118Sale of forfeited shares

118 Sale of forfeited shares (1) The Minister must sell all voting shares forfeited to the Territory under section 116 or 117.

Totalisator Licensing and Regulation Act 2000 59 (2) In selling the voting shares, the Minister is not affected by any restriction on the sale of voting shares contained in the licensee's constitution. (3) The proceeds from the sale of the voting shares are to be: (a) first – applied in payment of the reasonable costs of the forfeiture and sale; (b) secondly: (i) if the voting shares were transferred as a result of a transaction referred to in section 116 and the transferor has not received the full consideration agreed on with the transferee – applied in payment to the transferor of the amount or value of the consideration not received by the transferor and to the transferee of any residue; or (ii) in any other case – paid to the person from whom the voting shares were forfeited.