Australian Capital Territory Numbered Acts

TERRITORY OWNED CORPORATIONS (NO. 20 OF 1998) - SECT 5

    Section 16 of the Principal Act is amended by adding at the end the following subsection:

“(4)     A Territory owned corporation or a subsidiary shall not—

        (a)     dispose of any of its main undertakings; or

        (b)     enter into a transaction, contract or understanding whereby a company ceases to be a subsidiary;

unless the Legislative Assembly, by resolution, has approved the disposal, or the transaction, contract or understanding, as the case requires.”.