Victorian Consolidated Legislation

Trustee Companies Act 1984 - SECT 5

Acquisition or disposal of and entitlement to shares

5. Acquisition or disposal of and entitlement to shares



(1) For the purposes of this Act, a person shall be taken to acquire shares in
a trustee company (in this subsection referred to as the shares concerned) if,
and only if-

   (a)  the person acquires a relevant interest in the shares concerned as a
        direct or indirect result of a transaction entered into by or on
        behalf of the person in relation to those shares, in relation to other
        securities of that company or in relation to securities of any other
        corporation; or

   (b)  the person acquires any legal or equitable interest in securities of
        that company or in securities of any other corporation and, as a
        direct or indirect result of the acquisition, another person acquires
        a relevant interest in the shares concerned.

(2) For the purposes of this Act, a person shall be taken to dispose of shares
in a trustee company if, and only if, having a relevant interest in those
shares, the person ceases to have a relevant interest in those shares as a
result of the doing of any act, the entering into of any transaction or the
occurrence of any circumstance.

(3) For the purposes of this Act-

   (a)  the shares in a trustee company to which a person is entitled include-

   (i)  shares in which that person has a relevant interest; and

   (ii) except where the person is a nominee corporation in respect of which a
        certificate of the Minister is in force under subsection (4)-shares in
        which an associate of that person has a relevant interest; and

   (b)  a person has a relevant interest in a share in a trustee company if,
        by reason of sections 608 and 609 of the Corporations Act, the person
        would have a relevant interest in that share for the purposes of that
        Act.

(4) The Minister may, in the discretion of the Minister, issue to a nominee
corporation a certificate declaring the nominee corporation to be an approved
nominee corporation for the purposes of this Act and may at any time, in the
discretion of the Minister, by notice in writing to the nominee corporation,
revoke the certificate.

(5) Unless the contrary intention appears, words and expressions used in this
section have the same meanings as they have in the Corporations Act.

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