BANKS (SHAREHOLDINGS) REGULATIONS (AMENDMENT) 1992 NO. 102 BANKS (SHAREHOLDINGS) REGULATIONS (AMENDMENT) 1992 NO. 102 - TABLE OF PROVISIONS 1. Amendment 2. New regulation 7 1992 No. 102 BANKS (SHAREHOLDINGS) REGULATIONS (AMENDMENT) - REG 1 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) 1992 No. 102 BANKS (SHAREHOLDINGS) REGULATIONS (AMENDMENT) - REG 2 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 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.". - NOTES 1992 No. 102*1* BANKS (SHAREHOLDINGS) REGULATIONS*2* (AMENDMENT) *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.