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Securities Industry Amendment Act (No. 2) 1981

No. 96 of 1981

An Act to amend the Securities Industry Act 1980

[Assented to 18 June 1981]

BE IT ENACTED by the Queen, and the Senate and the House of Representatives of the Commonwealth of Australia, as follows:
PART I—PRELIMINARY

Short title, &c.
1. (1) This Act may be cited as the Securities Industry Amendment Act (No. 2) 1981.
(2) The Securities Industry Act 19801 is in this Act referred to as the Principal Act.

Commencement
2. (1) Part I of this Act shall come into operation on the day on which this Act receives the Royal Assent.
(2) Part II of this Act shall come into operation on a date to be fixed by Proclamation.
(3) Part III of this Act shall come into operation on the day on which the Companies Act 1981 comes into operation.

PART II—MISCELLANEOUS AMENDMENTS

Interpretation
3. Section 4 of the Principal Act is amended—
    (a) by inserting after the definition of "function" in sub-section (1) the following definition:
   " 'insolvent under administration' means a person who—
           (a) under the Bankruptcy Act 1966 or the law of an external Territory, is a bankrupt in respect of a bankruptcy from which he has not been discharged; or
           (b) under the law of a country other than Australia or the law of an external Territory, has the status of an undischarged bankrupt,
    and includes—
           (c) a person who has executed a deed of arrangement under Part X of the Bankruptcy Act 1966 or the corresponding provisions of the law of an external Territory or of the law of a country other than Australia where the terms of the deed have not been fully complied with; and
           (d) a person whose creditors have accepted a composition under Part X of the Bankruptcy Act 1966 or the corresponding provisions of the law of an external Territory or of the law of a country other than Australia where a final payment has not been made under that composition;"; and
    (b) by omitting from paragraph (a) of the definition of "listing rules" in sub-section (1) "the" (third occurring).

Relevant interests in securities
4. Section 5 of the Principal Act is amended—
    (a) by inserting in paragraph (8) (e) "only" after "reason" and "particular" before "meeting"; and
    (b) by adding at the end thereof the following sub-section:
"(12) A reference in this section to the prescribed percentage is a reference to 20% or, where a lesser percentage is prescribed by regulations in force for the time being for the purposes of section 11 of the Companies (Acquisition of Shares) Act 1980, a reference to that lesser percentage.".

Associated persons
5. Section 6 of