Totalizator Agency Board Privatisation Act 1997 (NSW)

Totalizator Agency Board Privatisation Act 1997 No 43

An Act to provide for the conversion of the Totalizator Agency Board into a public company and for the future sale of that company to the public; and for other purposes.

Part 1 Preliminary

1 Name of Act This Act is the Totalizator Agency Board Privatisation Act 1997.

2 Commencement This Act commences on a day or days to be appointed by proclamation.

3 Objects of Act The objects of this Act are to provide for the conversion of the Totalizator Agency Board (TAB) into a public company and for its sale by a public float, and in particular— (a) to convert TAB from a statutory authority into a public company limited by shares and with the name TAB Limited, and (b) to repeal provisions of the Totalizator (Off-course Betting) Act 1964 and to apply the Corporations Law to TAB after its conversion, and (c) to authorise the exclusion from the sale of TAB of any part of the business undertakings of TAB and its subsidiaries, and to reorganise those businesses before the sale, and (d) to authorise the sale of TAB by a public float (comprising disposal of the shares issued to the State) and to limit to 10% the maximum shareholding of any one shareholder.

4 Definitions (1) In this Act— assets means any legal or equitable estate or interest (whether present or future and whether vested or contingent) in real or personal property of any description (including money), and includes securities, choses in action and documents. business undertaking of TAB or of a TAB subsidiary means all the assets, rights and liabilities of TAB or the subsidiary. conversion means the conversion of TAB into a public company on the commencement of section 12. excluded undertaking means any assets, rights or liabilities of TAB or a TAB subsidiary that the Minister has directed to be excluded under Part 7. exercise a function includes perform a duty. function includes a power, authority or duty. instrument means an instrument (other than this Act) that creates, modifies or extinguishes rights or liabilities (or would do so if lodged, filed or registered in accordance with any law), and includes any judgment, order or process of a court. liabilities means any liabilities, debts and obligations (whether present or future and whether vested or contingent). Minister see section 5. Ministerial Holding Corporation means the Ministerial Holding Corporation constituted by section 37B of the State Owned Corporations Act 1989. rights means all rights, powers, privileges and immunities (whether present or future and whether vested or contingent). share means a share in the share capital of a body corporate. State of New South Wales includes the Crown in right of New South Wales and the Government of New South Wales. TAB means the body corporate called the Totalizator Agency Board and constituted under the Totalizator (Off-course) Betting Act 1964 (its name being changed after the conversion to TAB Limited). TAB Limited means the company known as TAB Limited established by this Act. TAB Limited subsidiary means a subsidiary of TAB Limited within the meaning of the Corporations Law. TAB subsidiary means a subsidiary of TAB or TAB Limited, within the meaning of the Corporations Law. (2) A reference in this Act to the business undertaking of TAB or of a TAB subsidiary at any particular time does not include a reference to any part of that undertaking that has been excluded or transferred by this Act before that time. (3) Notes in the text of this Act do not form part of this Act.