New South Wales Consolidated Acts

STATE OWNED CORPORATIONS ACT 1989 - SECT 20W

20W Private corporations and subsidiaries

(1) A statutory SOC may, subject to this section:

(a) form or participate in the formation of private corporations, and

(b) acquire interests in private corporations, and

(c) sell or otherwise dispose of interests in private corporations,

whether or not the activities or proposed activities of any such private corporation are related to the functions of the SOC as set out in its foundation charter.

(2) A statutory SOC or any of its subsidiaries may not form, participate in the formation of or acquire subsidiaries without the prior written approval of the voting shareholders.

(3) A statutory SOC or any of its subsidiaries may not acquire or dispose of shares of a company, or participate in any other transaction, resulting in the company becoming or ceasing to be a subsidiary, without the prior written approval of the voting shareholders.

(4) In seeking the approval of the voting shareholders, the SOC or subsidiary is required to provide the voting shareholders with such information as they require, including such kinds of information (if any) as are prescribed by the regulations under this Act.

(5) In this section:
"private corporation" means a corporation within the meaning of the Corporations Act 2001 of the Commonwealth formed in or outside New South Wales.