Document ID: chunk:federal_register_of_legislation:C2004A05288:clause:1_55v
Version: federal_register_of_legislation:C2004A05288
Segment Type: clause
Provision Reference: sch 1 cl 55V
Character Range: 49666–51280

55V  Nominated companies not to engage in trading activities before the function-transfer day

 (1) Nominated company A must not, without the written permission of the Minister, engage in any activities before the commencement of Part 2 of Schedule 1 to the Wheat Marketing Amendment Act 1997. However, this rule does not apply to activities engaged in by nominated company A:
 (a) by way of the formation of a wholly-owned subsidiary of nominated company A; or
 (b) by way of the acquisition of shares in a company that has not yet traded, where the company will, after the acquisition, be a wholly-owned subsidiary of nominated company A; or
 (c) by way of subscribing for, acquiring or holding shares in a wholly-owned subsidiary of nominated company A.

 (2) Nominated company B must not, without the written permission of the Minister, engage in any activities before the commencement of Part 2 of Schedule 1 to the Wheat Marketing Amendment Act 1997.

 (3) Nominated company C must not, without the written permission of the Minister, engage in any activities before the commencement of Part 2 of Schedule 1 to the Wheat Marketing Amendment Act 1997.

 (4) This section does not apply to an activity that, under Division 5 of Part 2 of the Wheat Marketing Amendment Act 1997, is taken to have been engaged in by the Board as the agent of nominated company A or nominated company B.

 (5) For the purposes of this section, in determining the commencement of Part 2 of Schedule 1 to the Wheat Marketing Amendment Act 1997, the amendment of subsection 69(2) of this Act made by that Part is to be disregarded.