New South Wales Consolidated Acts

AUSTRALIAN MUTUAL PROVIDENT SOCIETY (DEMUTUALISATION AND RECONSTRUCTION) ACT 1997 - SECT 22

22 Automatic suspension of rights

(1) The voting, dividend and winding up rights attaching to each default share are automatically suspended while the share is a default share.

(2) If it appears from:

(a) a notice received by NHL under Part 6.7 of the Corporations Law , or

(b) a statement in response to a primary or secondary notice given in respect of NHL under Part 6.8 of the Corporations Law , or

(c) information received by NHL from the Australian Securities Commission, whether under Part 6.8 of the Corporations Law or otherwise, or

(d) a declaration or finding by any court or the Corporations and Securities Panel,

that a person is entitled to 5% or more of the shares in NHL, the shares to which the person is entitled are taken to be default shares, unless the contrary is proved or the directors otherwise determine.

(3) If a primary or secondary notice is given in respect of NHL under Part 6.8 of the Corporations Law and the person to whom the notice is given does not adequately respond to it within the time prescribed by the Corporations Law , the shares to which the notice relates are taken to be default shares, unless the contrary is proved or the directors otherwise determine.

(4) Dividends or distributions otherwise payable in respect of a default share may be retained by NHL without any liability to pay interest. When the shares cease to be default shares, the amounts retained by NHL must be paid to the person to whom they would have been paid but for the suspension under this section.

(5) If the voting, dividend and winding up rights attached to default shares have been suspended under this section, the directors must promptly cause a notice to be given to the registered holder of the default shares (or, if there are two or more registered holders, to each of them) advising that the suspension has occurred.

(6) Failure to give, or delay in giving, notice under subsection (5) does not invalidate the suspension of voting, dividend and winding up rights under this section or the powers of disposal of default shares under this Part.