Commonwealth Numbered Regulations

1995 No. 4 BANKS (SHAREHOLDINGS) REGULATIONS (AMENDMENT) - REG 2

  2.1   After regulation 8, insert:
Prescribed interests in share and prescribed persons paragraph 8 (9) (d) of
the Act

"9. (1) In this regulation:
'director' has the same meaning as in the Corporations Law;
'LLCL exempted company' means:

   (a)  Lend Lease Corporation Limited; or

   (b)  Lend Lease Custodian Pty Ltd; or

   (c)  MLC Life Limited; or

   (d)  Capita Managed Funds Limited; or

   (e)  MLC Investments Limited; or

   (f)  Australian Eagle Life Limited;
'LLCL Group company' includes:

   (a)  Lend Lease Corporation Limited; and

   (b)  each of its subsidiaries;
'officer' has the same meaning as in section 82A of the Corporations Law;
'Westpac' means Westpac Banking Corporation.

"(2) For the purposes of paragraph 8 (9) (d) of the Act:

   (a)  an interest in a share in Westpac, being an interest taken under the
        Act to be held by a company other than an LLCL exempted company, is a
        prescribed interest, and the company is a prescribed person, if the
        company is taken under the Act to hold the interest because the
        company is a related body corporate (within the meaning of the
        Corporations Law) of an LLCL exempted company; and

   (b)  an interest in a share in Westpac (other than an interest referred to
        in paragraph (d)), being an interest that an officer of an LLCL Group
        company holds, is a prescribed interest, and the officer is a
        prescribed person, if:

        (i)    Lend Lease Corporation Limited gives the Treasurer a written
               undertaking that, if the officer purchased the interest with
               financial assistance from an LLCL Group company or an associate
               of an LLCL Group company, any decision concerning the share
               will not be influenced by, or made in concert with, an LLCL
               Group company or an associate of an LLCL Group company; and

        (ii)   the interests of officers of LLCL Group companies (excluding
               interests not held beneficially, and interests that the
               officers are taken to hold under the Act) in Westpac are not in
               total more than 2% of the aggregate of the nominal amounts of
               all the voting shares of Westpac; and

   (c)  an interest in a share in Westpac, being an interest taken under the
        Act to be held by a company that is not an LLCL Group company, is a
        prescribed interest, and the company is a prescribed person, if the
        company is taken under the Act to hold the interest because a director
        of the company is also a director of an LLCL Group company; and

   (d)  an interest in a share in Westpac, being an interest taken under the
        Act to be held by a director of an LLCL Group company, is a prescribed
        interest, and the director is a prescribed person, if the director is
        taken under the Act to hold the interest because he or she is also a
        director of a company that is not an LLCL Group company.".