Western Australian Consolidated Acts

COMPANIES (ADMINISTRATION) ACT 1982 - SECT 19

19 .         Notification of interests

        (1)         A person who is —

            (a)         the Commissioner;

            (b)         a person appointed for the purposes of this Act or of any other Act that confers functions or powers on the Commissioner; or

            (c)         authorised to perform or exercise any function or power —

                  (i)         of the Commissioner conferred on the Commissioner by an Act; or

                  (ii)         on behalf of the Commission or the Commissioner,

                and who, in the course of the official duties of that person or the performance or exercise of the function or power, is required to consider any matter relating to —

            (d)         a body corporate in securities of which the person has a relevant interest;

            (e)         securities in which the person has a relevant interest;

            (f)         securities of the same class as securities in which the person has a relevant interest;

            (g)         a futures contract in which the person has a relevant interest;

            (h)         a futures contract that is of the same kind as a futures contract in which the person has a relevant interest;

            (j)         a person or body —

                  (i)         by whom or by which that person is employed or has been employed at any time during the immediately preceding 3 years; or

                  (ii)         with whom or with which that person is associated;

                or

            (k)         a body corporate that is related to a body corporate by which that person is employed or has been employed at any time during the immediately preceding 3 years,

                shall forthwith in writing so inform the Commissioner or, if that person is the Commissioner, the Minister.

        Penalty: $5 000 or imprisonment for 1 year, or both.

        (2)         It is a defence to a prosecution for an offence against this section in respect of a failure by a person to inform the Commissioner or the Minister that the person is required to consider a matter relating to a particular body corporate, a particular person, particular securities or a particular futures contract, if the person establishes that, at the time when the person was required to consider the matter, the person was not aware of a fact or matter the existence of which obliged the person to inform the Commissioner or the Minister that the person was required to consider the first-mentioned matter.

        (3)         The questions whether a person has a relevant interest in securities or in a futures contract, whether a futures contract is of the same kind as another futures contract, whether a person is associated with a person or body or whether 2 bodies corporate are related to each other for the purposes of this section shall be determined as prescribed under and for the purposes of section 49(4) of the National Companies and Securities Commission Act 1979  ⁵ of the Commonwealth as amended and in force for the time being.

        [Section 19 inserted by No. 48 of 1988 s. 11.]