Western Australian Consolidated Acts

RACING AND WAGERING WESTERN AUSTRALIA ACT 2003 - SCHEDULE 3

[s. 32]

1 .         Disposal of shares

        (1)         RWWA is not to sell or otherwise dispose of shares in the subsidiary other than as approved by the Minister.

        (2)         The Minister is empowered to execute a transfer of any shares in the subsidiary held by RWWA.

2 .         Directors

        (1)         The directors of the subsidiary are to be appointed by RWWA, but no such director may be appointed except with the prior written approval of the Minister.

        (2)         All decisions relating to the operation of the subsidiary are to be made by or under the authority of the board of the subsidiary in accordance with the statement of corporate intent of RWWA and the subsidiary.

        (3)         The board of the subsidiary is accountable to the Minister in the manner set out in Part 6 and in the constitution of the subsidiary.

3 .         Further shares

                Shares may not be issued or transferred except with the prior written approval of the Minister.

4 .         Subsidiaries of subsidiary

        (1)         The subsidiary may not form, participate in the formation of, or acquire any subsidiary without the prior written approval of the Minister given with the Treasurer’s concurrence.

        (2)         The subsidiary must ensure that the constitution of each of its subsidiaries at all times complies with this Act.

        (3)         The subsidiary must, to the maximum extent practicable, ensure that each of its subsidiaries complies with its constitution and with the requirements of this Act.