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Financial Sector (Shareholdings) Bill 1998

Part 1 P reliminary


1   Short title

                   This Act may be cited as the Financial Sector (Shareholdings) Act 1998 .

2   Commencement

                   This Act commences on the commencement of the Australian Prudential Regulation Authority Act 1998 .

3   Definitions

                   In this Act, unless the contrary intention appears:

100% subsidiary has the same meaning as in the Income Tax Assessment Act 1997 .

agreement means any agreement, whether formal or informal and whether express or implied.

Australia , when used in a geographical sense, includes the external Territories.

authorised deposit-taking institution has the same meaning as in the Banking Act 1959 .

authorised insurance company means:

                     (a)  a company authorised under the Insurance Act 1973 to carry on insurance business; or

                     (b)  a company registered under the Life Insurance Act 1995 .

company means a body corporate.

Federal Court means the Federal Court of Australia.

financial sector company means:

                     (a)  an authorised deposit-taking institution; or

                     (b)  an authorised insurance company; or

                     (c)  a holding company of a company covered by paragraph (a) or (b).

holding company has the meaning given by section 4 .

scheme means:

                     (a)  any agreement, arrangement, understanding, promise or undertaking, whether express or implied and whether or not enforceable, or intended to be enforceable, by legal proceedings; and

                     (b)  any scheme, plan, proposal, action, course of action or course of conduct, whether unilateral or otherwise.

unacceptable shareholding situation has the meaning given by section 10 .

Note:          Schedule 1 sets out definitions of expressions used in Part 2 (which deals with restrictions on shareholdings).

4   Holding companies

                   For the purposes of this Act, a company (the first company ) is the holding company of another company if the other company is a 100% subsidiary of the first company.

5   Crown to be bound

             (1)  This Act binds the Crown in right of the Commonwealth, of each of the States, of the Australian Capital Territory, of the Northern Territory and of Norfolk Island.

             (2)  This Act does not make the Crown liable to be prosecuted for an offence.

6   External Territories

                   This Act extends to all the external Territories.

7   Extra-territorial operation

                   This Act extends to acts, omissions, matters and things outside Australia.