8Existing shareholdings—approvals, directions

8 Existing shareholdings—approvals, directions

8 Existing shareholdings—approvals, directions

(1) This clause applies to a shareholding in The Australian Gas Light Company which existed as at 1 January 1986.

(2) The consent of The Australian Gas Light Company is not required for the following:

(a) the Minister’s approval under section 41 of a shareholding to which this clause applies,

(b) the imposition of conditions under section 42 on the approval at the time it is given,

(c) the giving of directions under section 44 in relation to the approval at the time it is given.

(3) The Minister shall not effect any variation of, addition to or revocation of conditions imposed under section 42 or directions given under section 44, in relation to a shareholding to which this clause applies, unless:

(a) the Australian Gas Light Company consents to it, or

(b) the proprietors of that company do not disapprove of it.

(4) The proprietors of the company shall be deemed not to disapprove of the variation, addition or revocation if:

(a) the Minister gives the company notice in writing of the proposed variation, addition or revocation, and

(b) during the period of 3 months after notice is given, no resolution disapproving it is passed at a general meeting of the company.