Western Australian Consolidated Acts Western Australian Consolidated Acts (1) The authorised
capital of Gold Corporation shall be the authorised capital which immediately
prior to the coming into operation of section 9 of the Acts Amendment
(Gold Banking Corporation) Act 1990 1 was the authorised capital of Gold
Bank, which by the operation of this subsection and without further
assurance shall thereupon be transferred to and vested in Gold Corporation as
representing the initial capital which was —
(a) upon
establishment $100 000 000, and may be increased by regulations made
on the recommendation of the Board; and
(b) upon
establishment divided into 100 000 000 shares of $1 each, but
may, by regulations made on the recommendation of the Board, be divided or
constituted otherwise by reference to shares of a different fixed amount or
different classes of shares.
(2) On the coming into
operation of section 9 of the Acts Amendment (Gold Banking Corporation)
Act 1990 1 , the Under Treasurer of the State shall ensure, and the Board
is empowered and required to arrange, that the amount of $25 000 000
paid by the Treasurer to Gold Bank in respect of shares in Gold Bank issued at
par to the Treasurer is repaid to the Treasurer in consideration for the
transfer of those shares to Gold Corporation, and those shares shall upon that
repayment be taken to be cancelled.
(3) The Treasurer is
authorised, on transferring to Gold Corporation the shares in Gold Bank at par
in accordance with subsection (2) and receiving the repayment of the
$25 000 000 paid to Gold Bank in respect of those shares,
to —
(a)
release the Mint from loans amounting to $5 000 000, and any
liability for interest on those loans, on receipt from the Board of shares
representing $5 000 000 at par in Gold Corporation; and
(b)
acquire from Gold Corporation —
(i)
out of moneys appropriated by Parliament pursuant to
item 34 of Schedule 1 of the Appropriation (General Loan and Capital
Works Fund) Act 1989 for the purpose, shares representing a further
$5 000 000 at par;
(ii)
further shares, out of moneys appropriated by Parliament
from time to time for that purpose,
on behalf of the Crown
in right of the State and in that behalf is empowered to exercise any power
attaching to those shares and, subject to this Act, to dispose of them.
(4) Any dividends or
sums received by the Treasurer in respect of any shares acquired under this
section shall be credited to the Consolidated Account.
[Section 15 amended by No. 5 of 1988
s. 6; No. 10 of 1990 s. 16; No. 6 of 1993 s. 11;
No. 49 of 1996 s. 64; No. 77 of 2006 s. 4.]