New South Wales Consolidated Acts

NATIONAL RAIL CORPORATION (AGREEMENT) ACT 1991 - SECT 8

8 Shares in Company issued to State to be held by eligible Ministers

(1) The shares in the Company issued to or acquired by the State of New South Wales in accordance with the Agreement or with the articles of association of the Company are to be held by an eligible Minister.

(2) Those shareholders hold their shares in the Company for and on behalf of the State of New South Wales.

(3) A person ceases to be eligible to hold those shares in the Company on ceasing to be an eligible Minister, and may thereafter exercise no rights as a shareholder (except to transfer his or her shares as directed by the Premier).

(4) The Premier is empowered to execute a transfer of any of those shares, whether or not the person to whom they were issued or previously transferred consents, and whether or not the person still holds office as an eligible Minister.

(5) In this section,
"eligible Minister" means the Minister administering this Act and any other Minister for the time being nominated by the Premier as being eligible to hold shares in the Company.