Part 2 Formation and ownership of new State enterprises

10 Ministers may hold shares and equity bonds in new State enterprises

(1)

The Minister of Finance and the responsible Minister may from time to time, on behalf of the Crown, subscribe for or otherwise acquire shares or equity bonds, or both, in the companies named, or to be formed with the names specified, in Schedule 2.

(2)

The number of shares, and the number of equity bonds, held by a shareholding Minister in a company named in Schedule 2 shall be the same as the number of shares or equity bonds, as the case may be, in that company held by the other shareholding Minister thereof.

(3)

Any money required to be paid by a shareholding Minister on subscribing for or otherwise acquiring shares or equity bonds pursuant to subsection (1) shall be paid out of money appropriated by Parliament for the purpose.

Section 10: substituted (with effect on 1 April 1987), on 1 July 1987, by section 3 of the State-Owned Enterprises Amendment Act 1987 (1987 No 117).