Western Australian Numbered Acts Western Australian Numbered Acts (1)
Section 76AP(1) is amended as follows:
(a) by
inserting after paragraph (a) —
“ and ”;
(b) by
deleting paragraph (b) and “and” following it;
(c) by
deleting the full stop after paragraph (c) and inserting a comma instead;
(d) by
inserting after paragraph (c) the following —
“
unless —
(d) it
is listed on a recognized stock exchange; and
(e) the
Commissioner is satisfied that its listing was not part of an arrangement or
scheme having as its purpose, or one of its purposes, the defeat of the object
of this Part.
”.
(2) After
section 76AP(1) the following subsection is inserted —
“
(1a) For the purposes of subsection (1)(e) the
Commissioner may take into account any matter that the Commissioner considers
is relevant but must take into account —
(a) how
long the corporation has been listed on a recognized stock exchange;
(b) any
conditions or exemptions that apply to the exchange’s approval of the
listing of the corporation;
(c) who
owns the corporation’s shares;
(d) what
proportion of the corporation’s shares are available to be traded on the
exchange; and
(e) the
turnover of the corporation’s shares on the exchange.
”.
