Securities Act (Works Superannuation Scheme) Amendment Exemption Notice 2004

View Securities Act (Works Superannuation Scheme) Exemption Amendment Notice 2004

Gazetted on 25 November 1999

The trustees of the Works Superannuation Scheme and others are exempted, subject to conditions, from sections 37, 37A, and 38A of the Act and the Regulations (except regulations 8 and 17) in respect of offers of interests in the Works Superannuation Scheme to "eligible employees".

Eligible employees are those who, as at 31 March 1997, were employed by Works Civil Construction Limited or Opus International Consultants Limited and who were already members of a particular superannuation scheme.

The notice expires on 31 October 2004.

Conditions

The exemption is subject to the conditions that:

• before subscription the eligible employee receives
  • the information set out in the Members' booklet (as required by section 16 (1) (a) of the Superannuation Schemes Act 1989) and the most recent annual report of the trustees of the scheme, and
  • a statement that the eligible employee is entitled to obtain, on request and free of charge from the trustees copies of the most recent audited financial statements of the scheme and of the trust deed.
• no advertisement relating to interests in the scheme is distributed except the information above.

Effects of the exemption

The notice exempts, subject to conditions, the trustees of the Works Superannuation Scheme and participating employers (Works Civil Construction Limited and Opus International Consultants Limited) from the registered prospectus, investment statement, and certain other requirements of the Securities Act 1978 and Securities Regulations 1983 in respect of offers of interests in that scheme to certain employees.

Reasons

The principal considerations we took into account were:

1. The first offer to each of the eligible employees was made prior to the coming into force of the new law on 1 October 1997.
2. It was part of an eligible employee's employment contract that the offer remained open for acceptance in the future.
3. All employees eligible to subscribe would receive offer documents in accordance with the law applying to the scheme at the time of the first offer, along with up-to-date financial information of the scheme.
4. The number of eligible employees was not large. More importantly, it had been demonstrated that the number of employees likely to take up the offer to join the scheme was very small.
5. It was a condition of exemption that the trustees and employers did not advertise or promote the scheme to eligible employees.
6. The costs of producing an investment statement and registered prospectus were large compared with the small number of employees likely to request information in the prescribed form.

Gazetted on 25 November 1999

The trustees of the Works Superannuation Scheme and others are exempted, subject to conditions, from sections 37, 37A, and 38A of the Act and the Regulations (except regulations 8 and 17) in respect of offers of interests in the Works Superannuation Scheme to "eligible employees".

Eligible employees are those who, as at 31 March 1997, were employed by Works Civil Construction Limited or Opus International Consultants Limited and who were already members of a particular superannuation scheme.

The notice expires on 31 October 2004.

Conditions

The exemption is subject to the conditions that:

• before subscription the eligible employee receives
  • the information set out in the Members' booklet (as required by section 16 (1) (a) of the Superannuation Schemes Act 1989) and the most recent annual report of the trustees of the scheme, and
  • a statement that the eligible employee is entitled to obtain, on request and free of charge from the trustees copies of the most recent audited financial statements of the scheme and of the trust deed.
• no advertisement relating to interests in the scheme is distributed except the information above.

Effects of the exemption

The notice exempts, subject to conditions, the trustees of the Works Superannuation Scheme and participating employers (Works Civil Construction Limited and Opus International Consultants Limited) from the registered prospectus, investment statement, and certain other requirements of the Securities Act 1978 and Securities Regulations 1983 in respect of offers of interests in that scheme to certain employees.

Reasons

The principal considerations we took into account were:

1. The first offer to each of the eligible employees was made prior to the coming into force of the new law on 1 October 1997.
2. It was part of an eligible employee's employment contract that the offer remained open for acceptance in the future.
3. All employees eligible to subscribe would receive offer documents in accordance with the law applying to the scheme at the time of the first offer, along with up-to-date financial information of the scheme.
4. The number of eligible employees was not large. More importantly, it had been demonstrated that the number of employees likely to take up the offer to join the scheme was very small.
5. It was a condition of exemption that the trustees and employers did not advertise or promote the scheme to eligible employees.
6. The costs of producing an investment statement and registered prospectus were large compared with the small number of employees likely to request information in the prescribed form.