sec.63Share capital and issue of shares

### sec.63 Share capital and issue of shares If a candidate GOC does not have a share capital, a regulation may provide that, on a specified day, the candidate GOC is taken to have a share capital of a specified amount. Before becoming a GOC, the candidate GOC must apply the part of its capital that the responsible Ministers direct in paying up, in full, shares in itself. As soon as practicable after complying with subsection (2) , the candidate GOC must issue the shares paid up under the subsection. If a candidate GOC does not have a board of directors (including an interim board of directors), the responsible Ministers may apply the part of the capital and issue the shares on the candidate GOC’s behalf. Chapter 3 , part 3 applies to the candidate GOC as if it were a GOC. Subsections (1) to (4) apply to a government entity (the intended subsidiary ) that is to become a GOC subsidiary as if— the intended subsidiary were a candidate GOC; and the responsible Ministers of the government entity of which it is to become a subsidiary were also its responsible Ministers. The responsible Ministers may, by written notice to the intended subsidiary, give directions about the issue, holding and transfer of shares paid up under subsection (2) . The intended subsidiary must ensure that the directions are complied with. In subsections (1) to (4) — candidate GOC includes a candidate GOC associate. s 63 sub 1994 No. 31 s 26 amd 1998 No. 21 s 12 ; 2007 No. 10 ss 17 , 62 sch (sec.63-ssec.1) If a candidate GOC does not have a share capital, a regulation may provide that, on a specified day, the candidate GOC is taken to have a share capital of a specified amount. (sec.63-ssec.2) Before becoming a GOC, the candidate GOC must apply the part of its capital that the responsible Ministers direct in paying up, in full, shares in itself. (sec.63-ssec.3) As soon as practicable after complying with subsection (2) , the candidate GOC must issue the shares paid up under the subsection. (sec.63-ssec.4) If a candidate GOC does not have a board of directors (including an interim board of directors), the responsible Ministers may apply the part of the capital and issue the shares on the candidate GOC’s behalf. (sec.63-ssec.5) Chapter 3 , part 3 applies to the candidate GOC as if it were a GOC. (sec.63-ssec.6) Subsections (1) to (4) apply to a government entity (the intended subsidiary ) that is to become a GOC subsidiary as if— the intended subsidiary were a candidate GOC; and the responsible Ministers of the government entity of which it is to become a subsidiary were also its responsible Ministers. (sec.63-ssec.7) The responsible Ministers may, by written notice to the intended subsidiary, give directions about the issue, holding and transfer of shares paid up under subsection (2) . (sec.63-ssec.8) The intended subsidiary must ensure that the directions are complied with. (sec.63-ssec.9) In subsections (1) to (4) — candidate GOC includes a candidate GOC associate. - (a) the intended subsidiary were a candidate GOC; and - (b) the responsible Ministers of the government entity of which it is to become a subsidiary were also its responsible Ministers.