Tasmanian Numbered Acts

TRUST BANK (CORPORATISATION) ACT 1997 (NO. 7 OF 1997) - SECT 19

19. Powers of Supreme Court

      (1) If the strategic partner breaches the term of the strategic partnership agreement referred to in section 12(1)(b) in relation to itself or another person, the Supreme Court may, on the application of the Minister or The Trustee of the Trust Bank Foundation, whether or not other proceedings in respect of the breach have been instituted, make one or more of the following orders:

(a) an order restraining the exercise of any voting or other rights attached to any share in the Bank in which the strategic partner or other person has an interest;

(b) an order directing the Bank not to make payment, or to defer making payment, of any sum due from the Bank in respect of any share in the Bank in which the strategic partner or other person has an interest;

(c) an order directing the sale of all or any of the shares in the Bank in which the strategic partner or other person has an interest;

(d) an order that any exercise of the voting or other rights attached to specified shares in the Bank in which the strategic partner or other person has, or has had, an interest be disregarded;

(e) for the purpose of securing compliance with any other order made under this section, an order directing the Bank or any other person to do or refrain from doing a specified act.

      (2) An order under this section may include such ancillary or consequential provisions as the Supreme Court thinks just.

      (3) Before making an order under this section and in determining the terms of such an order, the Supreme Court is to satisfy itself, so far as it can reasonably do so, that the order would not unfairly prejudice any person.

      (4) The Supreme Court is not to make an order under subsection (1), other than an order restraining the exercise of voting rights, if it is satisfied –

(a) that the breach by the strategic partner mentioned in subsection (1) was due to its inadvertence or mistake or to its not being aware of a fact or occurrence the existence of which was necessary to constitute the breach; and

(b) that, in all the circumstances, the breach ought to be excused.

      (5) The Supreme Court may, before making an order under this section, direct that notice of the application be given to such persons as it thinks fit or direct that notice of the application be published in such manner as it thinks fit, or both.

      (6) The Supreme Court may, by order, rescind, vary or discharge an order made by it under this section or suspend the operation of such an order.