228B
CurrentObject
Part 11ATransaction involving GCLC
Division 1Preliminary
228B Object
The object of this part is to facilitate a transaction comprising the following—
(a)
GCLC stops being a company GOC;
(b)
the shares in GCLC are transferred;
(c)
GCLC’s current lottery licence ends;
(d)
a lottery licence is issued to the State company;
(e)
a lottery operator’s licence is issued to GCLC;
(f)
the State company and GCLC enter into an agreement which is approved as a lottery operation agreement;
(g)
the State company starts operating as a lottery licensee;
(h)
GCLC starts operating as a lottery operator in compliance with this part.
This Act’s bill:Explanatory memorandum
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