358Restrictions on formation of corporations and other entities

#### 358 Restrictions on formation of corporations and other entities 358 Restrictions on formation of corporations and other entities > > (1) A council must not form or participate in the formation of a corporation or other entity, or acquire a controlling interest in a corporation or other entity, except— > > > > > (a) with the consent of the Minister and subject to such conditions, if any, as the Minister may specify, or > > > > > (b) as provided by this Act. > > > (2) This section does not prevent a council from being a member of a co-operative society or a company limited by guarantee and licensed not to use the word “Limited” in its name. > > > (3) In applying for the Minister’s consent under subsection (1)(a), the council is required to demonstrate, to the Minister’s satisfaction, that the formation of, or the acquisition of the controlling interest in, the corporation or entity is in the public interest. > > > (3A) The regulations may make provision for or with respect to the matters to be taken into account by the Minister in deciding whether to grant consent under this section and the conditions that may or must be specified by the Minister under this section. > > > (4) In this section, entity means any partnership, trust, joint venture, syndicate or other body (whether or not incorporated), but does not include any such entity that is of a class prescribed by the regulations as not being within this definition. > > **s 358:** Am 2003 No 82, Sch 1.17 \[1\]; 2004 No 113, Sch 1 \[3\] \[4\]; 2008 No 92, Sch 1 \[4\].