31Maximum shareholding of 10% of shares offered in public float

#### 31 Maximum shareholding of 10% of shares offered in public float 31 Maximum shareholding of 10% of shares offered in public float > > (1) This section applies to the issue of shares by GIO under its first registered prospectus and the disposal by the State of New South Wales of its shares in GIO. > > > (2) A person must not (whether as principal or agent): > > > > > (a) apply to GIO (or to an agent or underwriter) for the issue of shares in GIO, or > > > > > (b) offer or agree to acquire the shares in GIO of the State of New South Wales, > > > > if the issue or acquisition would have the result that the relevant interest of a person in GIO would be more than 10%. > > > > Maximum penalty: 500 penalty units. > > > (3) The relevant interest of a person in GIO at a particular time is equal to the percentage of the total paid-up share capital of GIO in which the person holds an interest. > > > (4) A person is taken to have an interest in shares for the purposes of this section if the person has such an interest within the meaning of the [Banks (Shareholdings) Act 1972](http://www.legislation.gov.au/) of the Commonwealth. > > > (5) This section has effect subject to such exceptions or modifications (if any) as are prescribed by the regulations. > > > (6) It is a defence to a prosecution for an offence against this section if the defendant proves that the contravention was due to the defendant not being aware of a fact or occurrence the existence of which was necessary to constitute the offence. > > > (7) Proceedings for an offence against this section are to be dealt with by the Supreme Court in its summary jurisdiction. > > > (8) A contract, dealing or other transaction affecting shares in GIO is not unenforceable, voidable or void merely because the contract, dealing or other transaction was entered into in contravention of this section.