New South Wales Consolidated Acts

TOTALIZATOR AGENCY BOARD PRIVATISATION ACT 1997 - SECT 26

26 Allocation of transferred assets to capital and reserves

(1) The Minister may, by order in writing, direct that any assets transferred to a TAB subsidiary or to TAB under this Part are to be allocated to capital and reserves in such amounts and in accordance with such requirements as are specified in the order.

(2) Any shares issued in accordance with a direction under this Part are taken to have been issued in consideration of the vesting in the TAB subsidiary or TAB under this Part of the assets allocated to capital.