Disregarding relevant interests in shares—the Act, s 31
9 Disregarding relevant interests in shares—the Act, s 31
For the Act, section 31(7), a relevant body’s relevant interest in shares of a licensee must be disregarded for the purpose of deciding whether the body has a prohibited shareholding interest in the licensee if—
for an authorised trustee corporation—
the shares are held by—
the corporation in the corporation’s capacity as trustee of a trust, undertaking or scheme, or
a custodian on behalf of the corporation in the corporation’s capacity as trustee of a trust, undertaking or scheme, and
the trust, undertaking or scheme is governed by an approved deed, and
the authorised trustee corporation or custodian, if any, or a related body corporate of the corporation or custodian, does not decide the way in which voting rights attached to the shares are exercised, or
for a registered scheme—
the shares are held on trust by the responsible entity for the scheme, and
the responsible entity or related body corporate of the scheme does not decide the way in which voting rights attached to the shares are exercised.
In this section—
approved deed means a deed that is an approved deed for the purposes of the Corporations Law, Part 7.12, Division 5, as it continues to apply under the Corporations Law, section 1454, and the Corporations Act, section 1408.
authorised trustee corporation has the meaning it had in the Corporations Law immediately before the commencement of the Managed Investments Act 1998 of the Commonwealth.
Corporations Act means the Corporations Act 2001 of the Commonwealth.
registered scheme has the same meaning as in the Corporations Act.
related body corporatehas the same meaning as in the Corporations Act.
relevant body means—
an authorised trustee corporation, or
the responsible entity for a registered scheme, or
a related body corporate of the corporation or scheme.
responsible entity, of a registered scheme, has the same meaning as in the Corporations Act.
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