Commonwealth Consolidated Acts

NATIONAL BROADBAND NETWORK COMPANIES ACT 2011 - SECT 45

  (1)   The Commonwealth must not transfer any of its shares in NBN Co if the transfer results in a breach of subsection   (2).

  (2)   Neither the Commonwealth nor NBN Co is allowed to do anything to cause or contribute to any of the following results:

  (a)   that the Commonwealth no longer holds shares in NBN Co that carry the rights to exercise all of the voting rights attached to the voting shares in NBN Co;

  (b)   that the Commonwealth no longer controls the exercise of all of the voting rights attached to the voting shares in NBN Co;

  (c)   that the Commonwealth no longer holds all of the paid - up share capital of NBN Co;

  (d)   that the Commonwealth is no longer entitled to hold all of the rights to any distribution of capital or profits of NBN Co on winding - up;

  (e)   that the Commonwealth is no longer entitled to hold all of the rights to any distribution of capital or profits of NBN Co, otherwise than on winding - up.

Note:   This section ceases to have effect at the time worked out under section   51.