New South Wales Consolidated Acts

GOVERNMENT INSURANCE OFFICE (PRIVATISATION) ACT 1991 - SECT 22

22 Allocation of transferred assets to capital and reserves

(1) The Minister may, by order in writing, direct that any assets transferred to a GIO subsidiary or to GIO under this Part are to be allocated to capital and reserves in such amounts and in accordance with such requirements as are specified in the order.

(2) Any shares issued in accordance with a direction under this Part are taken to have been issued in consideration of the vesting in the GIO subsidiary or GIO under this Part of the assets allocated to capital.