Corporations Amendment Regulations 2000 (No. 1) (Cth)
Corporations Amendment Regulations 2000 (No. 1) 1
Statutory Rules 2000 No. 11 2
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
Corporations Act 1989 . Dated 8 March 2000
WILLIAM DEANE
Governor-General
By His Excellency’s Command
JOE HOCKEY
Minister for Financial Services and Regulation
made under the
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These Regulations are the
Corporations Amendment Regulations 2000 (No. 1) .
These Regulations commence on 13 March 2000.
Schedule 1 amends the
Corporations Regulations 1990 .
(regulation 3)
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1.0.18 Prescribed provisions (Corporations Law s 53) For the purposes of section 53 of the Corporations Law, the following provisions of that law are prescribed:
(a) section 657A;
(b) paragraph (c) of the definition of
associate in section 9.
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Subdivision B Application of Chapters 6D and 7 of the Corporations Law to share ratio contracts
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1.2.06 Application of Chapters 6D and 7 of the Corporations Law
(1) Chapter 6D of the Corporations Law does not apply to a share ratio contract.
(2) The following provisions of Chapter 7 of the Corporations Law do not apply to a share ratio contract:
(a) sections 775, 842, 843 and 844;
(b) Division 2 of Part 7.4;
(c) Part 7.13.
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Subdivision B Application of Chapters 6D and 7 of the Corporations Law to deliverable bond futures contracts
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1.2.14 Application of Chapters 6D and 7 of the Corporations Law Chapters 6D and 7 of the Corporations Law do not apply to a deliverable bond futures contract.
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Subdivision B Application of Chapters 6D and 7 of the Corporations Law to futures options over deliverable bond futures contracts
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1.2.19 Application of Chapters 6D and 7 of the Corporations Law Chapters 6D and 7 of the Corporations Law do not apply to a futures option over a deliverable bond futures contract.
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Subdivision B Application of Chapters 6D and 7 of the Corporations Law to deliverable share futures contracts
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1.2.23 Application of Chapters 6D and 7 of the Corporations Law
(1) Chapter 6D of the Corporations Law does not apply to a deliverable share futures contract.
(2) Chapter 7 of the Corporations Law, except Part 7.2A, subsection 979 (1) (as modified by regulation 1.2.26), sections 995 and 998, Division 2A of Part 7.11, Part 7.13 and section 1114, does not apply to a deliverable share futures contract.
(3) However, Part 7.10 of the Corporations Law applies if a claim does not relate directly to a transfer of shares between the person in the bought position and the person in the sold position under a deliverable share futures contract.
Note For example, it is intended that if a dealer fraudulently or negligently uses shares held for a client to settle another client’s deliverable share futures contract, the first-mentioned client may make a claim under Pt 7.10.
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Subdivision B Application of Chapters 6D and 7 of the Corporations Law to futures options over deliverable share futures contracts
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1.2.30 Application of Chapters 6D and 7 of the Corporations Law
(1) Chapter 6D of the Corporations Law does not apply to a futures option over a deliverable share futures contract.
(2) Chapter 7, except Division 2A of Part 7.11, of the Corporations Law does not apply to a futures option over a deliverable share futures contract.
omit offer
insert bid
omit Division 2 of Part 7.12
insert Chapter 6D
[14] Subregulation 1.2A.02 (2), definition of foreign takeover offer
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foreign takeover bid means a bid to acquire some or all of the securities of:
(a) all holders of a class of securities of a foreign company; or
(b) all holders of those securities except the bidder or the bidder and associates of the bidder.
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(1) For the purposes of section 111AS of the Corporations Law, a foreign company is exempt from the disclosing entity provisions in respect of an offer of shares in the company for issue or sale:
(a) that is made to employees of the company, or of an associated body corporate, under an employee share scheme; and
(b) in relation to which a disclosure document is lodged with ASIC.
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(a) an
employee share scheme is a scheme under which a company offers for issue or sale shares (or options over issued shares) in the company only to a person who is a full-time or part-time director or employee of the company or of an associated body corporate when the offer is made; and
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2D.1.02 Securities exchange (Corporations Law s 205G)
omit subsection 235 (1)
insert subsection 205G (1)
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(b) The Bendigo Stock Exchange;
(c) The Stock Exchange of Newcastle Limited.
omit borrowing corporation
insert borrower in relation to debentures
relocate after regulation 5B.3.01
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omit
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(b) a meeting of creditors of a company held under a deed of company arrangement.
