Australian Mutual Provident Society (Demutualisation and Reconstruction) Act 1997
19Limit on entitlement to NHL shares
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19 Limit on entitlement to NHL shares
19 Limit on entitlement to NHL shares
(1) Except as provided in this Part, a person must not acquire shares in NHL during the restriction period if any person who—
(a) is not entitled to any shares in NHL, or
(b) is entitled to less than 5% of the shares in NHL,
would, immediately after the acquisition, be entitled to 5% or more of the shares in NHL.
(2) Except as provided in this Part, a person who is entitled at any time during the restriction period to 5% or more of the shares in NHL must immediately cause that entitlement to be reduced to less than 5%.
(3) For the purposes of this Part, while a person is entitled, at any time during the restriction period, to 5% or more of the shares in NHL, each share to which the person is entitled is a default share.