48Forfeiture of shares required to be disposed of

48 Forfeiture of shares required to be disposed of

48 Forfeiture of shares required to be disposed of

(1) Where a person fails to comply with an order of the Minister to remedy a contravention of the shareholding limitation, the Minister may by order in writing served on the Company direct that specified shares in the Company held by the person vest in the Corporation.

(2) The order has effect accordingly and no stamp duty is payable on the order.

(3) The order may vest only so many shares as may be necessary to remedy the contravention and in making the order the Minister shall give effect to any reasonable request of the shareholder as to which shares are to be vested in the Corporation.

s 48: Am 1987 No 209, Sch 44.