37AExemption for nominated company

37A Exemption for nominated company

37A Exemption for nominated company

(1) The other provisions of this Division do not apply to or in respect of the nominated company or a related body corporate (within the meaning of the Corporations Act 2001 of the Commonwealth) of the nominated company (other than TAB Limited or a TAB Limited subsidiary), subject to this section.

(2) If the Racing Minister is satisfied that—

(a) the nominated company (or, if the nominated company is a company referred to in paragraph (c) of the definition of nominated company in subsection (6), the ultimate holding company (within the meaning of the Corporations Act 2001 of the Commonwealth) of the nominated company) is no longer listed on the Australian Stock Exchange, or

(b) there no longer exists, under the law of another jurisdiction or otherwise, a prohibition on shareholding interests in the nominated company (or, if the nominated company is a company referred to in paragraph (c) of the definition of nominated company in subsection (6), in the shareholding interests in the ultimate holding company (within the meaning of the Corporations Act 2001 of the Commonwealth) of the nominated company) with substantially the same effect as the prohibition on shareholding interests in TAB Limited under the other provisions of this Division, or

(c) TAB Limited is not wholly owned by the nominated company or the nominated company has not taken all reasonable steps to acquire a relevant interest in all the issued voting shares (within the meaning of the Corporations Act 2001 of the Commonwealth) of TAB Limited, or

(d) TAB Limited is not a subsidiary (within the meaning of the Corporations Act 2001 of the Commonwealth) of the nominated company,

the Racing Minister is to serve a notice on the nominated company declaring that the exemption granted by subsection (1) is suspended on and from the day specified in the notice (being a day that is not less than 3 months after service of the notice).

(3) The Racing Minister is, by further notice served on the nominated company, to revoke a notice under subsection (2) and terminate the suspension effected by that notice if satisfied that—