New South Wales Consolidated Acts

AUSTRALIAN MUTUAL PROVIDENT SOCIETY (DEMUTUALISATION AND RECONSTRUCTION) ACT 1997 - SECT 20

20 Exceptions

(1) Section 19 does not apply to each of the following persons:

(a) NHL,

(b) the directors, in that capacity,

(c) a subsidiary of NHL.

(2) The directors may nominate a person for the purposes of this section without stipulating a maximum percentage entitlement for that person. Section 19 does not apply to a person so nominated.

(3) The directors may nominate a person for the purposes of this section and stipulate a maximum percentage entitlement for that person. Section 19 applies to a person so nominated as if 5% were replaced by the maximum percentage entitlement stipulated by the directors.

(4) The directors may at any time cause a notice to be given to a person nominated under subsection (2) or (3) revoking the nomination on the expiry of a period specified in the notice. Subject to another nomination under subsection (2) or (3) of this section, section 19 applies to the person as from the expiry of the notice as if the nomination had not been made.