10Limitation on powers

10 Limitation on powers

(1)  A Government Business Enterprise must not transfer any property, right, liability or obligation to a subsidiary unless –

(a) the subsidiary agrees to the proposed transfer; and

(b) [Section 10 Subsection (1) amended by No. 42 of 2002, Sched. 1, Applied:27 Nov 2002] the Portfolio Minister and Treasurer have approved the proposed transfer.

(2)  [Section 10 Subsection (2) amended by No. 42 of 2002, Sched. 1, Applied:27 Nov 2002] [Section 10 Subsection (2) amended by No. 42 of 2002, s. 7, Applied:27 Nov 2002] [Section 10 Subsection (2) amended by No. 42 of 2001, Sched. 1, Applied:15 Jul 2001] A Government Business Enterprise must not form or participate in the formation of a body corporate which the Government Business Enterprise intends to be a subsidiary and which is to be incorporated under the Corporations Act unless the Portfolio Minister and Treasurer have approved the constitution that is to be the constitution of the subsidiary on its incorporation.

(3)  [Section 10 Subsection (3) amended by No. 42 of 2002, Sched. 1, Applied:27 Nov 2002] Except with the approval of the Portfolio Minister and Treasurer, a Government Business Enterprise must not–

(a) acquire a number of shares in a body corporate sufficient to make it a subsidiary; or

(b) dispose of a number of shares in a body corporate sufficient to cause it not to be a subsidiary; or

(c) enter into a contract that results in a body corporate becoming or ceasing to be a subsidiary.

(4)  [Section 10 Subsection (4) amended by No. 42 of 2002, Sched. 1, Applied:27 Nov 2002] [Section 10 Subsection (4) amended by No. 42 of 2002, s. 7, Applied:27 Nov 2002] A Government Business Enterprise that is a shareholder in a company, within the meaning of the Corporations Act, that is its subsidiary must not approve or agree to an alteration to the constitution of the company except where the Government Business Enterprise has first obtained the approval of the Portfolio Minister and Treasurer to that alteration.