15Certain transfers of shares in liable entities prohibited

#### 15 Certain transfers of shares in liable entities prohibited 15 Certain transfers of shares in liable entities prohibited > > (1) A relevant company must not transfer to any person any shares that it holds in a liable entity without the written approval of the Minister. > > > > Maximum penalty—1,000 penalty units. > > > > Note— > > > > If a relevant company contravenes this subsection, section 67 operates to make each person who is a director of the company or who is concerned in the management of the company liable for the offence if the person knowingly authorised or permitted the contravention. > > > (2) Without limiting subsection (1), an order of the Minister under section 16 instructing a relevant company and its directors and officers to transfer shares constitutes written approval of the Minister for the purposes of that subsection for the transfer of those shares. > > > (3) It is taken to be a provision of the constitution of each liable entity that— > > > > > (a) shares in the entity cannot be transferred without the written approval of the Minister, and > > > > > (b) the provisions of paragraph (a) have effect despite any other provisions of the constitution of the entity. > > **s 15:** Am 2006 No 108, Sch 1 \[8\].