Irrigation Company Act 2011
11ALimitations on members of Company
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11A Limitations on members of Company
[Section 11A Inserted by No. 20 of 2025, s. 14, Applied:27 Nov 2025]
(1) A member of a Company must not sell or otherwise dispose of shares held by that member in trust for the Crown.
(2) A member of a Company must not vote at a meeting of the shareholders of the Company to allow the Company to –
(a) offer shares in the Company for subscription; or
(b) invite persons to subscribe for shares in the Company; or
(c) allot or issue shares in the Company on a basis other than to existing shareholders pro rata to their existing shareholding.
(3) If an Act intends to amend or repeal subsection (1) , that Act is of no effect unless a motion that approves the proposed amendment or repeal has first been passed by at least two-thirds of the members of each House of Parliament.
(4) For the avoidance of doubt, if there is an inconsistency between this section and the constitution, this section prevails to the extent of the inconsistency.