New South Wales Consolidated Acts
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SNOWY HYDRO CORPORATISATION ACT 1997 - SECT 6
Shares of State to be held by eligible Ministers
(1) The shares in the Snowy Hydro Company acquired by the
State of New South Wales are to be held by eligible Ministers.
(2) Those
shareholders hold their shares in the Snowy Hydro Company for and on behalf of
the State of New South Wales.
(3) A person ceases to be eligible to hold
those shares in the Snowy Hydro Company on ceasing to be an eligible Minister,
and may thereafter exercise no rights as a shareholder (except to transfer his
or her shares as directed by the Premier).
(4) The Premier is empowered to
execute a transfer of any of those shares, whether or not the person to whom
they were issued or previously transferred consents, and whether or not the
person still holds office as an eligible Minister.
(5) In this section,
"eligible Minister" means the Minister administering this Act and any other
Minister for the time being nominated by the Premier as being eligible to hold
shares in the Snowy Hydro Company.
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