55DPrivate subsidiary corporations etc

#### 55D Private subsidiary corporations etc 55D Private subsidiary corporations etc > > (1) In this section— > > > > private corporation means a corporation within the meaning of the [Corporations Act 2001](http://www.legislation.gov.au/) of the Commonwealth formed in or outside New South Wales. > > > > private subsidiary corporation means a private corporation in which a transport authority has a controlling interest. > > > (2) A transport authority may, subject to subsection (3)— > > > > > (a) form, or participate in the formation of, private corporations, and > > > > > (b) acquire interests in private corporations, and > > > > > (c) sell or otherwise dispose of interests in private corporations, > > > > whether or not the activities or proposed activities of any such private corporation are related to the activities of the transport authority. > > > (3) A transport authority must not, without the approval of the Minister— > > > > > (a) form, or participate in the formation of, a private subsidiary corporation, or > > > > > (b) acquire an interest in a private corporation so that, as a result of the acquisition, the corporation becomes a private subsidiary corporation, or > > > > > (c) sell or otherwise dispose of any interest in a private subsidiary corporation so that, as a result of the sale or disposal, it ceases to be a private subsidiary corporation. > > > (4) A private subsidiary corporation is not a NSW Government agency. > > **s 55D:** Ins 2008 No 115, Sch 1 \[7\]. Rep 2010 No 31, Sch 4.1 \[4\]. Ins 2010 No 31, Sch 1.1 \[21\].