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TASMANIA
__________
TRUSTEE COMPANIES AMENDMENT BILL 2009
__________
CONTENTS
1. Short title
2. Commencement
3. Principal Act
4. Section 3 amended (Interpretation)
5. Section 4A inserted
4A. Trustee holding companies
6. Section 18F amended (Duty of trustee company not to acquire
shares in itself)
7. Section 39AA amended (Provisions relating to holding, &c., of
shares in trustee companies and trustee holding companies)
8. Schedule 2 amended (Trustee Companies)
9. Schedule 2A inserted
Schedule 2A Trustee holding companies
10. Schedule 5 amended (Provisions relating to holding, &c., of
shares in trustee companies and trustee holding companies)
[Bill 4]-II
2
TRUSTEE COMPANIES AMENDMENT BILL 2009
(Brought in by the Minister for Justice, the Honourable
Larissa Tahireh Giddings)
A BILL FOR
An Act to amend the Trustee Companies Act 1953
Be it enacted by His Excellency the Governor of Tasmania, by
and with the advice and consent of the Legislative Council and
House of Assembly, in Parliament assembled, as follows:
1. Short title
This Act may be cited as the Trustee Companies
Amendment Act 2009.
2. Commencement
This Act commences on the day on which this
Act receives the Royal Assent.
3. Principal Act
In this Act, the Trustee Companies Act 1953* is
referred to as the Principal Act.
*No. 72 of 1953
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Trustee Companies Amendment Act 2009
Act No. of
s. 4
4. Section 3 amended (Interpretation)
Section 3(1) of the Principal Act is amended by
inserting after the definition of "trustee
company" the following definition:
"trustee holding company" see section 4A;
5. Section 4A inserted
After section 4 of the Principal Act, the
following section is inserted in Part I:
4A. Trustee holding companies
(1) For the purposes of this Act, a trustee
holding company is a company that holds
all of the issued shares in a trustee
company.
(2) If a company becomes a trustee holding
company, the Minister, by order, may list
that company in Schedule 2A.
(3) If a company listed in Schedule 2A
ceases to be a trustee holding company or
is wound up or changes its name, the
Minister, by order, may amend that
Schedule as the case requires by omitting
the company's name or substituting the
company's new name for its former
name.
(4) An order under this section is a statutory
rule for the purposes of the Rules
Publication Act 1953.
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Trustee Companies Amendment Act 2009
Act No. of
s. 6
6. Section 18F amended (Duty of trustee company not
to acquire shares in itself)
Section 18F(1) of the Principal Act is amended
by inserting "or in any subsidiary or trustee
holding company of the trustee company" after
"itself".
7. Section 39AA amended (Provisions relating to
holding, &c., of shares in trustee companies and
trustee holding companies)
Section 39AA(a) of the Principal Act is amended
by inserting "or trustee holding company" after
"company".
8. Schedule 2 amended (Trustee Companies)
Schedule 2 to the Principal Act is amended by
omitting
Perpetual Trustees Tasmania Limited.
9. Schedule 2A inserted
After Schedule 2 to the Principal Act, the
following Schedule is inserted:
SCHEDULE 2A TRUSTEE HOLDING COMPANIES
Section 4A
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Trustee Companies Amendment Act 2009
Act No. of
s. 10
10. Schedule 5 amended (Provisions relating to holding,
&c., of shares in trustee companies and trustee
holding companies)
Schedule 5 to the Principal Act is amended as
follows:
(a) by omitting the heading and substituting
the following heading:
SCHEDULE 5 PROVISIONS RELATING TO
HOLDING, &C., OF SHARES IN TRUSTEE
COMPANIES AND TRUSTEE HOLDING
COMPANIES
(b) by omitting subclause (1) from clause 2
and substituting the following
subclauses:
(1) A person must not, at any time,
have an interest in
(a) more than 10% of the
issued shares in a trustee
company; or
(b) more than 10% of the
issued shares in a trustee
holding company.
(1AA) However, subclause (1)(a) does
not apply to a person in respect of
a trustee company if the person
acquires and holds, with and
pursuant to the Minister's written
approval, all of the issued shares
in the trustee company.
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Trustee Companies Amendment Act 2009
Act No. of
s. 10
(1AB) The Minister must not give a
person an approval under
subclause (1AA) unless satisfied
that
(a) the person is a company;
and
(b) no person has an interest
in more than 10% of the
issued shares in that
company; and
(c) there is no cause to
believe that any person
will acquire an interest in
more than 10% of the
issued shares in that
company in the interval
between the giving of the
approval and its
acquisition of all of the
issued shares in the
relevant trustee company
pursuant to the approval.
