Commonwealth Banks Amendment Act 1993 (Cth)

Commonwealth Banks Amendment Act 1993

No. 46 of 1993

An Act to amend the Commonwealth Banks Act 1959, and for related purposes

[Assented to 22 October 1993]

The Parliament of Australia enacts:

PART 1—PRELIMINARY

Short title etc.

1.(1) This Act may be cited as the Commonwealth Banks Amendment Act 1993.

(2) In this Act, "Principal Act" means the Commonwealth Banks Act 19591.

Commencement

2. This Act commences on the day on which it receives the Royal Assent.

PART 2—REDUCTION OF SHAREHOLDING OF COMMONWEALTH GOVERNMENT FROM 70% TO 50.1%

Object of Part

3. The object of this Part is to allow the Commonwealth Government to reduce its shareholding in the Commonwealth Bank from 70% to 50.1%.

Commonwealth to retain ownership and control of the Commonwealth Bank

4. Section 27L of the Principal Act is amended by:

(a) by adding at the end of subsection (1) "if the transfer results in a breach of subsection (2)";

(b) by omitting from paragraphs (2)(a) and (b) "70%" and substituting "50.1%".

Transitional—exemption from stamp duty etc.—transfers by the Commonwealth of its shares in the Commonwealth Bank

5.(1) In this section:

"exempt matter" means:

(a) the transfer by the Commonwealth of any of its shares in the Commonwealth Bank, if the transfer is authorised by the amendments made by this Part; or

(b) an agreement relating to such a transfer; or

(c) the receipt of money by the Commonwealth, or by a person acting on behalf of the Commonwealth, in respect of such a transfer.

(2) Stamp duty or other tax is not payable under a law of a State or Territory in respect of:

(a) an exempt matter; or

(b) anything done (including a transaction entered into or an instrument or document made, executed, lodged or given) because of, or for a purpose connected with or arising out of, an exempt matter.