New Zealand Legislation: Acts

13 Powers of shareholding Ministers in respect of new State enterprises

• (1) Notwithstanding any other provision of this Act or the rules of any company,—

  • (a) The shareholding Ministers may from time to time, by written notice to the board, direct the board of a company named in Schedule 2 to this Act to include in, or omit from, a statement of corporate intent for that company any provision or provisions of a kind referred to in paragraphs (a) to (h) of section 14(2) of this Act; and

  • (b) The shareholding Ministers may, by written notice to the board, determine the amount of dividend payable by any company named in Schedule 2 to this Act in respect of any financial year or years,—

  and any board to whom such a notice is given shall comply with the notice.

  (2) Before giving any notice under this section, the shareholding Ministers shall—

  • (a) Have regard to Part 1 of this Act; and

  • (b) Consult the board concerned as to the matters to be referred to in the notice.

  (3) Within 12 sitting days after a notice is given to a board pursuant to this section, the responsible Minister for the company concerned shall lay a copy of the notice before the House of Representatives.