New exclusion: Retail Leases Act 2003
The Minister for Small Business, Innovation and Trade has issued a new determination that excludes the following kind of tenants from the operation of the Retail Leases Act 2003 ('Act'):
"bodies corporate or companies or corporations whose securities are listed on a stock exchange outside Australia or the subsidiaries (including subsidiaries as defined in section 9 of the Corporations Act 2001) of such bodies corporate, companies or corporations".
This is important for practitioners in assessing whether the Act applies because prior to the determination, the exclusion only applied to corporate tenant's whose securities were listed on an overseas stock exchange that was a member of the World Federation of Exchanges or the New Zealand Stock Exchange. The determination makes clear that the Act will not apply to all publicly listed companies on an overseas stock exchange (or their subsidiaries).
The determination applies from 12 August 2016.
The contents of this publication is for reference purposes only. This blog post does not constitute legal advice and should not be relied upon. If you require legal advice please contact Sarah Ward at Aitken Partners on (03) 8600 6056.