Commonwealth Numbered Regulations

1992 No. 102 BANKS (SHAREHOLDINGS) REGULATIONS (AMENDMENT) - REG 2

After regulation 6, insert:
Prescribed persons and interests-paragraph 8 (9) (d) of the Act (authorised
banks)

"7. (1) In this regulation:
'AMP' means Australian Mutual Provident Society;
'Bank shares' means voting shares of the Bank;
'relevant shares' means voting shares of a body corporate mentioned in the
First Schedule to the Banking Act 1959;
'the Bank' means Westpac Banking Corporation;
'the Scheme' means the superannuation scheme constituted under the name
Westpac Banking Corporation Australian Staff Superannuation Scheme by a deed
of trust dated 18 September 1981;
'the trustees' means the trustees from time to time of the Scheme;
'WFSG company' means a body corporate that is:

   (a)  Westpac Financial Services Group Limited; or

   (b)  a subsidiary, within the meaning of the Corporations Law, of Westpac
        Financial Services Group Limited.

"(2) For the purposes of paragraph 8 (9) (d) of the Act:

   (a)  the trustees are a prescribed class of persons; and

   (b)  the following persons are prescribed persons:

        (i)    AMP; and

        (ii)   the Bank; and;

        (iii)  each WFSG company.

"(3) Subject to subregulation (4), any interest:

   (a)  that AMP or the Bank is deemed under the Act to have in relevant
        shares that are:

        (i)    assets under the Scheme; or

        (ii)   held or managed in a fiduciary capacity by a WFSG company; or

   (b)  that the Bank has under the Scheme in relevant shares;
is a prescribed interest.

"(4) Subregulation (3) applies:

   (a)  to an interest in relevant shares (other than Bank shares) of a body
        corporate only if the total of:

        (i)    the number of those shares in which the trustees have an
               interest; and

        (ii)   the number of those shares that a WFSG company holds or manages
               in a fiduciary capacity;
does not exceed the greater of:

        (iii)  if the total of:

                (A)  the percentage of those shares in which the Bank has an
                     interest; and

                (B)  the percentage of those shares in which AMP has an
                     interest;
is 10 percent or less of the total number of those shares-10 percent, less the
percentage constituted by that total; or

        (iv)   5 percent of the total number of those shares; and

   (b)  to an interest in Bank shares only if the total of:

        (i)    the number of Bank shares in which the trustees have an
               interest; and

        (ii)   the number of Bank shares that a WFSG company does not exceed:

        (iii)  if AMP has an interest in at least 10 percent of the total
               number of Bank shares-5 percent of that total number; or

        (iv)   if AMP has an interest in Bank shares that are less than 10
               percent of the total number of Bank shares-the lesser of:

                (A)  15 percent, less the percentage held by AMP; and

                (B)  10 percent;
of that total number; or

        (v)    if AMP has an interest in no Bank shares-10 percent of the
               total number of Bank shares.

"(5) Any interest that the trustees or a WFSG company are deemed under the Act
to have in relevant shares by reason of a relationship (including, in the case
of a WFSG company, a relationship through another WFSG company) with AMP or
the Bank is a prescribed interest.

"(6) For the purposes of paragraph 8 (9) (d) of the Act, an interest that:

   (a)  the Bank has in relevant shares, being an interest that the Bank had
        on 30 January 1992; or

   (b)  AMP has in relevant shares, being an interest that AMP had on 30
        January 1992; is a prescribed interest during the period that begins
        on the date of commencement of this regulation and ends at the end of
        15 October 1992.".