Western Australian Consolidated Acts Western Australian Consolidated Acts[s. 7B]
[Heading inserted by No. 18 of 2006
s. 16.]
In this
Schedule —
prior approval means the prior written approval of
the Treasurer.
[Clause 1 inserted by No. 18 of 2006
s. 16; amended by No. 35 of 2011 s. 39.]
(1) The Board must not
sell or otherwise dispose of shares in the subsidiary without prior approval.
(2) The Treasurer is
empowered to execute a transfer of any shares in the subsidiary held by the
Board.
[Clause 2 inserted by No. 18 of 2006
s. 16; amended by No. 35 of 2011 s. 31.]
(1) The directors of
the subsidiary are to be appointed by the Board, but no such director may be
appointed without prior approval.
(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 the Board and the subsidiary.
(3) The board of the
subsidiary is accountable to the Treasurer in the manner set out in
section 36 and in the constitution of the subsidiary.
[Clause 3 inserted by No. 18 of 2006
s. 16; amended by No. 35 of 2011 s. 31.]
Shares in the
subsidiary must not be issued or transferred without prior approval.
[Clause 4 inserted by No. 18 of 2006
s. 16.]
5 . Alteration of constitution
The constitution of
the subsidiary must not be modified or replaced without prior approval.
[Clause 5 inserted by No. 18 of 2006
s. 16.]
6 . Subsidiaries of subsidiary
(1) The subsidiary
must not form or acquire any subsidiary without prior approval.
(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.
[Clause 6 inserted by No. 18 of 2006
s. 16.]
