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ACT companies regulations



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ATTORNEY - G E N E R A L ’S D E P A R T M E N T

. STATEMENT BY THE COMMONWEALTH ATTORNEY-GENERAL, SENATOR IVOR J. GREENWOOD, Q.C. .

Amendments to the Companies Regulations of the Australian Capital Territory were notified in'the Commonwealth Gazette today. · .

" The new regulations give effect to the provisions of the

Companies Ordinance 1971 relating to the disclosure of substantial shareholdings and company takeovers. The Ordinance

will come into operation on June 1 this year.

The Ordinance requires a company shareholder who is

not resident in Australia to notify the company if he is or becomes a substantial shareholder. A substantial shareholding

is defined in the Ordinance as being 10 percent of the voting

shares in a company. Where a person fails to give this notice to the company, the Court may impose sanctions including the

suspension of voting rights. The regulations prescribe the

form of notice to be given to a shareholder not resident in Australia requiring him to notify the company of his substantial shareholding. The notice will be given by the trustee for the

overseas shareholder. :

The regulations also provide for the lodging of takeover documents with the Registrar of Companies of the Australian Capital Territory and all capital city Stock Exchanges. Forms

of notice to be given to dissenting and remaining shareholders under a takeover offer are also prescribed in the regulations.

Canberra. May 4, 1972 26/72.