Commonwealth Numbered Acts
[Index]
[Table]
[Search]
[Search this Act]
[Notes]
[Noteup]
[Previous]
[Next]
[Download]
[Help]
WOOL INTERNATIONAL PRIVATISATION ACT 1999No. 40, 1999 - SECT 9
Nomination of TrusteeCo to hold shares, units etc. on behalf of other persons
(1) Before the conversion time, the Minister must nominate a company (
TrusteeCo ) for the purposes of this section. The nomination must be in
writing.
(2) TrusteeCo must be a company whose shares are all held by Wool
International.
(3) After the conversion time, a reference in any instrument to the Chief
Executive is to be treated as a reference to TrusteeCo, except where:
(a) the
reference relates to matters occurring before the conversion time; or
(b) the context requires that the reference should continue to be treated
as a reference to the Chief Executive.
(4) TrusteeCo must ensure that there is in force at all times between the
conversion time and the finalisation time a deed under which:
(a) TrusteeCo
authorises an authorised trustee corporation to exercise all rights,
privileges and benefits vested in TrusteeCo by or under this Act or the
Wool International Act; and
(b) TrusteeCo undertakes not to exercise those rights, privileges and
benefits; and
(c) the authorised trustee corporation undertakes to perform all duties,
liabilities and obligations (other than the obligation imposed by this
subsection) vested in TrusteeCo by or under this Act or the
Wool International Act .
(5) A deed under subsection (4) may relieve the authorised trustee corporation
from liability except in the case of fraud, wilful default or neglect.
(6) All acts done by the authorised trustee corporation under the deed are
taken to have been exercised or performed by TrusteeCo for the purposes of
this Act (other than this section) and the Wool International Act.
AustLII: Copyright Policy
| Disclaimers
| Privacy Policy
| Feedback