Banks (Shareholdings) Regulations (Amendment) (Cth)

Statutory Rules 1998No. 213 1

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Banks (Shareholdings) Regulations2 (Amendment)

I, WILLIAM PATRICK DEANE, 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 30 June 1998.

 WILLIAM DEANE

 Governor-General

By His Excellency’s Command,

c. r. kemp

Assistant Treasurer

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1.   Commencement

1.1   These Regulations commence on gazettal.

2.   Amendment

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

3.   New regulation 14

3.1   After regulation 13, insert:

Prescribed interest in shares and prescribed persons (Act, s 8 (9) (d))—Citibank Limited

 “14.(1) For paragraph 8 (9) (d) of the Act, a person who, under section 8 or 9 of the Act, is taken to have an interest in a share in Citibank Limited is a prescribed person and the interest is a prescribed interest.

 “(2) Subregulation (1) does not apply to an interest that:

• (a)

  Citi Merger Sub Inc., Citibank, N.A., Citicorp, COIC, Nessus or Travelers Group Inc. is taken to have; or

• (b)

  a person who is from time to time a relevant officer of Citi Merger Sub Inc., Citibank, N.A., Citicorp, COIC, Nessus or Travelers Group Inc. is taken to have; or

• (c)

  another person is taken to have because:

  • (i)

    Citi Merger Sub Inc., Citibank, N.A., Citicorp, COIC, Nessus or Travelers Group Inc. 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 Citibank Limited; or

  • (ii)

    the person has a controlling interest in Citi Merger Sub Inc., Citibank, N.A., Citicorp, COIC, Nessus or Travelers Group Inc.; or

  • (iii)

    the person, the associates of the person, or the person and the associates of the person, may exercise or control the exercise of at least 15% of the votes attached to the voting shares in Citi Merger Sub Inc., Citibank, N.A., Citicorp, COIC, Nessus or Travelers Group Inc..

 “(3) In this regulation:

associate has the meaning given by subsection 8 (5) of the Act.

Citi Merger Sub Inc. means the corporation formed or incorporated under that name in the United States of America. 

Citibank, N.A. means the corporation formed or incorporated under that name in the United States of America.

Citicorp means the corporation formed or incorporated under that name in the United States of America.

COIC means Citibank Overseas Investment Corporation, being the corporation formed or incorporated under that name in the United States of America.

Nessus means Nessus Investment Corporation, being the corporation formed or incorporated under that name in the United States of America.

Travelers Group Inc. means the corporation formed or incorporated under that name in the United States of America.”.

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

4.1   Items 10 and 11:

Omit the items.

NOTES

1. Notified in the Commonwealth of Australia Gazette on 30 June 1998.

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, 242, 257, 258, 259, 348, 349 and 353; 1997 No. 295; 1998 Nos. 49 and 50.