An Act to authorise the Crown and certain statutory corporations to acquire and hold shares in First Australian National Mortgage Acceptance Corporation Ltd. and to provide for related matters.
1 Name of Act
This Act may be cited as the Secondary Mortgage Market (State Equity Participation) Act 1985.
2 Definitions
In this Act, except in so far as the context or subject-matter otherwise indicates or requires:acquire, in relation to shares in the Company, includes subscribe for shares issued by the Company.prescribed statutory corporation means a corporation prescribed under section 3.the Company:(a) subject to paragraph (b)—means First Australian National Mortgage Acceptance Corporation Ltd., a company incorporated under the Companies (New South Wales) Code, or(b) where any event referred to in section 9 occurs, means:(i) that company under its new name,(ii) that company as reconstructed or re-organised, oras the case requires.(iii) the corporation resulting from the amalgamation of that company and another corporation,the Crown means the Crown in right of New South Wales.
3 Power of Governor to prescribe statutory corporations for the purposes of this Act
The Governor may, by order published in the Gazette, prescribe any corporation constituted or established by an Act as a prescribed statutory corporation for the purposes of this Act.
4 Crown and prescribed statutory corporations authorised to acquire and hold shares in the Company
The Crown and any prescribed statutory corporation are respectively authorised to acquire and hold shares in the Company and to engage in any activity relating to the acquisition of any such shares.
5 Crown and prescribed statutory corporations authorised to engage in incidental or ancillary activities
Where the Crown or a prescribed statutory corporation acquires shares as provided by section 4, it is authorised to do or omit to do, and there may be done or be omitted to be done to or in relation to the Crown or the statutory corporation in its capacity as a shareholder of the Company, any act, matter or thing arising from, or incidental or ancillary to, the holding of the shares so acquired and, in particular, the Crown or statutory corporation is authorised to sell or otherwise deal with those shares.
6 Appointment of directors on behalf of the Crown etc
(1) Where, by virtue of being the holder of shares in the Company, the Crown or a prescribed statutory corporation is entitled to appoint a director of the Company, such an appointment is not effective until approved by the Minister.(2) The fact that any director appointed as referred to in subsection (1) may act in accordance with the directions or instructions of the Minister does not make the Minister a director of the Company.(3) Where:(a) any person employed in the service of the Crown or of a prescribed statutory corporation becomes a director of the Company, andthe Crown or statutory corporation is liable to indemnify that person against any liability which by law attaches to that person in his or her capacity as a director of the Company in respect of any act done or omitted to be done in good faith by that person in relation to the Company.(b) the appointment of that person is directly or indirectly attributable to the fact that the Crown or a prescribed statutory corporation is a holder of shares in the Company,
7 Execution of certain documents authorised
The Minister is authorised to execute on behalf of the Crown:(a) any agreement for or in connection with the acquisition of shares referred to in section 4, and(b) any other instrument relating to the performance or exercise by the Crown of any functions, duties, powers or authorities imposed or conferred on it by this Act or by or under any agreement executed for the purposes of this Act.
8 Certain money to be paid into the Consolidated Fund
(1) Where any shares acquired under the authority of this Act are sold, the Minister or, as the case may be, the prescribed statutory corporation shall, unless the Treasurer otherwise directs, cause the proceeds of sale to be paid into the Consolidated Fund.(2) Where any amount by way of dividend, interest or other similar payment is paid in respect of shares acquired under the authority of this Act, the Minister or, as the case may be, the prescribed statutory corporation concerned shall, unless the Treasurer otherwise directs, cause that amount to be paid into the Consolidated Fund.
9 Certain events not to prevent the Crown or the Minister, or a prescribed statutory corporation, from exercising an authority conferred by this Act
The fact that:(a) the name of the Company is changed,(b) the Company is reconstructed or re-organised, ordoes not prevent the Crown or the Minister, or a prescribed statutory corporation, from exercising an authority conferred by this Act in relation to the Company.(c) the Company is amalgamated with another corporation,
10 Act not to affect the operation of provisions of certain other Acts
This Act does not prevent a corporation constituted or established by another Act from exercising in relation to the Company any power or authority conferred by or under that other Act.