Gas Industry Restructuring Act 1986
7Validation in respect of approved shareholdings in AGL
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7 Validation in respect of approved shareholdings in AGL
7 Validation in respect of approved shareholdings in AGL
(1) This clause applies to a person who holds shares in The Australian Gas Light Company if the shareholding:
(a) existed as at 1 January 1986, and
(b) is approved by the Minister under section 41.
(2) Shares in The Australian Gas Light Company held or purportedly held by a person to whom this clause applies shall for all purposes be deemed to have been validly held by the person before the approval takes effect.
(3) For the purpose of the validation of the exercise of voting rights attached to shares, this clause operates only to deem shares to have been validly held to the extent that the shares represent not more than 5 per cent of the issued share capital of the company.
(4) This clause applies only to shares held by the person as at the date specified by the Minister for the purpose in the approval of the shareholding.