New South Wales Consolidated Acts

LANDCOM CORPORATION ACT 2001 - SECT 15

15 Acquisition and disposal of real property assets

(1) The Corporation or any of its subsidiaries may not acquire or dispose of any real property asset that has a value exceeding $30 million, or such alternative amount (if any) as is specified in the most recent statement of corporate intent of the Corporation, without the prior written approval of the voting shareholders.

(2) For the purposes of subsection (1):

(a) the value of any real property asset to be acquired is the cost price of the asset, and

(b) the value of any real property asset to be disposed of is the book value or the consideration for the disposal, whichever is the greater.

(3) In seeking the approval of the voting shareholders under this section, the Corporation or subsidiary is required to provide the voting shareholders with such information as they require, including such kinds of information (if any) as are prescribed by the regulations under this Act.

(4) The voting shareholders may, by written notice, direct the Corporation or its subsidiaries not to dispose of any specified real property asset.

(5) The requirements of subsection (1) do not apply in the following circumstances:

(a) if the acquisition or disposal is expressly authorised by the most recent statement of corporate intent of the Corporation,

(b) in such circumstances as may be specified in a written notice given to the Corporation or a subsidiary of the Corporation by the Treasurer.

(6) The Treasurer may not give such a notice unless satisfied that the requirements are incapable of application to the Corporation or subsidiary in the circumstances or would apply to it in a clearly inappropriate manner.

(7) The Corporation or any of its subsidiaries may not acquire or dispose of any real property asset in contravention of any requirements of the regulations under this Act.

(8) Section 20X of the State Owned Corporations Act 1989 , in its application to the Corporation, does not apply in respect of any real property asset.

Note: Section 20X of the State Owned Corporations Act 1989 provides for restrictions on the acquisition and disposal of fixed assets and investments and liabilities by a statutory state owned corporation.

(9) In this section:
"real property asset" means any inventory asset that comprises a legal or equitable estate or interest in real property.