Banks (Shareholdings) Regulations (Amendment) (Cth)

Statutory Rules 1995

No. 4 1

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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 24 January 1995.

 

 BILL HAYDEN

 Governor-General

By His Excellency’s Command,

  

GEORGE GEAR

Assistant Treasurer

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1.   Amendment

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

[NOTE: These Regulations commence on gazettal: see Acts Interpretation Act 1901, s. 48.]

2.   New regulation 9

2.1   After regulation 8, insert:

Prescribed interests in share and prescribed persons—paragraph 8 (9) (d) of the Act

“9. (1)

In this regulation:

‘director’ has the same meaning as in the Corporations Law;

‘LLCL exempted company’ means:

• (a)

  Lend Lease Corporation Limited; or

• (b)

  Lend Lease Custodian Pty Ltd; or

• (c)

  MLC Life Limited; or

• (d)

  Capita Managed Funds Limited; or

• (e)

  MLC Investments Limited; or

• (f)

  Australian Eagle Life Limited;

‘LLCL Group company’ includes:

• (a)

  Lend Lease Corporation Limited; and

• (b)

  each of its subsidiaries;

‘officer’ has the same meaning as in section 82A of the Corporations Law;

‘Westpac’ means Westpac Banking Corporation.

“(2)

For the purposes of paragraph 8 (9) (d) of the Act:

• (a)

  an interest in a share in Westpac, being an interest taken under the Act to be held by a company other than an LLCL exempted company, is a prescribed interest, and the company is a prescribed person, if the company is taken under the Act to hold the interest because the company is a related body corporate (within the meaning of the Corporations Law) of an LLCL exempted company; and

• (b)

  an interest in a share in Westpac (other than an interest referred to in paragraph (d)), being an interest that an officer of an LLCL Group company holds, is a prescribed interest, and the officer is a prescribed person, if:

  • (i)

    Lend Lease Corporation Limited gives the Treasurer a written undertaking that, if the officer purchased the interest with financial assistance from an LLCL Group company or an associate of an LLCL Group company, any decision concerning the share will not be influenced by, or made in concert with, an LLCL Group company or an associate of an LLCL Group company; and

  • (ii)

    the interests of officers of LLCL Group companies (excluding interests not held beneficially, and interests that the officers are taken to hold under the Act) in Westpac are not in total more than 2% of the aggregate of the nominal amounts of all the voting shares of Westpac; and

• (c)

  an interest in a share in Westpac, being an interest taken under the Act to be held by a company that is not an LLCL Group company, is a prescribed interest, and the company is a prescribed person, if the company is taken under the Act to hold the interest because a director of the company is also a director of an LLCL Group company; and

• (d)

  an interest in a share in Westpac, being an interest taken under the Act to be held by a director of an LLCL Group company, is a prescribed interest, and the director is a prescribed person, if the director is taken under the Act to hold the interest because he or she is also a director of a company that is not an LLCL Group company.”.

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NOTES

1. Notified in the Commonwealth of Australia Gazette on 3 February 1995.

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.