Commonwealth Consolidated Acts

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Meaning of ESS contribution plan

                   An ESS contribution plan , for an offer for the issue or sale of ESS interests, means a plan with terms that:

                     (a)  allow an ESS participant to make regular payments, or elect to have regular deductions made from their wages or salary, for the purpose of acquiring the ESS interests under the offer; and

                     (b)  provide that, before the participant acquires the ESS interests under the offer, the payments or deductions are held on trust in an account with an Australian ADI that is kept solely for that purpose; and

                     (c)  allow the participant to elect to discontinue the deductions or payments at any time; and

                     (d)  provide that, if the participant so elects:

                              (i)  any deductions from the participant's wages or salary will cease, and any deductions made after the election will be repaid to the participant, within 45 days of the election; and

                             (ii)  the amount of the deductions or payments standing, at the time when the election is made, to the credit of the account for the participant, and any interest on that amount, will be repaid to the participant within 45 days of the election; and

                     (e)  require the participant to agree in writing to the terms of the plan before participating in the plan; and

                      (f)  meet any requirements prescribed in the regulations for the purposes of this paragraph.

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