(c) by omitting from clause 2(1A)
"subparagraph (1)" and substituting
"subclause (1)";
(d) by omitting from clause 2(1B)
"subparagraph (1)" and substituting
"subclause (1)";
(e) by omitting from clause 2(2) "paragraph"
and substituting "clause";
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Trustee Companies Amendment Act 2009
Act No. of
s. 10
(f) by inserting in clause 2(2) "or trustee
holding company" after "company";
(g) by omitting from clause 2(3) "paragraph"
and substituting "clause";
(h) by omitting from clause 2(4) "paragraph"
and substituting "clause";
(i) by inserting in clause 2(4)(b) "or trustee
holding company" after "company";
(j) by omitting from clause 2(5)
"subparagraph (1)" and substituting
"subclause (1)";
(k) by inserting in clause 3(1) "or a trustee
holding company" after "company";
(l) by omitting from clause 3(1) "paragraph
2(1)" and substituting "clause 2(1)";
(m) by inserting in clause 3(2) "or a trustee
holding company" after "trustee
company";
(n) by omitting from clause 3(2) "paragraph
2(1)" and substituting "clause 2(1)";
(o) by inserting in clause 3A(1) "or trustee
holding company" after "trustee
company";
(p) by omitting from clause 3A(1)
"paragraph 2" and substituting "clause
2 ";
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Trustee Companies Amendment Act 2009
Act No. of
s. 10
(q) by omitting from clause 3A(2)
"subparagraph (1)" and substituting
"subclause (1)";
(r) by inserting in clause 4(1) "or trustee
holding company" after "trustee
company";
(s) by inserting in clause 4(2) "or trustee
holding company" after "trustee
company";
(t) by omitting from clause 4(2)
"subparagraph (1)" and substituting
"subclause (1)";
(u) by inserting in clause 5(1)(a) "or trustee
holding company" after "company";
(v) by omitting from clause 5(1)(a)
"paragraph 2" and substituting "clause
2 ";
(w) by omitting from clause 5(1)(b)
"paragraph 4" and substituting "clause
4 ";
(x) by omitting from clause 5(1) "paragraph"
third occurring and substituting "clause";
(y) by inserting in clause 5(3) "or trustee
holding company" after "trustee
company";
(z) by omitting from clause 5(3)(a)
"subparagraph (1)(a)" and substituting
"subclause (1)(a)";
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Trustee Companies Amendment Act 2009
Act No. of
s. 10
(za) by omitting from clause 5(3)(a)
"paragraph 2" and substituting "clause
2 ";
(zb) by omitting from clause 5(3)(b)
"subparagraph (1)(b)" and substituting
"subclause (1)(b)";
(zc) by inserting in clause 5(4) "or trustee
holding company" after "company";
(zd) by omitting from clause 5(4)
"subparagraph (1)(a), subparagraph
(1)(b), or subparagraph (2)." and
substituting "subclause (1)(a), subclause
(1)(b) or subclause (2).";
(ze) by omitting from clause 5(5)
"subparagraph (3)" first occurring and
substituting "subclause (3)";
(zf) by inserting in clause 5(5) "or trustee
holding company" after "trustee
company";
(zg) by omitting from clause 5(5)(b)(i)
"subparagraph (3)(a)" and substituting
"subclause (3)(a)";
(zh) by omitting from clause 5(5)(b)(ii)
"subparagraph (3)(b)" and substituting
"subclause (3)(b)";
(zi) by omitting from clause 5(5)(b)(ii) "sold;
or" and substituting "sold;";
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Trustee Companies Amendment Act 2009
Act No. of
s. 10
(zj) by omitting subparagraph (iii) from
clause 5(5)(b);
(zk) by omitting from clause 5(6)
"subparagraph (3)" and substituting
"subclause (3)";
(zl) by inserting in clause 5(6) "or trustee
holding company" after "trustee
company";
(zm) by omitting from clause 5(6)(b)
"subparagraph (5)" and substituting
"subclause (5)";
(zn) by omitting from clause 5(7)
"subparagraph (5)(b)" and substituting
"subclause (5)(b)";
(zo) by inserting in clause 5(7) "or trustee
holding company" after "trustee
company";
(zp) by omitting from clause 5(8)
"subparagraph (7)" and substituting
"subclause (7)";
(zq) by inserting in clause 5(8) "or trustee
holding company" after "trustee
company";
(zr) by inserting in clause 5(9) "or trustee
holding company" after "company";
(zs) by omitting from clause 5(9) "paragraph"
and substituting "clause";
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Trustee Companies Amendment Act 2009
Act No. of
s. 10
(zt) by inserting in clause 6(a) "or trustee
holding company" after "company".
12 Government Printer, Tasmania