Commonwealth Numbered Acts

NATIONAL COMPANIES AND SECURITIES COMMISSION ACT 1979 No. 173, 1979 - SECT 49

49. (1) A person (other than a member or an acting member of the Commission or
a member of the staff of the Commission) who is appointed for the purposes of
this Act or any other prescribed Act or is authorized to perform or exercise
any function or power of the Commission or any function or power on behalf of
the Commission and who, in the course of his official duties or the
performance or exercise of the function or power, is required to consider any
matter relating to-

   (a)  a body corporate in securities of which he has a relevant interest;

   (b)  securities in which he has a relevant interest;

   (c)  securities of the same class as securities in which he has a relevant
        interest;

   (d)  a person or body-

        (i)    by whom or by which he is employed or has been employed at any
               time during the immediately preceding 3 years; or

        (ii)   with whom or with which he is associated; or

   (e)  a body corporate that is related to a body corporate by which he is
        employed or has been employed at any time during the immediately
        preceding 3 years, shall forthwith so inform the Commission in
        writing.

(2) A member or acting member of the Commission or a member of the staff of
the Commission who, in the course of his official duties is required to
consider any matter relating to-

   (a)  a person or body-

        (i)    by whom or by which he is employed or has been employed at any
               time during the immediately preceding 3 years; or

        (ii)   with whom or with which he is associated; or

   (b)  a body corporate that is related to a body corporate by which he is
        employed or has been employed at any time during the immediately
        preceding 3 years, shall forthwith so inform the Commission in
        writing.

(3) It is a defence to a prosecution for an offence against this section in
respect of a failure by a person to inform the Commission that he is required
to consider a matter relating to a particular body corporate, a particular
person or particular securities if the person establishes that, at the time
when he was required to consider the matter, he was not aware of a fact or
matter the existence of which obliged him to inform the Commission that he was
required to consider the first-mentioned matter.

(4) The questions whether a person has a relevant interest in securities,
whether a person is associated with a person or body and whether 2 bodies
corporate are related to each other for the purposes of this section shall be
determined as prescribed.

Penalty: $5,000 or imprisonment for one year, or both.