New South Wales Consolidated Acts

GAS INDUSTRY RESTRUCTURING ACT 1986 - SECT 50

50 Information concerning shareholding

(1) If the Minister believes on reasonable grounds that a person (including a person outside the State) has information concerning the level of and any beneficial interest in a shareholding in the Company, the Minister may require the person to furnish that information to the Minister.

(2) The requirement shall be made in writing and served on the person and shall specify the manner in which and the time within which the information is to be furnished.

(3) If the person is a corporation, the Minister may also make the requirement of a person who is or has been an officer or employee of, or an agent, banker, Australian legal practitioner, auditor or other person acting in any capacity for or on behalf of, the corporation.

(4) Unless the person satisfies the court that it is not within the person’s power to comply with it, a person who fails to comply with the requirement is guilty of an offence and liable to a penalty not exceeding 500 penalty units.

(5) The Minister is entitled to rely on the failure of a person to comply with a requirement to furnish information concerning a shareholding as evidence, in the absence of evidence to the contrary, that the shareholding is a contravention of section 41.

(6) The Minister shall supply details to the Company of any information obtained by the Minister under this section.