116Disposal and forfeiture of shares comprising prohibited

116 Disposal and forfeiture of shares comprising prohibited (1) If the Minister makes a declaration under section 114(1)(g), the Minister may by notice in writing require that the prohibited holder or, if the prohibited holder is not the person who holds the voting shares referred to in the declaration, that other person to dispose of: (a) if, after the total number of the voting shares in respect of which the prohibited holder is entitled to exercise or to influence or control the exercise of voting rights were disposed of, the prohibited holder would continue to have a prohibited shareholding interest in the licensee – all those voting shares; (b) if the Minister considers (for whatever reason) that it is appropriate for the person to dispose of a number of voting shares that is less than the number of the voting shares referred to in paragraph (a) or (c) – that number of shares; or (c) in any other case – the number of voting shares that would need to be disposed of so that the prohibited holder would cease to have a prohibited shareholding interest in the (2) On the Minister giving notice requiring the disposal of voting shares under subsection (1), the Minister must also give notice of the requirement to dispose of voting shares to the licensee concerned. (3) The requirement to dispose of voting shares takes effect: (a) if the notices under subsections (1) and (2) are given at the same time – on the giving of the notices; or (b) if the notices are given at different times – when the last of the notices is given. (4) A person who is given a notice under subsection (1) is to be taken to have disposed of the voting shares required to be disposed of by the notice only if the person ceases to hold the voting shares and,

Totalisator Licensing and Regulation Act 2000 58 in the case where the prohibited holder is not the holder of the voting shares, the prohibited holder ceases to influence or control the exercise of the right to vote attached to the voting shares. (5) If a person who is given a notice under subsection (1) does not dispose of the voting shares within the period specified in the notice, the voting shares are, on the expiry of that period, forfeited to the Territory.