Banks (Shareholdings) Regulations (Amendment) (Cth)

Statutory Rules 1996

No. 257 1

__________________

Banks (Shareholdings) Regulations 2(Amendment)

I, The Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Banks (Shareholdings) Act 1972.

Dated 19 November 1996.

 

 WILLIAM DEANE

 Governor-General

By His Excellency’s Command,

  

C. R. KEMP

Assistant Treasurer

____________

1.   Commencement

1.1    Regulations 3 and 5 commence on 31 March 1997.

[NOTE: The remainder of these Regulations commence on gazettal: see Acts Interpretation Act 1901, s. 48.]

2.   Amendment

2.1   The Banks (Shareholdings) Regulations are amended as set out in these Regulations.

3.   Regulation 8 (Prescribed interests and persons—paragraph 8 (9) (d) of the Act)

3.1 Omit the regulation.

 

4.   New regulation 11

4.1   After regulation 10, insert:

Prescribed interest in shares and prescribed persons (Act, paragraph 8 (9) (d))—State Bank of New South Wales Limited

 “11.(1) This regulation is made for paragraph 8 (9) (d) of the Act. 

 “(2) If a person is deemed under section 8 or 9 of the Act to have an interest in a share in State Bank, the interest is prescribed and the person is prescribed in relation to the interest. 

 “(3) Subregulation (2) does not apply in relation to an interest that:

• (a)

  Colonial Limited or Emerald Holding is deemed to have; or

• (b)

  persons who are from time to time relevant officers of Colonial Limited or Emerald Holding are deemed to have; or

• (c)

  any other person is deemed to have because:

  • (i)

    Colonial Limited is, or its directors are, accustomed, or under an obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of the person in relation to that share in State Bank; or

  • (ii)

    the person has a controlling interest in Colonial Limited; or

  • (iii)

    the person is, the associates of the person are, or the person and the associates of that person are, entitled to exercise or control the exercise of not less than 15% of the votes attached to the voting shares in Colonial Limited.

“(4) In this regulation:

‘associate’ has the meaning given by subsection 8 (5) of the Act;

‘Emerald Holding’ means Emerald Holding Company Limited;

‘State Bank’ means the State Bank of New South Wales Limited.”. 

5.   Schedule (Banks and persons specified for purposes of regulations 3 and 4)

5.1   Item 26:

Omit the item.

 

____________________________________________________________

NOTES

1. Notified in the Commonwealth of Australia Gazette on 26 November 1996.

2. Statutory Rules 1985 No. 67 as amended by 1985 Nos. 233, 263, 299, 311, 336, 337, 338 and 376; 1986 Nos. 10, 11, 12, 13, 21, 23, 24, 44, 92, 107 and 116; 1987 Nos. 26, 126, 127 and 208; 1988 Nos. 323 and 379; 1989 Nos. 4 and 64; 1990 Nos. 345 and 469; 1991 Nos. 21, 57, 92, 120, 225, 278, 279 and 292; 1992 Nos. 102, 302, 359 and 416; 1993 No. 259; 1994 Nos. 97, 207, 308, 331, 385 and 431; 1995 Nos. 4, 106, 143, 238, 355, 380, 415 and 435; 1996 Nos. 23, 34, 146, 147, 223 and 242.