(1) For the purposes of this Act, a sale‑scheme hybrid security is:
(a) an interest‑bearing security that is issued on the basis that it will or may be redeemed in exchange for a share or shares in Telstra; or
(b) a share that is issued on the basis that it will or may be redeemed in exchange for a share or shares in Telstra; or
(c) any other security or financial product that is issued on the basis that it will or may be redeemed in exchange for a share or shares in Telstra; or
(d) an option to acquire a share or shares in Telstra; or
(e) an interest‑bearing security that is issued on the basis that it will or may be converted to a share or shares in Telstra; or
(f) any other security or financial product that is issued on the basis that it will or may be converted to a share or shares in Telstra; or
(g) an interest‑bearing security that is issued on the basis that it will or may be exchanged for a share or shares in Telstra; or
(h) any other security or financial product that is issued on the basis that it will or may be exchanged for a share or shares in Telstra; or
(i) a security, or a financial product, that:
(i) is specified in a written declaration made by the Minister for Finance under this subparagraph; and
(ii) relates directly or indirectly to Telstra.
(2) A security or financial product covered by a paragraph of subsection (1) may (but need not) include a charge, pledge or lien.
(3) A security covered by paragraph (1)(a), (e) or (g) may be issued in or outside Australia, and may be denominated in:
(a) Australian currency; or
(b) a currency other than Australian currency.
(4) A share covered by paragraph (1)(b) may be issued in or outside Australia, and any rights or obligations may be denominated in:
(a) Australian currency; or
(b) a currency other than Australian currency.
(5) A security or financial product covered by paragraph (1)(c), (f), (h) or (i) may be issued in or outside Australia, and any rights or obligations may be denominated in:
(a) Australian currency; or
(b) a currency other than Australian currency.
(6) An option covered by paragraph (1)(d) may be issued in or outside Australia, and the exercise price may be denominated in:
(a) Australian currency; or
(b) a currency other than Australian currency.
(7) A declaration under subparagraph (1)(i)(i) is a legislative instrument for the purposes of the Legislative Instruments Act 2003, but section 42 of that Act does not apply to the declaration.
(8) In this section:
charge has the same meaning as in the Corporations Act 2001.
financial product has the same meaning as in Chapter 7 of the Corporations Act 2001.
security has the same meaning as in Chapter 7 of the Corporations Act 2001.
17 Subsection 8AK(1)
Section 8AJA - Telstra (Transition to Full Private Ownership) Act 2005 - Sale‑scheme hybrid securities | Zoe
Insert:
charge has the same meaning as in the Corporations Act 2001.
18 Subsection 8AK(1) (after paragraph (k) of the definition of designated matter)
Insert:
(ka) the issue of sale‑scheme hybrid securities;
(kb) the receipt of money by the Commonwealth, or by a person acting on behalf of the Commonwealth, in respect of the issue of sale‑scheme hybrid securities;
(kc) the receipt of money by a hybrid‑security issuer company, or by a person acting on behalf of a hybrid‑security issuer company, in respect of the issue of sale‑scheme hybrid securities;
(kd) the redemption, exchange or conversion of sale‑scheme hybrid securities;
(ke) the transfer by a hybrid‑security issuer company of a share in Telstra held by the company;
(kf) the grant of a charge, pledge or lien (whether in connection with sale‑scheme hybrid securities or otherwise);
(kg) an agreement relating to a matter covered by paragraph (c), (f), (g), (h), (i), (j), (k), (ka), (kb), (kc), (kd), (ke) or (kf);
(kh) an agreement of the kind known as a securities lending arrangement, where the securities lending arrangement relates to shares in Telstra;
19 At the end of section 8AL
Add:
(3) Subsection (1) does not authorise the appropriation of the Consolidated Revenue Fund at any time after the commencement of this subsection.
20 Paragraph 8AR(1)(b)
Omit “section 205”, substitute “Part 2J.3”.
21 Paragraph 8AR(1)(c)
Omit “Part 3.2A”, substitute “Chapter 2E”.
22 Subsections 8AR(2) and (3)
Repeal the subsections.
23 At the end of section 8AS
Add:
(5) Subsection (3) does not authorise the appropriation of the Consolidated Revenue Fund at any time after the commencement of this subsection.
24 At the end of section 8AT
Add:
Chinese wall arrangements
(5) The Commonwealth does not contravene subsection 1043A(1) of the Corporations Act 2001 by entering into a transaction or agreement at any time in relation to:
(a) shares in Telstra; or
(b) sale‑scheme hybrid securities; or
(c) a Telstra sale scheme;
merely because of information in the possession of an officer or employee of the Commonwealth if:
(d) the decision to enter into the transaction or agreement was taken on its behalf by a person or persons other than that officer or employee; and
(e) it had in operation at that time arrangements that could reasonably be expected to ensure that:
(i) the information was not communicated to the person or persons who made the decision; and
(ii) no advice with respect to the transaction or agreement was given to that person or any of those persons by a person in possession of the information; and
(f) the information was not so communicated and no such advice was given.
(6) A reference in subsection (5) to an officer of the Commonwealth includes a reference to the holder of an office under a law of the Commonwealth.