New South Wales Consolidated Acts

GOVERNMENT INSURANCE OFFICE (PRIVATISATION) ACT 1991 - SECT 32

32 Proceeds of sale

(1) The proceeds of the sale of GIO must be paid into the Consolidated Fund.

(2) The proceeds of sale consist of any payment for the disposal of the shares of the State of New South Wales, any repayment of the debt to the State created under Part 2 and any proceeds of the sale of an excluded undertaking determined by the Minister.

(3) There may be deducted from the proceeds of sale before payment into the Consolidated Fund such amount as the Minister approves to meet the expenses reasonably incurred in connection with the sale (including expenses incurred in connection with the conversion of GIO into a public company).