Commonwealth Numbered Regulations

1991 No. 93 COMMONWEALTH BANKS REGULATIONS (AMENDMENT) - REG 2

  2.1   After regulation 37, insert:
Subsection 27K (1) of the Act-exceptions (certain employees)

"38. Subsection 27K (1) of the Act does not apply to an application for the
issue of shares in the Commonwealth Bank made in accordance with the
Commonwealth Bank's employees share ownership scheme by a foreign person who
is an individual employed by:

   (a)  Commonwealth Bank; or

   (b)  ASB Bank Limited; or

   (c)  CTB Australia Limited; or

   (d)  National Bank of Solomon Islands Limited; or

   (e)  Resources and Investment Finance Limited; or

   (f)  SBV Asia Limited; or

   (g)  Westland Bank Limited. Subsection 27K (1) of the Act-exceptions
        (certain underwriters)

"39. (1) In this regulation: 'broker' means a person who is a member of the
Australian Stock Exchange Limited; 'insurer' means a body corporate:

   (a)  authorised under the Insurance Act 1973 to carry on insurance
        business; or

   (b)  registered under the Life Insurance Act 1945; 'sub-underwriter', in
        relation to an issue of shares, means a person who is a party to an
        agreement with an underwriter that obliges the first-mentioned person
        to subscribe for any of the shares in circumstances specified in the
        agreement; 'underwriter', in relation to an issue of shares, means a
        person who is a party to an agreement with the company issuing the
        shares that includes a provision obliging the person to subscribe for
        any of the shares in the event of a shortfall in public subscriptions
        below an amount specified in the agreement.

"(2) Subsection 27K (1) of the Act does not apply to an application for the
issue of shares in the Commonwealth Bank made:

   (a)  in the course of, or arising out of, the underwriting of the issue of
        shares in the Commonwealth Bank under its first registered prospectus;
        and

   (b)  by, or to, a foreign person who is:
      (i)   an underwriter and an insurer; or


        (ii)   a sub-underwriter and an insurer; or

        (iii)  an underwriter and a broker; or

        (iv)   a sub-underwriter and a broker.".