PART I
   FORMATION OF TRANSFEREE COMPANIES AND VESTING OF RAILWAYS ASSETS AND
                               LIABILITIES

   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
 purpose.

   (6) Nothing in section 134 of the Companies Act 1955 applies in
 respect of a transferee company.
     Cf. 1987, No. 195, s. 4