New South Wales Consolidated Acts

GOVERNMENT INSURANCE OFFICE (PRIVATISATION) ACT 1991 - SECT 31

31 Maximum shareholding of 10% of shares offered in public float

(1) This section applies to the issue of shares by GIO under its first registered prospectus and the disposal by the State of New South Wales of its shares in GIO.

(2) A person must not (whether as principal or agent):

(a) apply to GIO (or to an agent or underwriter) for the issue of shares in GIO, or

(b) offer or agree to acquire the shares in GIO of the State of New South Wales,

if the issue or acquisition would have the result that the relevant interest of a person in GIO would be more than 10%.

Maximum penalty: 500 penalty units.

(3) The relevant interest of a person in GIO at a particular time is equal to the percentage of the total paid-up share capital of GIO in which the person holds an interest.

(4) A person is taken to have an interest in shares for the purposes of this section if the person has such an interest within the meaning of the Banks (Shareholdings) Act 1972 of the Commonwealth.

(5) This section has effect subject to such exceptions or modifications (if any) as are prescribed by the regulations.

(6) It is a defence to a prosecution for an offence against this section if the defendant proves that the contravention was due to the defendant not being aware of a fact or occurrence the existence of which was necessary to constitute the offence.

(7) Proceedings for an offence against this section are to be dealt with by the Supreme Court in its summary jurisdiction.

(8) A contract, dealing or other transaction affecting shares in GIO is not unenforceable, voidable or void merely because the contract, dealing or other transaction was entered into in contravention of this section.