New South Wales Consolidated Acts

ERARING POWER STATION ACT 1981 - SECT 5

5 Acquisition of shares by the Commission

(1) For the purposes of this Act, the Commission may:

(a) join in the formation of any company to be incorporated in New South Wales, and

(b) purchase, hold, dispose of or deal with shares in, or subscribe to the issue of shares by, any company incorporated in New South Wales.

(2) The Commission may do, omit to do or suffer to be done any act, matter or thing arising from or incidental or ancillary to the purchase, holding, disposition or dealing by it of or with shares in, or the subscription by it to issues of shares by, any such company.

(3) Any payment by the Commission required for or in connection with the formation of a company, the purchase of shares, or the subscription to issues of shares, as referred to in this section, shall be made out of such fund of the Commission as the Commission may determine.

(4) An affiliate formed for a commercial purpose is not and does not represent the Crown.

(5) The Commission may authorise or empower an affiliate to enter, as principal, into an agreement, arrangement or understanding for any of the purposes or any of the matters referred to in section 4, whether or not the Commission is also a party to the agreement, arrangement or understanding, and, where an affiliate is so authorised or empowered, it may enter into the agreement, arrangement or understanding.

(6) Nothing in this Act shall be construed as preventing the inclusion in an agreement, arrangement or understanding, to which an affiliate is, but the Commission is not, a party, of provisions which could have been included had section 6 not been enacted.

(7) Nothing in this Act shall be construed as preventing an affiliate from being or acting as agent of the Commission.