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This is a Bill, not an Act. For current law, see the Acts databases.
2004-2005-2006
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
Snowy Hydro Corporatisation Amendment Bill 2006
(Mrs Hull)
A Bill for an Act to amend the Snowy Hydro Corporatisation Act 1997
Snowy Hydro Corporatisation Amendment Bill 2006 Error! No text of specified style in document.
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Snowy Hydro Corporatisation Amendment Bill 2006
Contents
Part 1--Preliminary 1
1 Short title 1
2 Commencement 1
3 Schedule(s) 1
Schedule 1 -- Amendments to the Snowy Hydro Corporatisation Act 1997 2
Section 3
Section 2
Snowy Hydro Corporatisation Amendment Bill 2006
Snowy Hydro Corporatisation Amendment Bill 2006
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Snowy Hydro Corporatisation Amendment Bill 2006
`
A Bill for an Act to amend the Snowy Hydro Corporatisation Act 1997
The Parliament of Australia enacts:
Part 1--Preliminary
1 Short title
This Act may be cited as the Snowy Hydro Corporatisation Amendment Act 2006.
2 Commencement
This Act commences on the day on which it receives the Royal Assent.
3 Schedule(s)
Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.
Schedule 1 -- Amendments to the Snowy Hydro Corporatisation Act 1997
1 After subsection 7(3)
Insert:
(3A) In the event of the Snowy Hydro Company being listed on the Australian Stock Exchange, the following provisions shall be, or shall be taken to be, included in the company constitution:
(i) no individual, corporation or other entity shall be entitled to hold more than 10% of the shares in the company;
(ii) foreign ownership in total would not be permitted to exceed 35% of Snowy Hydro Ltd
(iii) the head office of Snowy Hydro Ltd must remain in Australia;
(iv) Snowy Hydro Ltd must maintain a substantial business and operational presence in Australia;
(v) two-thirds of the Directors of the Board of Snowy Hydro Ltd and the Chair of any meeting of the Board and shareholders must be Australian citizens; and,
(vi) Snowy Hydro Ltd must remain incorporated in Australia.