TOTALIZATOR AGENCY BOARD PRIVATISATION ACT 1997 - As at 22 November 2018 - Act 43 of 1997

Table of Provisions

• Long Title

PART 1 - PRELIMINARY

• 1 Name of Act
• 2 Commencement
• 3 Objects of Act
• 4 Definitions
• 5 Minister

PART 2 - (Repealed)

PART 3 - MANAGEMENT OF TAB BEFORE CONVERSION TO COMPANY

• 10 Directors and meetings of TAB before conversion to company
11. (Repealed)

PART 4 - CONVERSION OF TAB TO COMPANY

• 12 TAB taken to be registered under Corporations Law as public company
• 13 New name of TAB
• 14 Memorandum and articles of TAB Limited to have effect
• 15 Membership of TAB Limited
• 16 Minister may act for State as shareholder
• 17 Continuity of TAB and construction of references to TAB
• 18 Continuity of contracts and arrangements
19. (Repealed)

PART 5 - MANAGEMENT OF TAB LIMITED AFTER CONVERSION AND BEFORE SALE

• 20 When Part applies
• 21 Ministerial control of TAB Limited
• 22 Status of TAB Limited
• 23 Application of certain provisions of State Owned Corporations Act 1989 to TAB Limited

PART 6 - REORGANISATION OF TAB BUSINESS UNDERTAKING IN CONNECTION WITH CONVERSION AND SALE OF TAB

• 24 Minister may direct transfer of parts of TAB business undertaking to TAB subsidiary
• 25 Minister may direct transfer of parts of business undertaking of TAB subsidiary to other subsidiaries or to TAB
• 26 Allocation of transferred assets to capital and reserves
• 27 Time when transfers may be effected

PART 7 - EXCLUSION OF PARTS OF BUSINESS UNDERTAKING FROM TAB OR TAB SUBSIDIARY

• 28 Excluded undertakings
• 29 Time when exclusion may be effected
• 30 Sale or retention of excluded undertaking
• 31 TAB or subsidiary may act with respect to excluded undertaking

PART 8 - SALE OF TAB LIMITED BY PUBLIC FLOAT

Division 1 - Sale process

• 32 Sale of TAB Limited by public float
• 33 State may dispose of its shares
34. (Repealed)
• 35 No government guarantees

Division 2 - Maximum shareholding restrictions

• 36 Definitions
• 36A References to Corporations Law in this Division
• 37 Application of Division
• 37A Exemption for nominated company
• 38 Prohibited shareholding interest
• 39 Power to require information relating to entitlement to shares in TAB Limited
• 40 Substantial shareholders to give notice to Minister
• 41 Disposal, forfeiture etc of shares where prohibited shareholding interest
• 42 Effect of prohibited shareholding on voting and dividend rights
• 43 Making, review and revocation of declarations by Minister
• 44 Appeal against declarations of Minister
• 45 Sale of forfeited shares
• 45A Excluded matters for the purposes of the Corporations Act 2001 of the Commonwealth
• 46 Immunity of Minister and TAB Limited and its officers and auditors
• 47 Service

Division 3 - Results of sale

• 48 Proceeds of the sale
• 49 Staff remaining with TAB Limited

PART 9 - VESTING OF UNDERTAKING ON TRANSFER

• 50 Application and interpretation
• 51 Vesting of undertaking in transferee
• 52 Transfer of staff
• 53 Consideration for vesting

PART 10 - MISCELLANEOUS

• 54 Act binds Crown
• 55 Subsidiary companies
• 56 Protection of contractual and other obligations
• 57 Auditor-General authorised to communicate information regarding TAB
• 58 Exemptions from tax for conversion documents and other documents
• 59 Certificate evidence
• 60 Proceedings for offences
• 61 Savings, transitional and other provisions
• 62 Regulations
• SCHEDULE 1
Schedule 4 (Repealed)
• SCHEDULE 5