Australian Capital Territory Numbered Acts

TERRITORY OWNED CORPORATIONS ACT 1990 (NO. 53 OF 1990) - SECT 16

16. (1) A Territory owned corporation or a subsidiary shall not, without the prior written consent of the voting shareholders—

        (a)     dispose of any of its main undertakings;

        (b)     participate, directly or indirectly, in the formation of a company that, upon incorporation, will be a subsidiary;

        (c)     enter into a transaction, contract or understanding whereby a company becomes or ceases to be a subsidiary; or

        (d)     acquire, dispose of, mortgage, or give security over, a significant asset, or give a charge over the whole or a significant part of its undertaking or assets.

(2) A consent may be given subject to a condition and, where it is so given, the Territory owned corporation or subsidiary shall not carry out the activity that the consent refers to until the condition is satisfied.

(3) Where a consent has been given in respect of a matter specified in paragraph (1) (a), (b) or (c), the Portfolio Minister shall lay before the Legislative Assembly within 15 sitting days of the giving of the consent a statement setting out details of the matter consented to.