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Summary of

Securities Act (PSIS Limited) Exemption Notice 2004

2004/441

Gazetted on 16 December 2004
Expires on 1 December 2009

Effects of the exemption
PSIS Limited is able to issue its Class A shares to members without a registered prospectus or investment statement.

Background
PSIS Limited is registered under the Cooperative Companies Act 1996 and the Companies Act 1993. PSIS Limited offers savings, loans and other financial services to its members. New members are issued with one Class A share as a condition of membership. The shares have no nominal value, are not transferable and are forfeited upon termination of membership.

This exemption notice replaces the Securities Act (PSIS Limited) Exemption Notice 1999, which expired on 1 July 2004.

The exemption
PSIS is exempted from sections 37 and 37A of the Securities Act 1978 in respect of specified equity securities.

Reasons
The specified equity securities to which the exemption relates are Class A shares that have no nominal value and are issued for no further consideration as an incident of membership of PSIS.

The characteristics of the Class A shares mean that disclosure of the information usually contained in a prospectus and investment statement is unlikely to be useful to holders of the securities and any benefit to investors would be outweighed by the cost of preparing a prospectus and investment statement.

PSIS is required to have a registered prospectus and investment statement for debt securities offered to its members, and the registered prospectus refers to and contains a description of the Class A shares.