Statutory  Rules  1991   No. 931
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Commonwealth Banks Regulations 2 (Amendment)

I, THE GOVERNOR-GENERAL of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Commonwealth Banks Act 1959.

	Dated 29 April 1991.

								     BILL HAYDEN
		Governor-General
	By His Excellency’s Command,

PAUL KEATING
Treasurer
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1.   Amendment
1.1   The Commonwealth Banks Regulations are amended as set out in these Regulations.

2.   New regulations 38 and 39
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.”.

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NOTES

1.	Notified in the Commonwealth of Australia Gazette on 6 May 1991.

2.	Statutory Rules 1960 No. 4 as amended by 1962 No. 48; 1963 Nos. 19 and 71; 1968 No. 51; 1971 No. 114; 1977 No. 88; 1984 No. 307.