Western Australian Current Acts Western Australian Current Acts (1) If —
(a) the
holder of a pastoral lease is a company; and
(b) the
working of that pastoral lease, or the working of pastoral leases of which the
company is the holder, constitutes the principal activity, or one of the
principal activities, of the company,
the company must not
register a transfer of any share in the company unless the transfer is done by
means of an instrument of transfer and the instrument has been endorsed with
the approval of the Minister to the transfer.
Penalty for this subsection: a fine of $20 000.
(2) A person who holds
a beneficial interest in a share in a company referred to in subsection (1)
must not transfer, mortgage or charge or otherwise dispose of the interest to
any other person except with the consent in writing of the Minister.
Penalty for this subsection: a fine of $20 000.
(3) If a company is
convicted of an offence against subsection (1), any pastoral lease held by the
company is liable to forfeiture under section 35 as if that conviction were
the breach of a condition or covenant referred to in that section.
(4) For the purposes
of this section, a person has a beneficial interest in a share if that person,
either alone or together with other persons, is entitled (other than as
trustee for, on behalf of or on account of, another person) to receive,
directly or indirectly, any dividends in respect of the share or to exercise,
or to control the exercise of, any rights attaching to the share.
[Section 135 amended: No. 4 of 2023 s. 91.]