55Subsidiary companies

#### 55 Subsidiary companies 55 Subsidiary companies > > (1) The purpose of this section is to make it clear that TAB may, whether or not in connection with the conversion, form or participate in the formation of subsidiary companies on or after the date of assent to this Act and before the conversion. > > > (2) Any function of TAB may be exercised by a company in which TAB has a controlling interest. Such a company is referred to in this section as a subsidiary company. > > > (3) Before the conversion— > > > > > (a) TAB may, with the approval of the Minister— > > > > > > > (i) form, or participate in the formation of, a subsidiary company, or > > > > > > > (ii) acquire an interest in a company so that, as a result of the acquisition, the company becomes a subsidiary company, and > > > > > (b) TAB must not, without the approval of the Minister, sell or otherwise dispose of any interest in a subsidiary company so that, as a result of the sale or disposal, it ceases to be a subsidiary company. > > > (4) Nothing in this section affects any power of TAB Limited (existing apart from this section) to form or participate in the formation of, or sell or otherwise dispose of interests in, TAB Limited subsidiaries after the conversion. > > > (5) TAB is taken to have been able to form or participate in the formation of, or sell or otherwise dispose of interests in, subsidiary companies before the date of assent to this Act. > > > (6) In this section— > > > > company means a company incorporated or taken to be incorporated under the [Corporations Law](/view/html/inforce/current/sl-1999-0703). > > **s 55:** Am 1997 No 151, Sch 1 \[29\].