Commonwealth Consolidated Acts

FOREIGN ACQUISITIONS AND TAKEOVERS ACT 1975 - SECT 7

Listed entities

  (1)   A person is an independent director of an entity if:

  (a)   the person is:

  (i)   a director of the entity; or

  (ii)   for a unit trust--a director of a trustee of the entity; and

  (b)   the entity is listed for quotation in the official list of a stock exchange (whether or not in Australia); and

  (c)   the director meets the criteria of that stock exchange for a director to be independent (whether or not the criteria are binding).

Note:   If the stock exchange does not have criteria for a director to be independent, a director of an entity listed for quotation in the official list of the stock exchange is not an independent director.

Entities whose securities are stapled

  (2)   A person is an independent director of an entity (the first entity ) if:

  (a)   the person is a director of the first entity and another entity; and

  (b)   the securities in the first entity can only be transferred together with securities in the other entity; and

  (c)   the first entity is not listed for quotation in the official list of a stock exchange, but the other entity is (whether or not in Australia); and

  (d)   the director meets the criteria of that stock exchange for a director to be independent (whether or not the criteria are binding).