10Transaction companies

10 Transaction companies

10 Transaction companies

(1) The Treasurer may for the purposes of the authorised transaction establish, or direct the establishment of, companies as transaction companies in any of the following ways—

(a) the formation or acquisition by or on behalf of the State or a SOC of a company limited by shares, so that all the issued shares in the company are held by or on behalf of the State or a SOC (or both),

(b) the formation or acquisition of a company as a wholly owned subsidiary company of a transaction company,

(c) the conversion of WSN into a company limited by shares as provided by Schedule 2.

(2) A transaction company that is a public sector agency may be converted from one kind of company to any other kind of company.

(3) Except by express agreement with the Treasurer—

(a) a transaction company is not and does not represent the State, and

(b) the debts, liabilities and obligations of a transaction company are not guaranteed by the State (but without affecting any guarantee of a debt, liability or obligation of WSN that becomes a debt, liability or obligation of the transaction company).

(4) The Treasurer may act for or on behalf of the State, a SOC or a transaction company that is a public sector agency in connection with the rights, privileges and benefits, and the duties, liabilities and obligations of the State, the SOC or the transaction company as the holder of shares or other securities in a transaction company.

(5) Shares and other securities in a transaction company that is a public sector agency may be issued, sold or transferred in accordance with the directions of the Treasurer.

(6) The Treasurer may on behalf of the State, a SOC or a transaction company that is a public sector agency enter into and carry out transaction arrangements for the issue, sale or transfer of shares and other securities in a transaction company.