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] Despite subsection (1) , 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)  –

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] .  .  .  .  .  .  .  .