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 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].