New South Wales Consolidated Acts

GOVERNMENT INSURANCE OFFICE (PRIVATISATION) ACT 1991 - SECT 5

5 Share capital of GIO

(1) As from the commencement of this Part, GIO is to have a share capital.

(2) The nominal share capital is to be $1,000,000,000. The amount of the issued share capital is to be equal to the amount that section 6 requires to be applied in paying up shares in GIO.

(3) The share capital is to be divided into shares of $1 each.

(4) The share capital may be divided into classes of shares.

(5) Rights may be attached to shares included in a class of shares.

(6) Anything done under subsection (4) or (5) is to be done by the Minister by order in writing.

(7) This section has effect for the purposes of this Act despite anything to the contrary in section 7B (2) of the GIO Act.

(8) As from the conversion, this section has effect subject to the Corporations Law and to the memorandum and articles of association of GIO.