Territory-owned Corporations Act 1990

The Chief Minister may, in writing, authorise a person to participate in the formation of a company that it is intended will become a territory-owned corporation or a subsidiary.

The Chief Minister may, in writing, authorise a person to hold, on behalf of the Territory, a voting share in a company that is, or it is intended will become, a territory-owned corporation.

The Treasurer may, in writing, authorise a person to hold, on behalf of the Territory, a non-voting share in a company that is, or it is intended will become, a territory-owned corporation.

A person is eligible to hold a share or a right relating to a share in a territory-owned corporation only if—

for a voting share—the person is a Minister and has been authorised under subsection (2); or

for a non-voting share—

the person has been authorised under subsection (3); or

the person is a territory-owned corporation; or

the person is eligible under subsection (9).

Subject to subsection (9), a person who holds a share or a right relating to a share in a territory-owned corporation holds the share or right on trust for the Territory.

The Chief Minister may, in writing, direct a person who holds a voting share or a right relating to a voting share on trust for the Territory to transfer it to another person named in the instrument.

The Treasurer may, in writing, direct a person who holds a non-voting share or a right relating to a non-voting share on trust for the Territory to transfer it to a person (including the corporation that has issued the share or right) named in the instrument.

A direction under subsection (6) or (7) is effective only if—

the proposed transferee is eligible under subsection (4) (a) or (b) to hold the share or right; or

the Legislative Assembly has, by resolution, approved the direction.

If the Legislative Assembly approves a direction under subsection (8) (b), a person to whom a share or right is transferred under to the direction—

is eligible to hold the share or right; but

subsection (5) does not apply to the person in relation to the share or right so transferred.

A person who holds a share or right on trust for the Territory may not transfer it otherwise than under a direction under this section.