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(c) if those regulations are inconsistent with a particular requirement of the Corporations Law, these Regulations or the rules — a meeting mentioned in paragraph (2) (a) or (b).
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(e) in the case of a meeting referred to in paragraph 5.6.11 (2) (b) — a creditor of the company.
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Chapter 6 Takeovers
omit
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Part 6.2 Exceptions to the prohibition
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6.2.01 Prescribed circumstances (Corporations Law s 611)
omit everything before paragraph (a), insert For the purposes of item 20 in the table in section 611 of the Corporations Law, the acquisition of a relevant interest in voting shares in a following body corporate is prescribed:
omit Crown;
insert Crown in right of a State or Territory;
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(x) a society registered under the
Co-operatives Act 1997 of the Northern Territory.
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6.2.02 Other prescribed circumstances (Corporations Law s 611) For the purposes of item 20 in the table in section 611 of the Corporations Law, the acquisition by a person of a relevant interest in voting shares in a body corporate that results from the person holding an office specified in Schedule 3 is prescribed.
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Part 6.10 Review and intervention
6.10.01 Application for review of Panel decision (Corporations Law s 657EA) For the purposes of subsection 657EA (3) of the Corporations Law, an application for review of a decision of the Panel must not be made later than 2 business days after the day on which the decision was made.
Chapter 6D Fundraising
Part 6D.2 Disclosure to investors about securities
6D.2.01 Exemption — member shares Part 6D.2 of the Corporations Law does not apply to an offer of a member share within the meaning given by regulation 12.8.03.
6D.2.02 Exemption — foreign companies Part 6D.2 of the Corporations Law does not apply to an offer under a dividend reinvestment plan or bonus share plan of fully-paid shares in a foreign company to an existing holder of shares in the foreign company.
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7.3.10A Exemption from licensing — certain dealings Divisions 1 and 3 of Part 7.3, Parts 7.5, 7.6 and 7.7 and section 842 of the Corporations Law do not have effect in relation to a dealing in or with an interest in a superannuation scheme if:
(a) the interest in superannuation scheme is wholly underwritten by 1, or more than 1, life policy within the meaning of the
Life Insurance Act 1995 ; and(b) the dealing involves a life company within the meaning of that Act, or a life insurance broker within the meaning of the
Insurance (Agents and Brokers) Act 1984 , or an employee, agent or sub‑agent of the life company or life insurance broker.
omit Division 2 of Part 7.12
insert Chapter 6D
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7.3.14A Exemptions from licensing Divisions 1 and 3 of Part 7.3, Parts 7.5, 7.6 and 7.7, and section 842, of the Corporations Law do not have effect in relation to a friendly society benefit fund that is:
(a) a health benefits fund that is conducted by a registered organisation within the meaning of the
National Health Act 1953 ; or(b) a superannuation entity within the meaning of the
Superannuation Industry (Supervision) Act 1993 .
omit Division 2 of Part 7.12
insert Chapter 6D
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[44] Schedule 1, items 33, 34, 35, 36, 37, 38, 39, 40, 41 and 42
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[45] Schedule 1, items 96, 97, 98, 99, 100, 101, 102, 103, 104, 105, 106, 107 and 108
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[50] Schedule 2, Forms 601, 602, 602A, 602B, 602C, 603, 604, 605, 606, 607, 608, 609 and 610
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Schedule 3 Specified offices (regulation 6.2.02)
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(e) paragraph 1178 (3) (a);
omit in the written statement for the purposes of subsection 699 (2)
insert provided under subsection 641 (5)
omit notice for the purposes of subsection 723A (1)
insert direction under section 672A
omit Austrust
insert Tower Trust
omit National Mutual
insert AXA
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1. These Regulations amend Statutory Rules 1990 No. 455, as amended by 1991 Nos. 218, 219, 281, 341, 453, 478 and 479; Act No. 200, 1991; Statutory Rules 1992 Nos. 230, 281, 364, 395 and 450; 1993 Nos. 135, 207 and 277; 1994 Nos. 35, 108, 153, 221, 251, 302 and 430; 1995 Nos. 222, 344, 345 and 398; 1996 Nos. 26, 51, 55, 90, 205, 218 and 343; 1997 Nos. 10, 81, 102 and 142; 1998 Nos. 9, 22, 109, 128, 161, 185, 186, 239 and 293; 1999 Nos. 38, 47, 143, 212, 237 and 293.
2. Notified in the
Commonwealth of Australia Gazette on 10 March 2000.
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