Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .

PART 7.4 - LIMITS ON INVOLVEMENT WITH LICENSEES  

Division 1 - Limit on control of certain licensees  

Subdivision B - Approval to exceed 15% voting power limit  

SECTION 851B   APPROVAL OF APPLICATION  

851B(1)   [ Ministerial power to grant application]  

If the Minister is satisfied that it is in the national interest to approve the applicant having voting power in the widely held market body of more than 15%, the Minister may grant the application.

851B(2)   [ Notice and scope of approval]  

If the Minister grants the application, the Minister must:

(a) give written notice of the approval to the applicant; and

(b) specify the percentage of the voting power the Minister approves the applicant having in the widely held market body (which may or may not be the percentage the applicant applied for); and

(c) either:

(i) specify the period during which the approval remains in force; or

(ii) specify that the approval remains in force indefinitely.

851B(3)   [ Notice of refusal]  

If the Minister refuses the application, the Minister must give written notice of the refusal to the applicant.

851B(4)   [ Publication]  

As soon as practicable, the Minister must arrange for a copy of a notice of approval under this section to be:

(a) published in the Gazette ; and

(b) given to the body concerned.