New South Wales Consolidated Acts

WESTERN SYDNEY PARKLANDS ACT 2006 - SECT 21

21 Private subsidiary corporations etc

(1) In this section--

"private corporation" means a corporation within the meaning of the Corporations Act 2001 of the Commonwealth formed in or outside New South Wales.

"private subsidiary corporation" means a private corporation in which the Trust has a controlling interest.

(2) The Trust may, subject to subsection (3)--

(a) form, or participate in the formation of, private corporations, and

(b) acquire interests in private corporations, and

(c) sell or otherwise dispose of interests in private corporations.

(3) The Trust must not, without the approval of the Minister--

(a) form, or participate in the formation of, a private subsidiary corporation, or

(b) acquire an interest in a private corporation so that, as a result of the acquisition, the corporation becomes a private subsidiary corporation, or

(c) sell or otherwise dispose of any interest in a private subsidiary corporation so that, as a result of the sale or disposal, it ceases to be a private subsidiary corporation.

(4) A private subsidiary corporation is not a NSW Government agency.

(5) Nothing in this section affects the operation of Part 6 of the Government Sector Finance Act 2018 .