Central Coast Water Corporation Act 2006 No 105
Current version for 6 January 2012 to date (accessed 24 November 2014 at 19:08)

24   Acquisition and disposal of assets, investments and liabilities

(cf State Owned Corporations Act 1989, section 20X)

(1)  The Corporation or any of its subsidiaries may not acquire or dispose of fixed assets or investments, including shares in a company, without the prior written approval of the voting shareholders:
(a)  if the total assets and investments being acquired or disposed of (together with any other such acquisitions or dispositions during the last 12 months) represent an amount in excess of the prescribed percentage of the written down value of the Corporation’s consolidated fixed assets and investments as disclosed in its last audited financial report, or
(b)  if it could reasonably be expected that the inclusion or exclusion, respectively, of the total current year’s profit or loss of such acquisition or disposition (together with any other such acquisitions or dispositions during that year) would result in an increase in or diminution of the Corporation’s consolidated pre-tax operating profit or loss for the year of acquisition or disposal in excess of the prescribed percentage compared with that consolidated pre-tax operating profit or loss disclosed in its last audited financial report.
(2)  The amount referred to in subsection (1) (a) is to be calculated by reference to:
(a)  in the case of an acquisition to which this section applies, the cost price of the asset or investment, or
(b)  in the case of a disposition to which this section applies, the book value of the consideration or disposal, whichever is the greater.
(3)  The Corporation or any of its subsidiaries may not acquire or dispose of any assets or liabilities, in contravention of any requirements of the regulations.
(4)  In seeking the approval of the voting shareholders under this section, the Corporation or subsidiary is required to provide the voting shareholders with such information as they require, including such kinds of information (if any) as are prescribed by the regulations.
(5)  The prescribed percentage is 10 per cent or such other percentage as is prescribed by the regulations.
(6)  All or any specified requirements of subsections (1) and (2) do not apply in such circumstances as are specified in a written notice given to the Corporation or a subsidiary of the Corporation by the voting shareholders.
(7)  The voting shareholders may not give such a notice unless satisfied that the requirements are incapable of application to the Corporation or subsidiary in the circumstances or would apply to it in a clearly inappropriate manner.
(8)  The voting shareholders may, by written notice, direct the Corporation or its subsidiaries not to dispose of any specified asset.
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