9Implementation companies

9 Implementation companies

9 Implementation companies

(1) The Minister may for the purposes of the authorised implementation establish, or direct the establishment of, companies as implementation companies in any of the following ways—

(a) the formation or acquisition by or on behalf of the State of a company limited by shares, so that all the issued shares in the company are held by or on behalf of the State,

(b) the formation or acquisition of a company as a wholly owned subsidiary company of an implementation company.

(2) An implementation company that is a public sector agency of the State may be converted from one kind of company to any other kind of company.

(3) Except by express agreement with the Minister—

(a) an implementation company is not and does not represent the State, and

(b) the debts, liabilities and obligations of an implementation company are not guaranteed by the State.

(4) The Minister may act for or on behalf of the State or an implementation company that is a public sector agency of the State in connection with the rights, privileges and benefits, and the duties, liabilities and obligations, of the State or an implementation company as the holder of shares or other securities in or issued by an implementation company.

(5) Shares and other securities in or issued by an implementation company that is a public sector agency of the State may be issued, sold or transferred in accordance with the directions of the Minister. The Minister may on behalf of the State or an implementation company that is a public sector agency of the State enter into and carry out implementation arrangements for the issue, sale or transfer of shares and other securities in or issued by an implementation company.