18Private subsidiary corporations

18 Private subsidiary corporations

18 Private subsidiary corporations

(1) The Authority may, subject to subsection (2)—

(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.

(2) The 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.

(3) A private subsidiary corporation is not, and does not represent, the Crown.

(4) 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 the Authority has a controlling interest.