VET Student Loans Amendment Rules (No.1) 2023 (F2023L01395)

Schedule   Amendments to the VET Student Loans Rules 2016

VET Student Loans Rules 2016

1   Section 4

Insert:

PPSA retention of title property has the same meaning as in the Corporations Act 2001.

related party means:

(a) An entity which is:

(i) a holding company of a provider; or

(ii) a subsidiary of a provider; or

(iii) a subsidiary of a holding company of a provider; or

(b) A person or entity related to key personnel of a provider which is:

(i) a spouse or child of key personnel; or

(ii) a child of the key personnel's spouse; or

(iii) a dependant of the key personnel or of the key personnel's spouse; or

(iv) anyone else who is one of the key personnel's family and may be expected to influence the key personnel, or be influenced by the key personnel, in the key personnel's dealings with the entity; or

(v) a company that is controlled by key personnel of the provider or a person listed in subparagraphs (i), (ii), (iii) or (iv), with control having the same meaning as in section 50AA of the Corporations Act 2001.

transaction means a transaction between the provider and its key personnel or related parties, for example:

(a) a conveyance, transfer or other disposition of property; and

(b) a security interest granted in property (including a security interest in an entity's PPSA retention of title property); and

(c) a guarantee; and

(d) a payment; and

(e) an obligation; and

(f) a release or waiver; and

(g) a loan;

and includes such a transaction that has been completed or given effect to, or that has terminated.