South Australian Current Acts

LOCAL GOVERNMENT ACT 1999 - SECT 47

47—Interests in companies

        (1)         A council must not—

            (a)         participate in the formation of a company; or

            (b)         acquire shares in a company.

        (2)         However, subsection (1) does not—

            (a)         limit the investment of money under this Act; or

            (b)         limit the ability of a council to participate in the formation of, or to become a member of, a company limited by guarantee established as a national association to promote and advance the interests of an industry in which local government has an interest.