New South Wales Consolidated Acts New South Wales Consolidated ActsThe object of this Act is to provide for the conversion of the Government Insurance Office into a public company and for its sale by a public float, and in particular:
(a) to convert GIO from a statutory authority into a public company limited by shares and with the name “GIO Australia Holdings Limited”, and
(b) to repeal the Government Insurance Act 1927 and to apply the Corporations Law to GIO after its conversion, and
(c) to replace the State’s existing equity in GIO by the issue of fully paid up shares to the State and the creation of a debt payable to the State by GIO after its conversion, and
(d) to authorise the Minister to exclude from the sale of GIO any part of the business undertakings of GIO and of its subsidiaries, and to reorganise those business undertakings before the sale, and
(e) to authorise the sale of GIO by a public float (comprising disposal of the shares issued to the State on the conversion and the initial issue of shares by GIO after its conversion to repay the specially created debt to the State) and to limit to 10% the maximum initial shareholding of any one purchaser.