New South Wales Consolidated Acts

TOTALIZATOR ACT 1997 - SECT 40

40 Sale of forfeited shares

(1) The Minister is to sell any shares forfeited to the State under this Act.

(2) For the purposes of any such sale, the Minister is not bound by any restriction on the sale of shares contained in the memorandum or articles of association of the licensee concerned.

(3) Any money realised from the sale of forfeited shares under this section must, after deduction of the reasonable costs of the forfeiture and sale--

(a) if the shares were transferred as a result of a transaction referred to in section 36(5) and the transferor has not received the full consideration agreed upon with the transferee--be applied in payment to the transferor of the amount or value of the consideration not received by the transferor and in payment of the balance (if any) to the transferee, or

(b) in any other case--be paid to the person from whom the shares were forfeited.