New South Wales Consolidated Acts

GOVERNMENT INSURANCE OFFICE (PRIVATISATION) ACT 1991 - SECT 6

6 Issue of shares in GIO

(1) As soon as practicable after the commencement of this Part, GIO is required to apply the requisite amount of its capital in paying up, in full, shares in GIO.

(2) The requisite amount of capital is such amount as the Minister determines by order in writing. The Minister is required to consult with the GIO Board before making such an order.

(3) As soon as practicable after complying with subsection (1), GIO is required to issue the shares paid up under that subsection to the State of New South Wales.

(4) The issue of those shares discharges in full any obligation of GIO existing before the conversion to repay the capital of GIO to the State of New South Wales. The issue of those shares does not discharge the obligation of GIO to repay any debt created by section 7.

(5) The shares so issued are taken to have been issued for valuable consideration other than cash, being the discharge effected by subsection (4).

(6) The State of New South Wales is not a member of GIO at any time before the conversion merely because the State holds shares in GIO.