Western Australian Consolidated Acts Western Australian Consolidated Acts [Heading inserted by No. 67 of 2004 s. 43.]
[s. 22]
(1) The Authority 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 the
Authority.
[Clause 1 inserted by No. 67 of 2004
s. 43.]
(1) The directors of
the subsidiary are to be appointed by the Authority, 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 the Authority and the subsidiary.
(3) The board of the
subsidiary is accountable to the Minister in the manner set out in
Part 3A and in the constitution of the subsidiary.
[Clause 2 inserted by No. 67 of 2004
s. 43.]
Shares may not be
issued or transferred except with the prior written approval of the Minister.
[Clause 3 inserted by No. 67 of 2004
s. 43.]
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
comply 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 4 inserted by No. 67 of 2004
s. 43.]