Document ID: chunk:federal_register_of_legislation:C2023C00427:clause:2_5:p1
Version: federal_register_of_legislation:C2023C00427
Segment Type: clause
Provision Reference: sch 2 cl 5 (pt 1/2)
Character Range: 12765–15534

5  Medibank Private sale scheme

Object
(1) The object of this item is to define the expressions Medibank Private sale scheme, holding company and hybrid‑security issuer company.

Medibank Private sale scheme
(2) For the purposes of this Schedule, a Medibank Private sale scheme is:
 (a) a scheme the object of which is to achieve the transfer of the whole of the Commonwealth's equity in Medibank Private to one or more persons; or
 (b) a scheme the object of which is to achieve:
 (i) the transfer of the whole of the Commonwealth's equity in Medibank Private to a wholly‑owned Commonwealth company (the holding company); and
 (ii) the transfer of the whole of the Commonwealth's equity in the holding company to one or more persons.
(3) A Medibank Private sale scheme must comply with any rules set out in a determination in force under subitem (4).
(4) The Minister for Finance may make a written determination setting out rules that are to be complied with by a Medibank Private sale scheme.
(5) A determination under subitem (4) is a legislative instrument for the purposes of the Legislative Instruments Act 2003, but section 42 of that Act does not apply to the determination.
Note: After the designated sale day, the Legislative Instruments Act 2003 was renamed as the Legislation Act 2003.
(6) A Medibank Private sale scheme may involve any or all of the following:
 (a) the transfer by the Commonwealth of any of its shares in a Medibank Private company;
 (b) an investor in a Medibank Private company initially acquiring a particular interest in shares in the company and subsequently acquiring the remaining interests in those shares;
 (c) the payment by a Medibank Private company of a dividend;
 (d) a reduction of a Medibank Private company's share capital;
 (e) a return of capital by a Medibank Private company;
 (f) the cancellation of a particular parcel of shares in a Medibank Private company held by the Commonwealth;
 (g) a Medibank Private company buying back shares in itself;
 (h) the issue of securities in a Medibank Private company;
 (i) the redemption of redeemable preference shares in a Medibank Private company held by the Commonwealth;
 (j) the modification of a Medibank Private company's constitution (including, in the case of Medibank Private, a modification of a kind referred to in subitem 20(1));
 (k) the modification of Medibank Private's rules (including a modification of a kind referred to in subitem 20(3));
 (l) the issue by the Commonwealth or a Medibank Private company of sale‑scheme hybrid securities;
 (m) an arrangement under which one or more designated companies (each of which is called a hybrid‑security issuer company) issue sale‑scheme hybrid securities;
 (n) the guarantee by the Commonwealth of obligations