Corporations Regulations (Amendment) (Cth)

Statutory Rules 1991 No. 4791

 

Corporations Regulations2 (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 Corporations Act 1989.

Dated 23 December 1991.

BILL HAYDEN

Governor-General

By His Excellency’s Command,

MICHAEL DUFFY

Attorney-General

 

1. Commencement

1.1 Regulation 3 is taken to have commenced on 1 August 1991.

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

2. Amendment

2.1 The Corporations Regulations are amended as set out in these Regulations.

 

3. Regulation 7.11.01 (Prohibition of dealings in securities by insiders)

3.1 Subregulation 7.11.01 (1):

Omit the subregulation, substitute:

“(1) Subsection 1002g (2) of the Corporations Law does not have effect in relation to:

(a) the obtaining by a director of a share qualification in accordance with subsection 223 (1) of that Law; or

(b) the subscription for, and acquisition under that subscription of, securities of a body corporate by, or by a trustee for, employees of that body, or of a body corporate that is related to the first-mentioned body under a superannuation scheme, pension fund or other scheme established solely or primarily for the benefit of the employees; or

(c) a transaction entered into by a person in accordance with his or her obligations under an underwriting agreement; or

(d) a person holding the office of:

(i) personal representative of a deceased person; or

(ii) liquidator; or

(iii) trustee under Parts IV, X and XI of the Bankruptcy Act 1966;

in respect of any transaction entered into by the person in good faith in the performance of the functions of his or her office; or

(e) a sale of securities under:

(i) a mortgage or charge of the securities; or

(ii) a mortgage, charge, pledge or lien of documents of title to the securities.”.

3.2 Subregulation 7.11.01 (2):

Omit the subregulation.

 

NOTES

1. Notified in the Commonwealth of Australia Gazette on 23 December 1991.

2. Statutory Rules 1990 No. 455 as amended by 1991 Nos. 218, 219, 281, 341, 453 and 478.