Australian Capital Territory Consolidated Acts Australian Capital Territory Consolidated Acts(1) A territory-owned corporation or a subsidiary must not, without the prior written consent of the voting shareholders—
(a) dispose of any of its main undertakings; or
(b) acquire an undertaking that could reasonably be expected to become a main undertaking; or
(c) participate, directly or indirectly, in the formation of a company that, on incorporation, will be a subsidiary; or
(d) enter into a transaction, contract or understanding under which a company becomes or ceases to be a subsidiary; or
(e) enter into, or make a significant change to the nature or extent of its interest in, a partnership, trust or unincorporated joint venture or similar arrangement; or
(f) 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, if it is so given, the territory-owned corporation or subsidiary must not carry out the activity that the consent refers to until the condition is satisfied.
(3) If a consent has been given in relation to a matter specified in subsection (1) (a), (b), (c), (d) or (e), the Portfolio Minister must present to the Legislative Assembly within 15 sitting days of the giving of the consent a statement setting out details of the matter consented to.
(4) A territory-owned corporation or a subsidiary must not—
(a) dispose of any of its main undertakings; or
(b) enter into a transaction, contract or understanding under which a company ceases to be a subsidiary;
unless the Legislative Assembly, by resolution, has approved the disposal, or the transaction, contract or understanding.
(5) For this section an undertaking of a territory-owned corporation or subsidiary is a main undertaking for the corporation or subsidiary if—
(a) it is a main undertaking when interpreted in accordance with the accounting standards relating to materiality practised in Australia at the time the decision about whether it is a main undertaking is made; or
(b) a document published by the corporation or subsidiary identifies it as a main undertaking (however described); or
(c) a memorandum of understanding between the corporation or subsidiary and the voting shareholders identifies it as a main undertaking (however described); or
(d) it is declared by regulation to be a main undertaking.
(6) For this section, an asset, a part of the undertakings or assets, or a change to the nature or extent of an interest of a territory-owned corporation or subsidiary is significant for the corporation or subsidiary if—
(a) it is significant when interpreted in accordance with the accounting standards relating to materiality practised in Australia at the time the decision about whether it is significant is made; or
(b) a document published by the corporation or subsidiary identifies it as significant (however described); or
(c) a memorandum of understanding between the corporation or subsidiary and the voting shareholders identifies it as significant (however described); or
(d) it is declared by regulation to be significant.