Banks (Shareholdings) Regulations (Amendment) (Cth)

Statutory

Rules1992No. 102 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 7 April 1992.

  BILL HAYDEN

 Governor-General

 By His Excellency’s Command,

JOHN DAWKINS

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 7

After regulation 6, insert:

Prescribed persons and interests—paragraph 8 (9) (d) of the Act (authorised banks)

“7.

(1)  In this regulation:

‘AMP’ means Australian Mutual Provident Society;

‘Bank shares’ means voting shares of the Bank;

‘relevant shares’ means voting shares of a body corporate mentioned in the First Schedule to the Banking Act 1959;

‘the Bank’ means Westpac Banking Corporation;

‘the Scheme’ means the superannuation scheme constituted under the name Westpac Banking Corporation Australian Staff Superannuation Scheme by a deed of trust dated 18 September 1981;

‘the trustees’ means the trustees from time to time of the Scheme;

‘WFSG company’ means a body corporate that is:

(a)

Westpac Financial Services Group Limited; or

• (b)

  a subsidiary, within the meaning of the Corporations Law, of Westpac Financial Services Group Limited.

“(2)

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

• (a)

  the trustees are a prescribed class of persons; and

• (b)

  the following persons are prescribed persons:

 (i) AMP; and

 (ii) the Bank; and;

 (iii) each WFSG company.

“(3)

Subject to subregulation (4), any interest:

• (a)

  that AMP or the Bank is deemed under the Act to have in relevant shares that are:

 (i) assets under the Scheme; or

 (ii) held or managed in a fiduciary capacity by a WFSG company; or

• (b)

  that the Bank has under the Scheme in relevant shares;

is a prescribed interest.

“(4)

Subregulation (3) applies:

• (a)

  to an interest in relevant shares (other than Bank shares) of a body corporate only if the total of:

   (i) the number of those shares in which the trustees have an interest; and

   (ii) the number of those shares that a WFSG company holds or manages in a fiduciary capacity;

 does not exceed the greater of:

 (iii) if the total of:

 (A) the percentage of those shares in which the Bank has an interest; and

 (B) the percentage of those shares in which AMP has an interest;

 is 10 percent or less of the total number of those shares—10 percent, less the percentage constituted by that total; or

 (iv) 5 percent of the total number of those shares; and

• (b)

  to an interest in Bank shares only if the total of:

   (i) the number of Bank shares in which the trustees have an interest; and

   (ii) the number of Bank shares that a WFSG company holds or manages in a fiduciary capacity;

 does not exceed:

 (iii) if AMP has an interest in at least 10 percent of the total number of Bank shares—5 percent of that total number; or

 (iv) if AMP has an interest in Bank shares that are less than 10 percent of the total number of Bank shares—the lesser of:

 (A) 15 percent, less the percentage held by AMP; and

 (B) 10 percent;

 of that total number; or

 (v) if AMP has an interest in no Bank shares—10 percent of the total number of Bank shares.

“(5)

Any interest that the trustees or a WFSG company are deemed under the Act to have in relevant shares by reason of a relationship (including, in the case of a WFSG company, a relationship through another WFSG company) with AMP or the Bank is a prescribed interest.

“(6)

For the purposes of paragraph 8 (9) (d) of the Act, an interest that:

• (a)

  the Bank has in relevant shares, being an interest that the Bank had on 30 January 1992; or

• (b)

  AMP has in relevant shares, being an interest that AMP had on 30 January 1992;

is a prescribed interest during the period that begins on the date of commencement of this regulation and ends at the end of 15 October 1992.”.

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NOTES

1. Notified in the Commonwealth of Australia Gazette on 14 April 1992.

 

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.