by the Governor on that recommendation and with that concurrence.

(4) The Corporation may do all things authorised or required by such an agreement to be done and all incidental things, and may also do such things as are necessary or convenient to be done for the purpose of carrying into effect and implementing the terms of any such agreement.

(5) Without affecting the generality of subsection (4), the Corporation may—

(a) acquire, hold, deal with and dispose of shares in a company to which an agreement entered into by it under this section relates, and

(b) do all such things as are appropriate by reason of its being a holder of any such shares, including the appointment of any director or directors of any such company.

(6) Any appointment of such a director shall not be made except with the approval of the Minister and the Treasurer.

(7) The fact that any director of a company so appointed is accustomed to act in accordance with the directions or instructions of a Minister of the Crown does not constitute that Minister a director of the company.