10Ownership and restrictions on sale and issue of securities

10 Ownership and restrictions on sale and issue of securities

(1)  [Section 10 Subsection (1) amended by No. 23 of 2018, s. 6, Applied:10 Dec 2018] Only councils, or the Crown, may hold one or more shares or other securities in the Corporation.

(2)  [Section 10 Subsection (2) omitted by No. 23 of 2018, s. 6, Applied:10 Dec 2018] .  .  .  .  .  .  .  .  

(3)  A member of the Corporation must not dispose of the shares or other securities in the Corporation held by that member.

(4)  [Section 10 Subsection (4) amended by No. 23 of 2018, s. 6, Applied:10 Dec 2018] The Corporation must not, and must ensure that any subsidiary of the Corporation does not –

(a) offer shares or other securities in the Corporation or any subsidiary of the Corporation for subscription, or invite any person to subscribe for any such shares or other securities; or

(b) grant options over unissued shares or other securities in the Corporation or any subsidiary of the Corporation; or

(c) allot or issue shares or other securities in the Corporation or any subsidiary of the Corporation –

other than to existing members pro rata to their existing shareholdings or to the Crown.

(5)  In this section –

(a) a reference to securities includes a reference to securities of a kind specified in section 92(3) of the Corporations Act; and

(b) a reference to shares includes a reference to shares of a kind specified in section 254A(1) of the Corporations Act.