Western Australian Consolidated Acts

WATER CORPORATION ACT 1995 - SCHEDULE 4

[s. 31]

        [Heading amended by No. 19 of 2010 s. 4.]

1 .         Disposal of shares

        (1)         The corporation 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 corporation.

2 .         Directors

        (1)         The directors of the subsidiary are to be appointed by the corporation, 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 corporation and the subsidiary.

        (3)         The board of the subsidiary is accountable to the Minister in the manner set out in Part 4 and in the memorandum and articles of association 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.

        (2)         The subsidiary must ensure that the memorandum and articles of association 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 memorandum and articles of association and with the requirements of this Act.