Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:301:p25
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 301 (pt 25/30)
Character Range: 1938009–1940626

clause 39 of Schedule 4 to the Act the provisions of subclause 36(1) of Schedule 4 cease to apply to a body to which the Schedule applies on the earlier of:
 (a) 2 years after the FSR commencement; and
 (b) if the body gives notice under paragraph 1438(3)(b) of the Act that the body wants the new product disclosure provisions to apply in relation to specified products from a certain date—that date.
 (2) Subregulation (1) takes effect from the date specified in the notice as the date from which the new product disclosure provisions will apply.

Part 12.8—Shares in certain bodies corporate

Division 1—Preliminary

12.8.02  Application of Part 12.8
  This Part applies to a body corporate that is:
 (a) a transferring financial institution of a State or Territory; or
 (b) a company that is permitted to use the expression building society, credit society or credit union under section 66 of the Banking Act 1959; or
 (c) a friendly society; or
 (d) a restricted access insurer within the meaning of the Private Health Insurance Act 2007.

12.8.03  Meaning of member share
 (1) A share in the body corporate to which subregulation (2) or (3) applies is a member share.
 (2) This subregulation applies if the share:
 (a) is not an ED security; and
 (b) has a fixed value; and
 (c) is held by a single person, or 2 or more persons jointly; and
 (d) entitles the holder, or joint holders, to use services provided by the body corporate; and
 (e) is not transferable or transmissible, or is only transferable or transmissible to a person or body specified in the rules or constitution of the body corporate in circumstances stated in the rules or constitution.
 (3) This subregulation applies if:
 (a) the share is taken to have been issued under paragraph 12(1)(b), (c) or (d) of the transfer provisions; or
 (b) that Act applies to the share under clause 15 of Schedule 4 to that Act; or
 (c) the share is declared under regulation 12.8.04 to be a member share; or
 (d) the share is issued under regulation 12.8.11 or 12.8.12.

12.8.04  Declarations by ASIC
 (1) This regulation applies, in relation to a share in the body corporate, on:
 (a) the initiative of ASIC; or
 (b) application made to ASIC in writing by the body corporate or another person.
 (2) ASIC may declare in writing that shares are, or are not, member shares of the body corporate.
 (3) The declaration takes effect when the declaration, or a copy of the declaration, is given to the body corporate.

Division 2—Member shares

12.8.05  Notice requirements
  For clause 38 of Schedule 4 to the Act, Part 2H.6 of the Act does not apply in relation