Subpart 2—Crown entity companies

Formation and shareholding of Crown entity companies

79 Formation and acquisition of shares in Crown entity companies

(1)

Shares in a Crown entity company may be subscribed for, or otherwise acquired, on behalf of the Crown only by 2 or more Ministers.

(2)

One of those shareholding Ministers must be the Minister of Finance.

(3)

Each shareholding Minister of a Crown entity company must always hold the same number of shares in the Crown entity company as each other shareholding Minister of that Crown entity company.

(4)

This section does not limit the Crown’s ability to subscribe for, or otherwise acquire, shares in a company that is not a Crown entity company.

(5)

This section applies also to a company that is being formed with the intention of becoming a Crown entity company, despite the fact that the company is not yet named in Schedule 2.