33Sale of Company

### 33 Sale of Company > > (1)  While all the shares in the Company are held in trust for the Crown, the members, jointly, may do one or more of the following: > > > > > > (a) sell their shares in the Company; > > > > > > > (b) direct the Company to sell its shares in a subsidiary of the Company; > > > > > > > (c) direct the Company to sell all or any of its assets; > > > > > > > (d) require the Company to direct a subsidiary of the Company to sell all or any of its assets. > > > (2)  A direction or requirement is to be in writing. > > > (3)  The Company, and a subsidiary of the Company, are to comply with a direction or requirement. > > > (4)  [*\[Section 33 Subsection (4) amended by No. 20 of 2025, s. 20, Applied:27 Nov 2025\]*](/view/html/inforce/2025-11-27/act-2025-020#GS20@Hpa@EN) Despite [subsection (1)](#GS33@Gs1@EN) , the members may not – > > > > > > (a) sell their shares in the Company; or > > > > > > > (b) direct the Company to sell its shares in a subsidiary of the Company; or > > > > > > > (c) direct the Company to sell all its assets or substantial assets; or > > > > > > > (d) require the Company to direct a subsidiary of the Company to sell all its assets or substantial assets – > > > > unless at least two-thirds of the members of each House of Parliament have passed a motion that approves that sale of shares, that direction to sell shares or substantial assets or that requirement. > > > (5)  In [subsection (4)](#GS33@Gs4@EN)  – > > > > > ***substantial assets***, in relation to the Company, or a subsidiary of the Company, means an asset or 2 or more assets which, if sold, would affect the operation of the Company or of the subsidiary. > > > (6)  [*\[Section 33 Subsection (6) omitted by No. 20 of 2025, s. 20, Applied:27 Nov 2025\]*](/view/html/inforce/2025-11-27/act-2025-020#GS20@Hpb@EN) .  .  .  .  .  .  .  .