Commonwealth Numbered Acts Commonwealth Numbered Acts(1) The Board must take all reasonable steps to ensure that it does not hold a stake in a foreign listed company of more than 20%.
Stake
(2) The Financial Sector (Shareholdings) Act 1998 applies for the purposes of determining the Board’s stake in a foreign listed company, with the following modifications:
(a) assume that the Board does not have any associates;
(b) assume that any financial assets held by the Board were held by the Board in its own right;
(c) disregard paragraph 8(1)(c) of Schedule 1 to that Act;
(d) the modification set out in subsection (3).
(3) For the purposes of determining the Board’s stake in a foreign listed company, if, under a securities lending arrangement:
(a) at a particular time (the disposal time ), the Board disposed of a financial asset (the borrowed financial asset ) to another person (the borrower ); and
(b) the Board may come under an obligation to:
(i) re‑acquire the borrowed financial asset from the borrower at a later time; or
(ii) acquire an identical financial asset from the borrower at a later time;
the borrowed financial asset is taken to be held by the Board during the period:
(c) beginning at the disposal time; and
(d) ending when the obligation mentioned in paragraph (b) is discharged or can no longer arise.
Validity of transactions
(4) A failure to comply with subsection (1) does not affect the validity of any transaction.