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SNOWY HYDRO CORPORATISATION AMENDMENT (PARLIAMENTARY SCRUTINY OF SALE) BILL 2006

                    New South Wales




Snowy Hydro Corporatisation
Amendment (Parliamentary Scrutiny of
Sale) Bill 2006


Contents

                                                               Page
       1   Name of Act                                           2
       2   Commencement                                          2
       3   Amendment of Snowy Hydro Corporatisation Act 1997
           No 99                                                 2
       4   Repeal of Act                                         2
 
 
I certify that this PUBLIC BILL, which originated in the LEGISLATIVE COUNCIL,
has finally passed the LEGISLATIVE COUNCIL and the LEGISLATIVE ASSEMBLY of
NEW SOUTH WALES.


                                             Clerk of the Parliaments
Legislative Council
                      2006




                             New South Wales




Snowy Hydro Corporatisation
Amendment (Parliamentary Scrutiny of
Sale) Bill 2006
Act No     , 2006




An Act to amend the Snowy Hydro Corporatisation Act 1997 to prevent the sale of
shares in Snowy Hydro Limited held by the State of New South Wales without the
approval of both Houses of Parliament.
 
 
                    Snowy Hydro Corporatisation Amendment (Parliamentary Scrutiny of Sale)
Clause 1            Bill 2006




The Legislature of New South Wales enacts:
 1    Name of Act
               This Act is the Snowy Hydro Corporatisation Amendment
               (Parliamentary Scrutiny of Sale) Act 2006.
 2    Commencement
               This Act commences on the date of assent.
 3    Amendment of Snowy Hydro Corporatisation Act 1997 No 99
               The Snowy Hydro Corporatisation Act 1997 is amended by inserting
               after section 5 the following section:
               5A      Disposal of shares in Company requires approval of
                       Parliament
                       (1)    Shares in the Snowy Hydro Company held by the State of
                              New South Wales must not be sold or otherwise disposed
                              of unless the disposal is approved by resolution of each
                              House of Parliament.
                       (2)    However, no such approval is required for the sale or other
                              disposal of shares to the Commonwealth of Australia at
                              fair market value.
 4    Repeal of Act
         (1)   This Act is repealed on the day following the day on which this Act
               commences.
         (2)   The repeal of this Act does not, because of the operation of section 30
               of the Interpretation Act 1987, affect the amendment made by this Act.




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