2004-2005-2006

The Parliament of the

Commonwealth of Australia

HOUSE OF REPRESENTATIVES

Presented and read a first time

Snowy Hydro Corporatisation Amendment Bill 2006

(Mrs Hull)

A Bill for an Act to amend the Snowy Hydro Corporatisation Act 1997

Contents

Part 1—Preliminary                                                                                                               1

1............ Short title............................................................................................ 1

2............ Commencement.................................................................................. 1

3............ Schedule(s).......................................................................................... 1

Schedule 1 — Amendments to the Snowy Hydro Corporatisation Act 1997            2

                                            `

A Bill for an Act to amend the Snowy Hydro Corporatisation Act 1997

The Parliament of Australia enacts:

Part 1—Preliminary

1  Short title

                   This Act may be cited as the Snowy Hydro Corporatisation Amendment Act 2006.

2  Commencement

This Act commences on the day on which it receives the Royal Assent.

3  Schedule(s)

                   Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.

Schedule 1 — Amendments to the Snowy Hydro Corporatisation Act 1997

1  After subsection 7(3)

Insert:

          (3A)  In the event of the Snowy Hydro Company being listed on the Australian Stock Exchange, the following provisions shall be, or shall be taken to be, included in the company constitution:

                              (i)  no individual, corporation or other entity shall be entitled to hold more than 10% of the shares in the company;

                             (ii)  foreign ownership in total would not be permitted to exceed 35% of Snowy Hydro Ltd

                            (iii)  the head office of Snowy Hydro Ltd must remain in Australia;

                            (iv)  Snowy Hydro Ltd must maintain a substantial business and operational presence in Australia;

                             (v)  two-thirds of the Directors of the Board of Snowy Hydro Ltd and the Chair of any meeting of the Board and shareholders must be Australian citizens; and,

                            (vi)  Snowy Hydro Ltd must remain incorporated in Australia.