Shipping Corporation of New Zealand Act Repeal Act 1988

  • repealed
  • Shipping Corporation of New Zealand Act Repeal Act 1988: repealed, on 31 August 2012, by section 3 of the Regulatory Reform (Repeals) Act 2012 (2012 No 71).
3 Provisions relating to Minister's shareholding in The Shipping Corporation of New Zealand Limited
  • (1) Shares in The Shipping Corporation of New Zealand Limited held in the name of a Minister of the Crown shall be held by the person for the time being holding that office.

    (2) Notwithstanding any other enactment or rule of law, it shall not be necessary to complete or register a transfer of shares of the kind referred to in subsection (1) consequent upon a change in the person holding office as that Minister of the Crown.

    (3) Each Minister of the Crown who holds shares in The Shipping Corporation of New Zealand Limited on behalf of Her Majesty the Queen may exercise all or any of Her Majesty's rights and powers as the holder of those shares.

    (4) A Minister of the Crown who holds shares in The Shipping Corporation of New Zealand Limited may at any time or times, by written notice to the secretary of The Shipping Corporation of New Zealand Limited, authorise (on such terms and conditions as are specified in the notice) such person as that Minister thinks fit to act as that Minister's representative at any or all of the meetings of shareholders of The Shipping Corporation of New Zealand Limited or of any class of such shareholders, and any person so authorised shall be entitled to exercise the same powers on behalf of that Minister as that Minister could exercise if present in person at the meeting or meetings.