Part 2Establishment and governance of Crown entities
Crown entity companies: Formation and shareholding of Crown entity companies
80Restrictions relating to shares in Crown entity companies
No Minister may—
- sell or otherwise dispose of any shares in a Crown entity company held in the Minister's name; or
- permit shares in a Crown entity company to be allotted or issued to any person other than a shareholding Minister.
However, despite subsection (1)(a), a Minister may dispose of shares—
- as part of a reconstruction or merger in which the Crown's interest in the shares of the company is not diluted; or
- if an Act authorises the transfer of ownership of shares of a Crown entity company.
Subsection (1) does not apply to redeemable preference shares that—
- are not convertible into shares of any other class; and
- do not confer any rights to vote at any general meeting of the company.