New South Wales Consolidated Acts

NSW GRAIN CORPORATION HOLDINGS LIMITED ACT 1992 - SECT 5

5 Negotiations and agreements for sale of Grain Holdings

(1) Negotiations may be conducted for the sale of Grain Holdings by the transfer of any issued shares in Grain Holdings to persons who are not eligible Ministers.

(2) The Ministers who are shareholders in Grain Holdings are authorised to enter into agreements for the transfer of their shares to an approved person.

(3) Any negotiations or agreements may be conducted or entered into before, on or after the appointed day. Any such negotiations or agreements conducted or entered into before the date of assent to this Act are validated to the extent of any invalidity.

(4) However, any such transfer of shares does not take effect before the appointed day.

(5) Neither the operation of this section nor any such agreement is to be regarded:

(a) as a breach of contract or confidence or otherwise as a civil wrong, or

(b) as a breach of any contractual provision prohibiting, restricting or regulating the assignment or transfer of assets, rights or liabilities, or

(c) as giving rise to any remedy by a party to an instrument, or as causing or permitting the termination of any instrument, because of a change in the beneficial or legal ownership of any asset, right or liability.

(6) Neither the operation of this section nor any such agreement is to be regarded as an event of default under any contract or other instrument.