New South Wales Consolidated Acts

STATE OWNED CORPORATIONS ACT 1989 - SECT 20H

20H Share capital, shares and shareholders

(1) A statutory SOC is to have a share capital and shares as provided in its constitution.

(2) A statutory SOC must have two shareholders, and no more at any time.

(3) Each shareholder must at all times have an equal number of shares in the statutory SOC.

(4) Each shareholder must at all times be entitled to rights equal to those to which the other shareholder is entitled.

(5) The shareholders are to be the Treasurer and another Minister for the time being nominated by the Premier as a voting shareholder of the SOC. The Premier can be nominated as a voting shareholder.

(6) If the person holding office as Treasurer ceases to hold that office:

(a) each share in each statutory SOC held by the person is taken to be transferred to the person next appointed to that office, and

(b) each statutory SOC is required to register the transfer.

(7) A single instrument of transfer may transfer the shares in any one or more statutory SOCs held by the voting shareholder other than the Treasurer:

(a) if another Minister is for the time being nominated as that voting shareholder in respect of any one or more of the statutory SOCs concerned, or if different Ministers are so nominated in respect of different statutory SOCs-to that other Minister or those other Ministers, or

(b) to the person next appointed to the office of the Minister for the time being nominated as that voting shareholder in respect of the statutory SOC or SOCs concerned.

Note: The Premier is empowered to execute a transfer of any issued shares in a statutory SOC-see section 20Q and clause 3 (5) of Schedule 6.