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CORPORATIONS REGULATIONS (AMENDMENT) 1992 NO. 364EXPLANATORY STATEMENT
STATUTORY RULES 1992 No. 364
Issued by the authority of the Attorney-General
Corporations Act 1989
Corporations Regulations (Amendment)
Section 22 of the Corporations Act 1989 (the Act) empowers the Governor-General to make regulations, not inconsistent with the Corporations Act or the Corporations Law (the Law), prescribing, inter alia, matters which are required by the Law to be prescribed by regulations.
The purpose of the regulations is to enable the securities of the Bendigo Sandhurst Mutual Permanent Land and Building Society (which is expected to be listed on the Australian Stock Exchange soon) to be transferred by the efficient means provided in the Law for the transfer of marketable securities and marketable rights.
In accordance with the Heads of Agreement between Commonwealth, State and Northern Territory Ministers having responsibilities in relation to corporate regulation, the Attorney-General has consulted the relevant State and Northern Territory Ministers about the regulations.
Details of the regulations are as follows.
Regulation 1 provides for the amendment of the Corporations Regulations (the Regulations) as set out in these Regulations.
Regulation 7.13.02 - eligible body - subsection 1097(1) of the Corporations Law
Prior to this amendment, subregulation 7.13.03(1) provided that for the purposes of subparagraph (b)(ii) of the definition of 'eligible body' in subsection 1097(1) of the Corporations Law, the Westpac Banking Corporation was prescribed.
As a result of the amendment a second body, the Bendigo Sandhurst Mutual Permanent Land and Building Society, has been prescribed for the purposes of the same paragraph.
The Bendigo Sandhurst Mutual Permanent Land and Building Society expects to be listed on the Australian Stock Exchange soon. It therefore needs to be able to transfer its securities by the efficient means provided in in Law for the transfer of marketable securities and marketable rights. In practical terms this is needed before the Society's securities can be traded on the Exchange.
To transfer securities in the ways provided by these provisions, the body must be an "eligible body" within the meaning of this term in subsection 1097(1). Briefly, the term "eligible body" is defined as:
(a) a company, or
(b) a body corporate (other than a company) prescribed for the purpose, or
(c) an unincorporated society, association or body (which is listed and prescribed).
Since a building society is a body corporate but is not a company, it must be prescribed for the purposes of subparagraph (b)(ii) of the definition of "eligible body".
The amended regulation does this.
The amendment commenced on Gazettal.