New South Wales Consolidated Acts

GAS INDUSTRY RESTRUCTURING ACT 1986 - SECT 49

49 Power of Corporation to deal with shares

(1) Where shares vest in the Corporation, the Corporation shall sell the shares.

(2) The sale shall be effected by public auction, public tender or private contract and in such manner, for such consideration and upon such terms and conditions as the Corporation and the Company agree.

(3) The Corporation:

(a) is entitled to retain 5 per cent of the proceeds of sale as commission, and

(b) if there is a realised capital gain and it is greater than the amount of the commission, is entitled to retain the amount of that gain on the shares less the amount of the commission, and

(c) must pay the rest of the proceeds together with any other sum due to the Corporation in respect of the shares to the person who was the registered holder of the shares immediately before they vested in the Corporation.

(4) Out of the commission and realised capital gain (if any) retained, the Corporation is entitled to retain the reasonable costs and expenses incurred by it in and as incidental to the sale.

(5) The rest of the commission and realised capital gain (if any) shall be paid into the Consolidated Fund.

(6) Except for the purposes of this section, the Corporation shall not exercise any rights attached to shares while they are vested in the Corporation.