Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 708

708. (1) For the purposes of this Part, a person has a substantial
shareholding in a body corporate if, and only if, the person is entitled to
not less than the prescribed percentage of:

   (a)  where the voting shares in the body are not divided into 2 or more
        classes-those voting shares; or

   (b)  where the voting shares in the body are divided into 2 or more
        classes-the shares in one of those classes.

(2) For the purposes of this Part, the voting shares in a body corporate to
which a person is entitled do not include voting shares in which an associate
of the person has a relevant interest if a certificate issued by the
Commission to that associate under subsection (3) in respect of those shares
is in force.

(3) The Commission may issue to a person a certificate declaring that
specified shares in which that person has a relevant interest are to be
disregarded for the purpose of ascertaining the voting shares to which another
person specified in the certificate is entitled, and may, by written notice to
the first-mentioned person, revoke the certificate.

(4) For the purposes of this Part, a person who has a substantial shareholding
in a body corporate is a substantial shareholder in that body.

(5) In this section:

"prescribed percentage" means:

   (a)  subject to paragraph (b), 5%; or

   (b)  where another percentage is prescribed by regulations in force for the
        time being for the purposes of this section-that other percentage.

(6) For the purposes of this Part, a notifiable change in the entitlement of a
person to shares in a body corporate shall be taken to occur if, and only if,
there occurs a change in the relevant interest or relevant interests of the
person, or in the relevant interest or relevant interests of an associate of
the person, in voting shares in the body.

(7) For the purposes of subsection (6), but without limiting the generality of
that subsection, where a person acquires, or disposes of, voting shares in a
body corporate, a change in the relevant interest or relevant interests of the
person in voting shares in the body shall be deemed to occur.

(8) For the purposes of this Part:

   (a)  a person who becomes required to give notice under subsection 709 (1)
        or (2) shall be taken to have become, at the time when the person
        became a substantial shareholder in the company, required to give a
        substantial shareholding notice to the company; and

   (b)  a person who becomes required to give a notice under subsection 710
        (1) or (2) shall be taken to have become, immediately after the change
        referred to in paragraph 710 (1) (a) or (2) (a), as the case may be,
        required to give a substantial shareholding notice to the company.