Document ID: chunk:federal_register_of_legislation:C2007A00117:clause:2_1
Version: federal_register_of_legislation:C2007A00117
Segment Type: clause
Provision Reference: sch 2 cl 1
Character Range: 23075–25146

1  After section 124‑380
Insert:

124‑382  Special rules for ADI restructures

 (1) This section applies if:
 (a) the interposed company is a non‑operating holding company within the meaning of the Financial Sector (Business Transfer and Group Restructure) Act 1999; and
 (b) a restructure instrument under Part 4A of that Act is in force in relation to the interposed company; and
 (c) because of the restructure to which the instrument relates, an *ADI becomes a subsidiary (within the meaning of that Act) of the interposed company; and
 (d) the original company is:
 (i) the ADI; or
 (ii) part of an extended licensed entity (within the meaning of the *prudential standards) that includes the ADI.

Certain preference shares disregarded

 (2) For the purposes of this Subdivision, disregard any *shares in the original company that can be disregarded under subsection 703‑37(4).

Certain foreign‑owned shares disregarded

 (3) For the purposes of this Subdivision:
 (a) disregard any *shares in the original company covered by subsection (4); and
 (b) disregard any shares in the interposed company mentioned in paragraph (4)(d).

 (4) This section covers *shares in the original company if:
 (a) the shares are owned by a foreign holder within the meaning of the Corporations Act 2001; and
 (b) an agent or nominee is appointed by (or on behalf of) the foreign holder; and
 (c) the shares are disposed of to the interposed company, or are cancelled; and
 (d) as a result, the agent or nominee acquires shares in the interposed company; and
 (e) the agent or nominee disposes of the shares in the interposed company (whether separately or together with other shares covered by paragraph (d)); and
 (f) the agent or nominee:
 (i) gives the foreign holder an amount equivalent to the *capital proceeds of the disposal (less expenses); or
 (ii) if the shares are disposed of together with other shares covered by paragraph (d)—gives the foreign holder an amount equivalent to the foreign holder's proportion of the *capital proceeds of the disposal (less expenses).