New South Wales Consolidated Acts

PUBLIC LOTTERIES ACT 1996 - SECT 20

20 Changes to ownership structure of licensee

(1) A significant change in the ownership structure of a licensee must not occur unless the Minister has given consent in writing for the change to occur.

(2) A significant change in the ownership structure of a licensee is considered to occur when--

(a) a person acquires a relevant interest in issued voting shares in the licensee or any holding company of the licensee and the acquisition results in that person's, or some other person's, voting power in the licensee or holding company increasing from 20% or below to more than 20%, or

(b) a person becomes a person who controls, or ceases to be a person who controls, the licensee or any holding company of the licensee.

(3) The regulations may prescribe another percentage to replace 20% in subsection (2).

(4) Words and expressions used in this section that are defined in section 9 of the Corporations Act 2001 of the Commonwealth have the same meanings as in that section, except in so far as they are defined differently in this Act or the context or subject-matter otherwise indicates or requires.