Commonwealth Numbered Acts

INDUSTRY, TECHNOLOGY AND COMMERCE LEGISLATION AMENDMENT ACT 1992 No. 168 of 1992 - SECT 7

7. After section 10 insert the following section in Part II: Limitation of
formation of companies etc.

"10AA.(1) The Institute must not, without written approval by the Minister:

   (a)  subscribe for, or purchase, shares in, or debentures or other
        securities of, a company; or

   (b)  form or participate in the formation of a company that would, on its
        formation, be a subsidiary of the Institute.

"(2) An approval under subsection (1):

   (a)  may be of general application or may relate to a particular company or
        proposed company; and

   (b)  may be given subject to conditions or restrictions set out in the
        instrument of approval.

"(3) Subject to subsection (4), if the Institute subscribes for or purchases
shares in, or debentures or other securities of, a company, the Minister must:

   (a)  cause to be prepared a statement setting out particulars of, and the
        reasons for, the subscription or purchase; and

   (b)  cause a copy of the statement to be laid before each House of the
        Parliament within 15 sitting days of that House:

        (i)    after the subscription or purchase took place; or

        (ii)   if the Minister is of the opinion that disclosure of the
               subscription or purchase would adversely affect the commercial
               interests of the Institute, after the Minister ceases to be of
               that opinion.

"(4) If the Institute holds a controlling interest in a company, the Institute
must ensure that the company does not do anything that the Institute is not
itself empowered to do.".