41Disposal, forfeiture etc of shares where prohibited shareholding interest

41 Disposal, forfeiture etc of shares where prohibited shareholding interest

41 Disposal, forfeiture etc of shares where prohibited shareholding interest

(1) If the Minister—

(a) makes a declaration under section 39 (3), or

(b) forms the opinion and, by notice in writing served on TAB Limited, declares under this subsection,

that a person (in this section referred to as the offender) has a prohibited shareholding interest in TAB Limited, the Minister may, by notice in writing served—

(c) if the offender holds voting shares in TAB Limited to which the offender is entitled—on the offender, or

(d) on any other person who holds voting shares in TAB Limited to which the offender is entitled,

declare that the offender or that other person must dispose of the relevant number of those shares, or a specified number of those shares not exceeding the relevant number, otherwise than to the offender or an associate of the offender within a specified period, being not less than 3 months after service of the notice.

(2) For the purposes of subsection (1), the relevant number of shares that a person may be required by a notice under that subsection to dispose of is—

(a) subject to paragraph (b), the number of shares held by the person that would need to be so disposed of in order to cause the offender to cease to have a prohibited shareholding interest in TAB Limited, or

(b) if, after all the shares in TAB Limited held by the person to which the offender is entitled were so disposed of, the offender would continue to have a prohibited shareholding interest in TAB Limited—the total number of those shares.

(3) For the purposes of this section, a person is not to be taken to have disposed of shares in TAB Limited to which an offender is entitled unless and until the person ceases to hold the shares and the offender ceases to be entitled to the shares.

(4) If a person served with a notice of a declaration under subsection (1) requiring the person to dispose of shares in TAB Limited fails to comply with the notice within the period required by the notice, the shares to which the notice relates are, by force of this subsection, forfeited to the State.

(5) If a transaction is entered into with respect to any shares in TAB Limited and—