Terms used: full privatisation, partial privatisation
4 Terms used: full privatisation, partial privatisation
For the purposes of this Act full privatisation occurs if, in accordance with a privatisation order under section 7 —
all of the shares in Bank of Western Australia Ltd become, after the day of privatisation, owned by persons other than the State; or
the business that is conducted by Bank of Western Australia Ltd becomes, after the day of privatisation, owned by one or more corporations all of the shares in which are held by persons other than the State.
For the purposes of this Act partial privatisation occurs if, in accordance with a privatisation order under section 7 —
some of the shares in Bank of Western Australia Ltd continue, after the day of privatisation, to be owned by the State; or
the business that is conducted by Bank of Western Australia Ltd becomes, after the day of privatisation, owned by one or more corporations some of the shares in which are held by the State.
References in subsections (1) and (2) to the State do not include a public authority that acquires shares in the Bank on or after the day of privatisation.
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