20Subsidiary
corporations
(1)
In this section:
private
corporation means a corporation within the meaning of the
Corporations Act 2001 of the
Commonwealth, whether formed in or outside New South Wales.
subsidiary corporation means a
private corporation in which the Authority has a controlling
interest.
(2)
The Authority:
(a)
may form, or participate in the formation of,
private corporations, and
(b)
may acquire interests in private corporations,
and
(c)
may sell or otherwise dispose of interests in
private corporations.
(3)
However, the Authority must not, without the
approval of the Minister:
(a)
form, or participate in the formation of, a
subsidiary corporation, or
(b)
acquire an interest in a private corporation so
that, as a result of the acquisition, the corporation becomes a subsidiary
corporation, or
(c)
sell or otherwise dispose of any interest in a
subsidiary corporation so that, as a result of the sale or disposal, it ceases
to be a subsidiary corporation.
(4)
The Minister must not give such an approval
except with the concurrence of the Treasurer.
(5)
A subsidiary corporation is not, and does not
represent, the Crown.
s 20: Am 2001 No 34,
Sch 4.42.