Commonwealth Consolidated Acts

COMMONWEALTH SERUM LABORATORIES ACT 1961 - SECT 19P

             (1)  Neither CSL nor a wholly‑owned subsidiary may:

                     (a)  dispose of the whole of the Broadmeadows facility; or

                     (b)  grant an interest (including a contingent interest) in the Broadmeadows facility; or

                     (c)  grant a security interest in the Broadmeadows facility or any part of that facility;

without the written approval of the Minister.

             (2)  Subsection (1) does not prevent CSL disposing of the facility, or granting an interest (including a contingent interest) in the facility, to a wholly‑owned subsidiary of CSL.

             (3)  Subsection (1) does not prevent a wholly‑owned subsidiary of CSL disposing of the facility, or granting an interest (including a contingent interest) in the facility, to CSL or another wholly‑owned subsidiary of CSL.

             (4)  If a wholly‑owned subsidiary of CSL owns or has an interest (including a contingent interest) in the Broadmeadows facility, neither CSL nor a wholly‑owned subsidiary of CSL that directly or indirectly owns the first‑mentioned subsidiary may:

                     (a)  dispose of any shares in the first‑mentioned subsidiary or any other wholly‑owned subsidiary of CSL that directly or indirectly owns the first‑mentioned subsidiary; or

                     (b)  do anything that would cause the first‑mentioned subsidiary not to be a wholly‑owned subsidiary of CSL;

without the written approval of the Minister.

             (5)  The Minister's approval under subsection (1) or (4) may be subject to conditions.

             (6)  An act or transaction after the day this section commences which involves a contravention of subsection (1) or (4) is ineffective to the extent that it involves the contravention of that subsection.

             (7)  In this section:

"Broadmeadows facility" means:

                     (a)  the Broadmeadows land declared under section 19N; and

                     (b)  the buildings and fixtures on that land on the day the land was transferred to CSL or a wholly‑owned subsidiary of CSL by the Commonwealth; and

                     (c)  buildings and fixtures that are constructed on or affixed to the land after that day.

"security interest" means an interest in or a power over property which secures payment of a debt or any other obligation.