TAB Queensland Limited Privatisation Act 1999

This Act may be cited as the TAB Queensland Limited Privatisation Act 1999.

The dictionary in the schedule defines particular words used in this Act.

TABQ is no longer a company GOC and, other than to the extent this Act provides, the GOC Act stops applying to it.

Subsection (1) does not affect TABQ’s registration under the Corporations Law.

The object of this Act is to facilitate the sale by the State of TABQ.

The sale process is the process relating to the sale of TABQ by the State.

The process includes anything connected with or relating to the disposal of all issued shares in TABQ held by a Minister on behalf of the State to persons other than Ministers who, in that capacity, hold the shares on behalf of the State.

The listing day is the day and time at which shares in TABQ are listed for quotation on the stock market of the Australian Stock Exchange Limited (ACN 008 624 691).

In this section—

share includes a unit in a share within the meaning of section 9 of the Corporations Law.

Editor’s note—

Corporations Law, section 9—

unit, in relation to a share, debenture or other interest, means a right or interest, whether legal or equitable, in the share, debenture or other interest, by whatever term called, and includes an option to acquire such a right or interest in the share, debenture or other interest.

If a thing is required to be, or may be, done under this Act by the Act Ministers, the thing must be done by them jointly.

However, if the Act Ministers’ offices are held, or the functions of the offices are being performed, by 1 person, the thing may be done by that person alone.

Unless the context otherwise requires, a reference in this Act to the Minister is not a reference to the Minister in the capacity of an Act Minister.

This part applies until the listing day.

If, in relation to TABQ, the Act Ministers sign a document (the Ministerial document) containing a statement that they are in favour of a resolution stated in the Ministerial document—

a resolution in those terms is taken to have been passed at a general meeting of TABQ held at the time at which, and on the day on which, the Ministerial document is signed by the last Act Minister; and

TABQ is taken to have held a general meeting at that time on that day; and

the Ministerial document is taken to be a minute of the meeting; and

another document, attached to the Ministerial document and signed by the Act Ministers, is taken to have been laid before TABQ at the meeting; and

if the resolution deals with all matters required to be dealt with at an annual general meeting of TABQ, TABQ is taken to have held an annual general meeting.

Subsection (1) applies to a resolution that is authorised or required by the Corporations Law, or TABQ’s constitution, to be passed at a general meeting, including a resolution—

appointing an officer or auditor; or

approving of, or agreeing to, anything.

For subsection (1), 2 or more separate documents containing a statement in identical terms, each of which is signed by an Act Minister, are taken to be a single document.

This section has effect for the purposes of the Corporations Law.

Subsection (4) does not limit any other effect this section may have.

This section does not affect any rule of law providing for the effectiveness of the assent of members of a company given to a document or anything else otherwise than at a general meeting of the company.

The Act Ministers may amend TABQ’s constitution.

Subsection (1) does not limit any other power to amend the constitution.

The Act Ministers may, by notice given to TABQ’s board of directors, direct the board to amend the constitution of a TABQ subsidiary.

As far as practicable, the board must ensure the direction is complied with.

TABQ’s board of directors is to continue to consist of the number of directors that are appointed by the Governor in Council.

In appointing a person as a director, the Governor in Council must have regard to the person’s ability to make a contribution to TABQ’s commercial performance.

Subsection (1) has effect despite TABQ’s constitution.