New South Wales Consolidated Acts

SNOWY HYDRO CORPORATISATION ACT 1997 - SECT 5

5 Shares in Company

(1) The State of New South Wales may acquire, hold, dispose of or deal with shares in the Snowy Hydro Company.

(2) Shares in the Snowy Hydro Company held by the State of New South Wales, the Commonwealth and the State of Victoria, being the initial issue to them of all the shares in the Company:

(a) are taken to have been fully paid up, and

(b) are taken to have been issued for valuable consideration, being the relevant percentage of the value of the existing Snowy hydro undertaking.

(3) For the purposes of this section:

(a) the value of the existing Snowy hydro undertaking is the value determined by agreement between the State of New South Wales, the Commonwealth and the State of Victoria, and

(b) the relevant percentage of the value of that existing undertaking is the percentage of all issued shares in the Snowy Hydro Company that are shares initially issued to the State of New South Wales, the Commonwealth or the State of Victoria (as the case requires).