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Companies and Securities Legislation (Miscellaneous Amendments) Act (No. 1) 1984

No. 13 of 1984

An Act to amend laws relating to companies and securities

[Assented to 10 April 1984]

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
1. This Act may be cited as the Companies and Securities Legislation (Miscellaneous Amendments) Act (No. 1) 1984.

Commencement
2. (1) Part I shall come into operation on the day on which this Act receives the Royal Assent.
(2) The remaining provisions of this Act shall come into operation on such date as is, or such respective dates as are, fixed by Proclamation.

PART II—AMENDMENTS OF COMPANIES ACT 1981

Principal Act
3. The Companies Act 19811 is in this Part referred to as the Principal Act.

Interpretation
4. Section 5 of the Principal Act is amended—
     (a) by omitting the definition of "prescribed interest" in sub-section (1) and substituting the following definition:
         " 'prescribed interest' means—
           (a) any right to participate in a time-sharing scheme; and
           (b) any other right to participate or any interest, whether enforceable or not and whether actual, prospective or contingent—
              (i) in any profits, assets or realization of any financial or business undertaking or scheme whether in the Territory or elsewhere;
              (ii) in any common enterprise, whether in the Territory or elsewhere, in relation to which the holder of the right or interest is led to expect profits, rent or interest from the efforts of the promoter of the enterprise or a third party; or
              (iii) in any investment contract,
           whether or not the right or interest is evidenced by a formal document and whether or not the right or interest relates to a physical asset, but does not include—
              (iv) any share in, or debenture of, a corporation;
              (v) any interest in, or arising out of, a policy of life insurance;
              (vi) an interest in a partnership agreement, unless the agreement or proposed agreement—
                  (A) relates to an undertaking, scheme, enterprise or investment contract promoted by or on behalf of a person whose ordinary business is or includes the promotion of similar undertakings, schemes, enterprises or investment contracts, whether or not that person is, or is to become, a party to the agreement or proposed agreement; or
                  (B) is or would be an agreement, or is or would be within a class of agreements, prescribed by the regulations for the purposes of this sub-paragraph; or
              (vii) a right or interest, or a right or interest included in a class or kind of rights or interests, declared by the regulations to be an exempt right or interest, or a class or