Victorian Current Acts Victorian Current ActsS. 6(1) amended by No. 64/2006 s. 3(1).
(1) Subject to subsection (2A), the State of Victoria may acquire, hold, dispose of or deal with shares in the Snowy Hydro Company.
(2) Shares in the Snowy Hydro Company held by the State of Victoria, being the initial issue to the State of shares in the Company—
(a) are taken to have been fully paid up; and
(b) are taken to have been issued for valuable consideration, being the relevant percentage of the value of the existing Snowy hydro undertaking.
S. 6(2A) inserted by No. 64/2006 s. 3(2).
(2A) The State of Victoria must not dispose of or transfer shares held by it in the Snowy Hydro Company without the approval of each House of Parliament given by a resolution passed by that House.
(3) For the purposes of this section—
(a) the value of the existing Snowy hydro undertaking is the value determined by agreement between the State of New South Wales, the Commonwealth and the State of Victoria; and
(b) the relevant percentage of that value is the percentage of all issued shares in the Snowy Hydro Company that are shares initially issued to the State of Victoria.
S. 6A inserted by No. 64/2006 s. 4.