Metro Tasmania Act 1997
19ALimitations on members of Company
Start here
Get a plain-English read of 19A
Turn the raw legal text into a practical explanation grounded in Metro Tasmania Act 1997.
19A Limitations on members of Company
[Section 19A Inserted by No. 6 of 2001, s. 4, Applied:12 Apr 2001]
(1) A member of the Company must not sell or otherwise dispose of the shares held by that member.
(2) A member of the 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) [Section 19A Subsection (3) inserted by No. 20 of 2025, s. 16, Applied:27 Nov 2025] 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.