Sydney Entertainment Centre Act 1980 (NSW)

An Act to approve the purchase by the Crown of shares in and subscriptions by the Crown to issues of shares by Arena Management Pty. Limited and to authorise other matters in relation thereto.

1Name of Act

This Act may be cited as the Sydney Entertainment Centre Act 1980.

2Definitions

In this Act:

share, in relation to the company, means share in the share capital of the company.

the company means Arena Management Pty. Limited.

3Approval of purchase of shares

Approval is given to the purchase by the Crown from Village Theatres Limited of 5,000 shares in the company.

4Approval to subscribe to shares

Approval is given to the subscription by the Crown, to such extent as the Treasurer thinks fit, to issues of shares by the company.

5Authorisation of other acts etc(1)

The Crown may do, omit to do or suffer to be done any act, matter or thing arising from or incidental or ancillary to the purchase, holding, disposition or dealing by it of or with shares in, or the subscription by it to issues of shares by, the company.

(2)

Any appointment of a director of the company which the Crown may be entitled to make shall not be made except with the approval of the Minister.

(3)

The fact that any director appointed as referred to in subsection (2) is accustomed to act in accordance with the directions or instructions of the Minister does not constitute the Minister a director of the company.

6Approval of execution of agreement etc

Approval is given to the execution by the Minister, on behalf of the Crown, of:

• (a)

  any agreement for or in connection with the purchase of the shares referred to in section 3,

• (b)

  any agreement for or in connection with the subscription to issues of shares referred to in section 4, and

• (c)

  any other instrument relating to the exercise or performance by the Crown of any power, authority, duty or function conferred or imposed on it:

  • (i)

    by this Act, or

  • (ii)

    by or under any agreement executed for the purposes of this Act.

7Appropriation

Any payment by the Crown required for or in connection with the purchase of the shares, the purchase of which is approved by section 3, or the subscription to issues of shares, the subscription to which is approved by section 4, shall be made out of the Consolidated Revenue Fund which, to the necessary extent, is hereby appropriated accordingly.