New South Wales Consolidated Acts

TOTALIZATOR AGENCY BOARD PRIVATISATION ACT 1997 - SECT 37A

37A Exemption for nominated company

(1) The other provisions of this Division do not apply to or in respect of the nominated company or a related body corporate (within the meaning of the Corporations Act 2001 of the Commonwealth) of the nominated company (other than TAB Limited or a TAB Limited subsidiary), subject to this section.

(2) If the Racing Minister is satisfied that:

(a) the nominated company (or, if the nominated company is a company referred to in paragraph (c) of the definition of "nominated company" in subsection (6), the ultimate holding company (within the meaning of the Corporations Act 2001 of the Commonwealth) of the nominated company) is no longer listed on the Australian Stock Exchange, or

(b) there no longer exists, under the law of another jurisdiction or otherwise, a prohibition on shareholding interests in the nominated company (or, if the nominated company is a company referred to in paragraph (c) of the definition of "nominated company" in subsection (6), in the shareholding interests in the ultimate holding company (within the meaning of the Corporations Act 2001 of the Commonwealth) of the nominated company) with substantially the same effect as the prohibition on shareholding interests in TAB Limited under the other provisions of this Division, or

(c) TAB Limited is not wholly owned by the nominated company or the nominated company has not taken all reasonable steps to acquire a relevant interest in all the issued voting shares (within the meaning of the Corporations Act 2001 of the Commonwealth) of TAB Limited, or

(d) TAB Limited is not a subsidiary (within the meaning of the Corporations Act 2001 of the Commonwealth) of the nominated company,

the Racing Minister is to serve a notice on the nominated company declaring that the exemption granted by subsection (1) is suspended on and from the day specified in the notice (being a day that is not less than 3 months after service of the notice).

(3) The Racing Minister is, by further notice served on the nominated company, to revoke a notice under subsection (2) and terminate the suspension effected by that notice if satisfied that:

(a) the nominated company or the ultimate holding company (within the meaning of the Corporations Act 2001 of the Commonwealth) of the nominated company (as the case may require) has relisted on the Australian Stock Exchange, or

(b) a prohibition of the kind referred to in subsection (2) (b) has been restored, or

(c) TAB Limited is wholly owned by the nominated company or the nominated company has taken all reasonable steps to acquire a relevant interest in all the issued voting shares (within the meaning of the Corporations Act 2001 of the Commonwealth) of TAB Limited (as the case may be), or

(d) TAB Limited is a subsidiary (within the meaning of the Corporations Act 2001 of the Commonwealth) of the nominated company,

as the case may require.

(4) A notice under subsection (2) that is in force has effect according to its tenor.

(5) More than one notice may be served under each of subsections (2) and (3).

(6) In this section:
"nominated company" means one of the following:

(a) Unitab Limited, being the company of that name (ACN 085 691 738), formerly named TAB Queensland Limited,

(b) TABCORP Holdings Limited, being the company of that name (ACN 063 780 709), formerly named TABCORP Limited,

(c) a wholly owned subsidiary (within the meaning of the Corporations Act 2001 of the Commonwealth) of a company referred to in paragraph (a) or (b),

as nominated by the Racing Minister by notice (being an irrevocable notice) published in the Gazette.
"Racing Minister" means the Minister administering the Totalizator Act 1997 .