Western Australian Consolidated Acts

GOLD CORPORATION ACT 1987 - SECT 16

16 .         Share issues

        (1)         Shares in Gold Corporation shall — 

            (a)         not be issued by Gold Corporation except in accordance with a resolution of the Board and with the approval of the Minister with the Treasurer’s concurrence;

            (b)         be issued, transferred and dealt with on such terms as are determined by resolution of the Board with the approval of the Minister with the Treasurer’s concurrence at the time of issue; and

            (c)         not be allotted or issued to, or held by, a person other than — 

                  (i)         the Treasurer;

            (ia)         the Minister; or

                  (ii)         a statutory authority, subject to subsection (2).

        (2)         Where a statutory authority is authorised to acquire and hold shares, that power shall be exercisable in relation to shares issued by Gold Corporation subject to — 

            (a)         the prior approval of the Minister, in the case of shares taken up directly from Gold Corporation; and

            (b)         the limitation that a statutory authority may not hold shares in excess of 15% of the issued capital of Gold Corporation, or such other percentage of that capital as may be prescribed.

        (3)         A holder of shares of Gold Corporation — 

            (a)         is liable only to the extent of any amount unpaid on the shares held by that holder;

            (b)         is entitled to receive any dividend or other entitlement declared by the Board in respect of those shares; and

            (c)         may, by instrument executed by the transferor and the transferee in a form approved by the Board and delivered to Gold Bank, transfer the shares held by that holder to another person authorised by this Act to hold such shares.

        [(4)-(8)         deleted]

        (9)         Any transaction with respect to the issue, purchase, sale or transfer of shares under this Part shall be exempt from duty chargeable under the Duties Act 2008 .

        (10)         The Board shall cause to be kept a register, in such form and containing such details as the Treasurer may approve or require, of the holders of shares issued under this Part by Gold Corporation.

        [Section 16 amended by No. 10 of 1990 s. 6 and 17; No. 28 of 2006 s. 419; No. 12 of 2008 s. 52.]

[ 17 .         Deleted by No. 10 of 1990 s. 18.]