New South Wales Consolidated Acts

ERARING POWER STATION ACT 1981 - SECT 8

8 Partnerships etc

(1) Where the Minister certifies to the Governor that he is satisfied that a partnership, joint venture or other association has been formed principally for purposes connected with the purposes of this Act, the Governor may, by proclamation published in the Gazette, declare that this subsection applies to the partnership, joint venture or association, and thenceforth the following provisions have effect:

(a) the partnership, joint venture or association shall not, throughout the period from the date of its formation until the date that is 6 months after the date of its formation or, where some other date is prescribed, the prescribed date, be dissolved by reason of any person becoming a member of the partnership, joint venture or association, and

(b) the partnership, joint venture or association shall, as from the expiration of that period, be deemed to have consisted, throughout that period, of those persons who, at the expiration of that period, are members of the partnership, joint venture or association, in accordance with the interest of each of those members at the expiration of that period, but not so as to affect the liability of any person who ceased to be a member of the partnership during that period.

(2) Where the Minister certifies to the Governor that a partnership, joint venture or association consisting of more than 20 persons has been formed principally for purposes connected with the purposes of this Act, the Governor may, by proclamation published in the Gazette, declare that this subsection applies to the partnership, joint venture or association, and thenceforth the following provisions have effect:

(a) without limiting the provisions of any other Act applicable to the partnership, joint venture or association, the partnership, joint venture or association shall be deemed to be and always to have been formed in pursuance of this Act, and

(b) the partnership, joint venture or association is declared to be an excluded matter for the purposes of section 5F of the Corporations Act 2001 of the Commonwealth in relation to section 115 of that Act.