Document ID: chunk:federal_register_of_legislation:C2004A02490:body:0:p58
Version: federal_register_of_legislation:C2004A02490
Segment Type: other
Provision Reference: 
Character Range: 142540–145170

a company, have the same respective meanings as in Division 2 or 3 of Part IV of the Principal Act, whichever is applicable.

(2) A condition constituted by section 90g or 92d of the Principal Act as amended by sections 25 and 34 of this Act in relation to a licence held by a company shall not be taken to be contravened by reason only of one or more of the following:
     (a) the holding by a person of shareholding interests in the company, being interests of which he became the holder before the prescribed day, or other circumstances that came into existence before that day, where the holding of those interests or the existence of those circumstances did not, immediately before that day, result in a contravention of the condition constituted by section 90g or 92d, as the case may be, of the Principal Act as in force immediately before that day;
     (b) the holding by a person of shareholding interests in the company, being interests resulting from the allotment or issue, on or after the prescribed day, of shares in a company to a person who, immediately before that day, held shares in the last-mentioned company, where that person received or receives the shares so allotted or issued in accordance with rights of a kind enjoyed by him in common with other holders of shares of the same class as the shares that were so held;
     (c) the holding by a person of shareholding interests in the company as a result of—
          (i) the division by a company of shares in the last-mentioned company, being shares in respect of which he held shareholding interests immediately before the prescribed day, into shares of different classes, where the shares in the last-mentioned company were not so divided before that day; or
          (ii) the conversion by a company of shares in the last-mentioned company of a particular class, being shares in respect of which

          he held shareholding interests immediately before that day, into
shares of a different class, unless the holding by the person of those interests results in the acquisition by him of any voting rights on any particular question or questions, or on all questions, that could be submitted to a poll at, or arising out of, a general meeting of the company holding the licence, being rights not held by him before the prescribed day, or results in the increase in any such voting rights held by him before that day.
(3) For the purposes of sub-section (2), a shareholding interest that came into existence before the prescribed day shall be deemed to have continued as the same interest notwithstanding a variation of the amount of the interest