58Subsidiary corporations

58 Subsidiary corporations

58 Subsidiary corporations

(1) In this section—

private corporation means a corporation within the meaning of the Corporations Act 2001 of the Commonwealth, whether formed in or outside New South Wales.

subsidiary corporation means a private corporation in which the Authority has a controlling interest.

(2) The Authority may, with the approval of the Minister—

(a) in relation to private corporations—

(i) form, or participate in the formation of, a private corporation, and

(ii) acquire interests in a private corporation, and

(iii) sell or otherwise dispose of interests in a private corporation, and

(b) in relation to subsidiary corporations—

(i) form, or participate in the formation of, a subsidiary corporation, and

(ii) acquire an interest in a private corporation so that, as a result of the acquisition, the corporation becomes a subsidiary corporation, and

(iii) sell or otherwise dispose of any interest in a subsidiary corporation so that, as a result of the sale or disposal, it ceases to be a subsidiary corporation.

(3) The Minister must not give such an approval except with the concurrence of the Treasurer.

(4) A private corporation in which the Authority has an interest (including a subsidiary corporation) is not, and does not represent, the Crown.

s 58: Am 2001 No 34, Sch 4.62 (am 2001 No 112, Sch 2.10 [2]).