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2004-2005-2006

The Parliament of the
Commonwealth of Australia

HOUSE OF REPRESENTATIVES

Presented and read a first time

Snowy Hydro Corporatisation Amendment Bill 2006


(Mrs Hull)

A Bill for an Act to amend the Snowy Hydro Corporatisation Act 1997




Snowy Hydro Corporatisation Amendment Bill 2006 Error! No text of specified style in document.
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Snowy Hydro Corporatisation Amendment Bill 2006
Contents
Part 1--Preliminary 1

 

1 Short title 1

 

2 Commencement 1

 

3 Schedule(s) 1
Schedule 1 -- Amendments to the Snowy Hydro Corporatisation Act 1997 2





Section 3




Section 2

Snowy Hydro Corporatisation Amendment Bill 2006

Snowy Hydro Corporatisation Amendment Bill 2006
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Snowy Hydro Corporatisation Amendment Bill 2006

`
A Bill for an Act to amend the Snowy Hydro Corporatisation Act 1997

The Parliament of Australia enacts:

Part 1--Preliminary

 

1 Short title

This Act may be cited as the Snowy Hydro Corporatisation Amendment Act 2006.

 

2 Commencement
This Act commences on the day on which it receives the Royal Assent.

 

3 Schedule(s)

Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.

Schedule 1 -- Amendments to the Snowy Hydro Corporatisation Act 1997

 

1 After subsection 7(3)
Insert:

(3A) In the event of the Snowy Hydro Company being listed on the Australian Stock Exchange, the following provisions shall be, or shall be taken to be, included in the company constitution:

        (i)   no individual, corporation or other entity shall be entitled to hold more than 10% of the shares in the company;

        (ii)   foreign ownership in total would not be permitted to exceed 35% of Snowy Hydro Ltd

(iii) the head office of Snowy Hydro Ltd must remain in Australia;

        (iv)   Snowy Hydro Ltd must maintain a substantial business and operational presence in Australia;

        (v)   two-thirds of the Directors of the Board of Snowy Hydro Ltd and the Chair of any meeting of the Board and shareholders must be Australian citizens; and,

(vi) Snowy Hydro Ltd must remain incorporated in Australia.

 

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