Provision of capital to Newco

Current

(1)

Any one or more Ministers of the Crown may subscribe capital to Newco.

(2)

The Treasurer may, on conditions the Treasurer considers appropriate—

(a)

advance loan capital to Newco; and

(b)

transfer non-pecuniary assets of the Crown to Newco.

(3)

Capital subscriptions and advances are, subject to any contrary direction by the Treasurer, to be paid out of the Consolidated Account (which is appropriated to the necessary extent).

(4)

An instrument to give effect to a transaction under this section is exempt from stamp duty.

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7 Provision of capital to Newco