Totalizator Agency Board Privatisation Regulation 2003 (NSW)

Her Excellency the Governor, with the advice of the Executive Council, has made the following Regulation under the Totalizator Agency Board Privatisation Act 1997.

Treasurer

1Name of Regulation

This Regulation is the Totalizator Agency Board Privatisation Regulation 2003.

2Commencement

This Regulation commences on 1 September 2003.

Note—

This Regulation replaces the Totalizator Agency Board Privatisation Regulation 1998 which is repealed on 1 September 2003 under section 10 (2) of the Subordinate Legislation Act 1989.

3Definitions

In this Regulation:

approved means approved by the Treasurer.

purchase and resale arrangement means an arrangement comprising:

• (a)

  the purchase by an approved stockbroker of TAB shares held by the State, and

• (b)

  the resale of those TAB shares to an approved overseas buyer.

TAB shares means shares in TAB Limited.

the Act means the Totalizator Agency Board Privatisation Act 1997.

4Notes

Notes included in this Regulation do not form part of this Regulation.

5Exemption from prohibited shareholding interest provisions—broker with overseas buyer: section 36 (7)

In accordance with section 36 (7) of the Act, if an approved stockbroker purchases (or agrees to purchase) TAB shares from the State in accordance with an approved purchase and resale arrangement, the stockbroker’s interest in the TAB shares is to be disregarded for the purpose of determining whether the stockbroker has a prohibited shareholding interest (as referred to in section 38 of the Act) in TAB Limited.

6Exemption from prohibited shareholding interest provisions—trustee corporations and registered schemes: section 36 (7)(1)

The relevant interest that a relevant body has in shares of TAB Limited is to be disregarded for the purpose of determining whether the body has a prohibited shareholding interest (as referred to in section 38 of the Act) in TAB Limited if:

• (a)

  in the case of an authorised trustee corporation:

  • (i)

    the shares are held by the authorised trustee corporation in its capacity as trustee of a trust, undertaking or scheme or by a custodian on behalf of the authorised trustee corporation in that capacity, and

  • (ii)

    the trust, undertaking or scheme is governed by an approved deed, and

• (b)

  in the case of a registered scheme—the shares are held on trust by the responsible entity for the scheme, and

• (c)

  neither the authorised trustee corporation, responsible entity or the custodian (if any), nor any related body corporate of the corporation, scheme or custodian determines the manner in which voting rights attached to the shares are exercised.

(2)

The Minister may, by notice in writing given to a relevant body, direct that this clause is not to apply to:

• (a)

  the relevant body, or

• (b)

  a specified shareholding of the relevant body.

(3)

This clause does not apply to a relevant body, or a specified shareholding of a relevant body, that is the subject of a direction given in accordance with subclause (2).

(4)

In this clause:

approved deed means a deed that is an approved deed for the purposes of Division 5 of Part 7.12 of the Corporations Law (as it continues to apply pursuant to section 1454 of that Law and section 1408 of the Corporations Act 2001 of the Commonwealth).

Note—

Division 5 of Part 7.12 of the Corporations Law, although repealed by the Managed Investments Act 1998 of the Commonwealth, continues to apply to certain interests, undertakings and trustees pursuant to section 1454 of that Law (as continued in force by section 1408 of the Corporations Act 2001 of the Commonwealth).

authorised trustee corporation has the meaning it had in the Corporations Law immediately before the commencement of the Managed Investments Act 1998 of the Commonwealth.

registered scheme has the same meaning as in the Corporations Act 2001 of the Commonwealth.

related body corporate has the same meaning as in the Corporations Act 2001 of the Commonwealth.

relevant body means any of the following:

• (a)

  an authorised trustee corporation,

• (b)

  the responsible entity for a registered scheme,

• (c)

  a related body corporate of such a corporation or scheme.

responsible entity of a registered scheme has the same meaning as in the Corporations Act 2001 of the Commonwealth.

7Savings provision

Any act, matter or thing that, immediately before the repeal of the Totalizator Agency Board Privatisation Regulation 1998, had effect under that Regulation continues to have effect under this Regulation.