Corporations Legislation Amendment (Simpler Regulatory System) Act 2007 (101 of 2007)

Schedule 1   Amendments

Part 1   Amendments commencing on Royal Assent

Corporations Act 2001

4   Section 9

Insert:

eligible employee share scheme means an employee share scheme for a body corporate in respect of which the following conditions are met:

(a) the scheme is offered only to employees or directors mentioned in paragraph (a) of the definition of employee share scheme ;

(b) the financial products that are offered under the scheme are offered:

(i) under a disclosure document or Product Disclosure Statement; or

(ii) without disclosure under Part 6D.2 in accordance with subsection 708(12);

(c) the financial products which may be acquired under the scheme are the following:

(i) fully paid ordinary shares;

(ii) options, offered for no more than nominal consideration, for the issue or transfer of fully paid ordinary shares;

(iii) units in fully paid ordinary shares.