Document ID: chunk:federal_register_of_legislation:C2004A03415:body:0:p3
Version: federal_register_of_legislation:C2004A03415
Segment Type: other
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Character Range: 6523–9563

1987

An Act to amend laws relating to companies and securities, and for related purposes

[Assented to 13 March 1987]

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 Australian Stock Exchange and National Guarantee Fund Act 1987.

Commencement
2. (1) Subject to this section, the provisions of this Act shall come into operation on a day to be fixed by Proclamation.
(2) Part I shall come into operation on the day on which this Act receives the Royal Assent.

PART II—AMENDMENTS OF SECURITIES INDUSTRY ACT 1980

Principal Act
3. The Securities Industry Act 19801 is in this Part referred to as the Principal Act.

Interpretation
4. Section 4 of the Principal Act is amended:
     (a) by inserting after the definition of "arbitrage transaction" in subsection (1) the following definition:
        " 'articles' means articles of association;";
     (b) by omitting from subsection (1) the definition of "business rules" and substituting the following definition:
        " 'business rules', in relation to a body corporate, means:
          (a) in the case of a body corporate that maintains or provides, or proposes to maintain or provide, a stock market—the provisions of the constituent documents of the body corporate and any other rules, regulations or by-laws made by the body corporate, other than rules, regulations or by-laws that are listing rules of the body corporate; and
          (b) in any other case—the provisions of the constituent documents of the body corporate and any other rules, regulations or by-laws made by the body corporate;";
     (c) by omitting from subsection (1) the definition of "committee" and substituting the following definitions:
        " 'committee', in relation to a body corporate, means the committee of management, board of directors, council or other governing authority of the body corporate;
        'Corporation' means a body corporate in relation to which a nomination as the National Securities Exchanges Guarantee Corporation is in force under subsection 122ba (1);";
     (d) by inserting after the definition of "director" in subsection (1) the following definitions:
        " 'Exchange' means Australian Stock Exchange Limited;
        'Exchange subsidiary' means a securities exchange, or a recognised securities exchange, that is a subsidiary of the Exchange;";
     (e) by omitting from subsection (1) the definition of "function" and substituting the following definitions:
        " 'fidelity fund', in relation to a securities exchange, means the fidelity fund (if any) that section 100 requires or required the securities exchange to establish and keep;
        'function' includes a duty;

        'Fund' means the National Guarantee Fund established under subsection 122ca (1);";
     (f) by inserting after the definition of "listing rules" in subsection (1) the following definition:
        " 'local Exchange subsidiary'