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].