New Zealand Railways Corporation Restructuring Act 1990
Commenced: 28 Aug 1990
I: Formation of Transferee Companies and Vesting of Railways Assets and Liabilities
Formation of transferee companies
FORMATION OF TRANSFEREE COMPANIES AND VESTING OF RAILWAYS ASSETS AND
4. Formation of transferee companies---(1) Notwithstanding the New
Zealand Railways Corporation Act 1981 or any other Act, or rule of law,
the Ministers may, from time to time, for the purposes of this Act, form
and register under the Companies Act 1955, one or more companies limited
by shares, that, or each of which,---
(a) Has such name as the Ministers shall decide; and
(b) Has a memorandum of association and articles of association in
such form as the Ministers may determine.
(2) The Ministers may subscribe for shares in a transferee company to
be issued on its incorporation and other shares to be so issued may be
subscribed for by nominees of the Ministers.
(3) The Ministers may, from time to time, subscribe for, or acquire,
other securities issued by a transferee company.
(4) The memorandum of association and articles of association of a
transferee company shall be laid before the House of Representatives by
the Minister for State Owned Enterprises within 12 sitting days after
the incorporation of the company.
(5) All money required to be paid by the Ministers on subscribing for,
or acquiring, securities of a transferee company shall be paid out of
the Crown Bank Account from money appropriated by Parliament for the
(6) Nothing in section 134 of the Companies Act 1955 applies in
respect of a transferee company.
Cf. 1987, No. 195, s. 4