South Australian Numbered Acts South Australian Numbered Acts7—Amendment of section 26—Limitation on cross-ownership
(1) Section
26(1)—delete "must not simultaneously have" and substitute:
has a "cross-ownership interest" if the person simultaneously has
(2) Section 26(5) and
(6)—delete subsections (5) and (6) and substitute:
(5) If a person has a
cross-ownership interest that, in the opinion of the Minister, may result in
the container terminal not being managed or operated in the best interests of
the State, the Minister may, by notice in writing given to the person or to
the person and an associate of the person, require the divestiture of assets,
within a reasonable period specified in the notice, to the extent considered
necessary by the Minister to avoid that result.
(6) Before exercising
a power under subsection (5), the Minister must—
(a) give
the person or the person and the associate (as the case requires) at least 21
days notice in writing of the proposed requirement for divestiture and the
reasons for the proposed requirement; and
(b)
allow the person or the person and the associate (as the case requires) a
reasonable opportunity to show cause why the requirement for divestiture
should not be imposed and to provide supporting documents and other
information (verified by statutory declaration if required by the Minister).
(7) If a person fails
to comply with a notice under subsection (5), the Minister may, by
subsequent notice in writing to the person, confiscate assets that have not
been divested as required.
(8) A person to whom
notice is given under subsection (5) or subsection (7) may, within
21 days, apply to the Supreme Court for judicial review of the decision
to give the notice.