ENERGY AND UTILITIES ADMINISTRATION ACT 1987 - SECT 14
Purchase etc of certain shares
ENERGY AND UTILITIES ADMINISTRATION ACT 1987 - SECT 14
Purchase etc of certain shares
14 Purchase etc of certain shares
(1) The Corporation may, on behalf of the Crown, negotiate and enter into
agreements for the purposes of, or in connection with, the acquisition,
holding, dealing with, and disposal of shares in any company having (whether
expressly or otherwise) among its objects--
(a) the carrying out of
investigations or research into energy or energy resources, or
(b) the
locating, development, extraction, transportation, distribution, conservation,
utilisation, acquisition or disposal of energy or energy resources.
(2) Such
an agreement may be entered into by the Corporation only with the approval of
the Governor given on the recommendation of the Minister with the concurrence
of the Treasurer.
(3) Such an agreement may be executed, on behalf of the
Corporation, only by 2 or more persons authorised for the purpose by the
Governor on that recommendation and with that concurrence.
(4) The
Corporation may do all things authorised or required by such an agreement to
be done and all incidental things, and may also do such things as are
necessary or convenient to be done for the purpose of carrying into effect and
implementing the terms of any such agreement.
(5) Without affecting the
generality of subsection (4), the Corporation may--
(a) acquire, hold, deal
with and dispose of shares in a company to which an agreement entered into by
it under this section relates, and
(b) do all such things as are appropriate
by reason of its being a holder of any such shares, including the appointment
of any director or directors of any such company.
(6) Any appointment of such
a director shall not be made except with the approval of the Minister and the
Treasurer.
(7) The fact that any director of a company so appointed is
accustomed to act in accordance with the directions or instructions of a
Minister of the Crown does not constitute that Minister a director of the
company.
