BANKS (SHAREHOLDINGS) REGULATIONS (AMENDMENT) 1991 NO. 92 

BANKS (SHAREHOLDINGS) REGULATIONS (AMENDMENT) 1991 NO. 92 
- TABLE OF PROVISIONS

1.    Amendment  
2.    Regulation 2 (Interpretation)  
3.    New regulations 5 and 6  


1991 No. 92 BANKS (SHAREHOLDINGS) REGULATIONS (AMENDMENT)
- REG 1
1.   Amendment


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


1991 No. 92 BANKS (SHAREHOLDINGS) REGULATIONS (AMENDMENT)
- REG 2
2.   Regulation 2 (Interpretation)


  2.1   Omit the regulation, substitute:
Interpretation
  "2. In these Regulations:
 'broker' means a person who is a member of the Australian Stock Exchange
Limited;
 'insurer' means a body corporate:
  (a) authorised under the Insurance Act 1973 to carry on insurance business;
or
  (b)  registered under the Life Insurance Act 1945;
 'the Act' means the Banks (Shareholdings) Act 1972.".


1991 No. 92 BANKS (SHAREHOLDINGS) REGULATIONS (AMENDMENT)
- REG 3
3.   New regulations 5 and 6


  3.1   After regulation 4, insert:
Prescribed classes of persons and prescribed interests-paragraph 8 (9) (d) of
the Act (brokers)
  "5. (1)  For the purposes of paragraph 8 (9) (d) of the Act:
  (a) brokers comprise a prescribed class of persons; and
  (b) any interest:
    (i) that a broker has in voting shares of the
Commonwealth Bank in relation to which the broker acts as principal; and
    (ii) that, but for this regulation, would have
the effect that a banking entity would have an interest referred to in
subsection 10A (1) of the Act in voting shares of the Bank whose aggregate
nominal amount does not exceed 0.5% of the aggregate of the nominal amounts of
all the voting shares of the Bank;
is a prescribed interest; and
  (c) any interest:
    (i) that a broker has in voting shares of the
Bank in relation to which the broker acts as an agent; and
    (ii) that, but for this regulation, would have
the effect that a banking entity would have an interest referred to in
subsection 10A (1) of the Act in voting shares of the Bank whose aggregate
nominal amount does not exceed 5% of the aggregate of the nominal amounts of
all the voting shares of the Bank;
is a prescribed interest.
Prescribed classes of persons and prescribed interests-paragraph 8 (9) (d) of
the Act (certain underwriters)
  "6. (1)  In this regulation:
'sub-underwriter', in relation to an issue of shares, means a person who is a
party to an agreement with an underwriter that obliges the first-mentioned
person to subscribe for any of the shares in circumstances specified in the
agreement;
'underwriter', in relation to an issue of shares, means a person who is a
party to an agreement with the company issuing the shares that includes a
provision obliging the person to subscribe for any of the shares in the event
of a shortfall in public subscriptions below an amount specified in the
agreement.
  "(2) For the purposes of paragraph 8 (9) (d) of the Act:
  (a)  persons who are both:
    (i) underwriters or sub-underwriters in
relation to the issue of shares by the Commonwealth Bank under its first
registered prospectus; and
    (ii) brokers or insurers;
constitute a prescribed class of persons; and
  (b) any interest:
    (i) that  a person referred to in
paragraph (a) has in voting shares of the Commonwealth Bank in the course of,
or arising out of, underwriting that issue; and
    (ii) that, but for this regulation, would have
the effect that a banking entity would have, in contravention of subsection
10A (1) of the Act, an interest in voting shares of the Commonwealth Bank;
is a prescribed interest.
  "(3) This regulation ceases to have effect on 1 July 1992.".


- NOTES


1991 No. 92*1* BANKS (SHAREHOLDINGS) REGULATIONS*2* (AMENDMENT)



*1*Notified in the Commonwealth of Australia Gazette on 6 May 1991.
*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 and 57.