New South Wales Consolidated Acts

GAS INDUSTRY RESTRUCTURING ACT 1986 - SECT 44

44 Directions concerning approved shareholdings

(1) If the Minister grants an approval for a shareholding in the Company of greater than 5 per cent of its issued share capital, the Minister may by notice in writing to the shareholder and the Company give any one or more of the following directions:

(a) a direction which prohibits, limits or otherwise restricts the exercise of any voting rights attached to the shares,

(b) a direction vesting voting rights attached to some or all of the shares in any person, including the Minister,

(c) a direction which provides that a specified person who is associated (within the meaning of the Companies (New South Wales) Code ) with the shareholder in relation to the exercise of any voting rights attached to the shares is not qualified to be a director of the Company or of any of its gas distributor subsidiaries,

(d) a direction which provides that not more than a specified number of persons who are so associated are qualified to be directors of the Company or of any of its gas distributor subsidiaries.

(2) A direction concerning voting rights attached to shares may relate to any shares in the shareholding except shares representing 5 per cent of the issued share capital of the Company.

(3) A direction:

(a) may be given when the approval is given or subsequently, and

(b) may be varied or revoked by the Minister at any time by notice in writing to the shareholder concerned and the Company.

(4) A direction shall not be given, varied or revoked without the consent of the Company.

(5) A direction has effect according to its tenor but only while the approval to which it relates is in force.