Commonwealth Numbered Acts

AUSTRALIAN NATIONAL RAILWAYS COMMISSION ACT 1983 No. 140 of 1983 - SECT 8

8. (1) The Commission shall not, without the approval of the Minister -

   (a)  participate in the formation of a company;

   (b)  subscribe for, or otherwise acquire, shares in a company;

   (c)  enter into a partnership; or

   (d)  enter into an arrangement for the sharing of receipts or profits.

(2) An approval under sub-section (1) shall be given by instrument in writing.

(3) The Minister shall not give his approval under sub-section (1) to the
participation by the Commission in the formation of a company the powers of
which will extend to the doing of an act or thing that the Commission itself
is not empowered to do unless he is satisfied that the participation by the
Commission in the formation of the company would be conducive to the
performance of a function of the Commission.

(4) The Minister shall not give his approval under sub-section (1) to the
subscription by the Commission for, or other acquisition by the Commission of,
shares in a company the powers of which extend to the doing of an act or thing
that the Commission itself is not empowered to do unless he is satisfied that
the holding of the shares by the Commission would be conducive to the
performance of a function of the Commission.

(5) If -

   (a)  after the Commission subscribes for, or otherwise acquires, shares in
        a company, the Minister becomes satisfied that the holding of the
        shares by the Commission is no longer conducive to the performance of
        any function of the Commission; or

   (b)  the memorandum of association or articles of association of a company
        in which the Commission holds shares are altered so as to empower the
        company to do an act or thing that the Commission itself is not
        empowered to do and the Minister is not satisfied that the continued
        holding by the Commission of the shares would be conducive to the
        performance of any function of the Commission, the Minister shall, by
        notice in writing to the Commission, direct the Commission to dispose
        of the shares and the Commission shall comply with the direction as
        soon as practicable.