New South Wales Consolidated Acts

STATE BANK (PRIVATISATION) ACT 1994 - SECT 8

8 Negotiations and agreements for sale of Bank

(1) The Premier and the Treasurer (or either of them) are authorised to negotiate, enter into and carry out on behalf of the State:

(a) the Share Sale Agreement, and

(b) each of the Transaction Documents.

(2) The Ministers who are shareholders in the Bank are authorised to transfer their shares to an approved person in accordance with the terms of the Share Sale Agreement and to enter into and carry out agreements for the transfer of their shares to an approved person.

(3) Any such negotiations conducted before the date of assent to this Act are validated to the extent of any invalidity.

(4) The Share Sale Agreement and any of the Transaction Documents may be entered into before, on or after the date of assent to this Act, and if entered into before that date are validated to the extent of any invalidity.

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

(6) Any modification made or purporting to be made to the Share Sale Agreement after 11 October 1994, being a modification that materially alters the substance of that agreement, is of no force or effect.

(7) Subsection (6) does not apply to:

(a) any of the exhibits to the Share Sale Agreement, or

(b) a modification that is approved by resolutions of both Houses of Parliament, passed before or after the modification is made.