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 20% voting power limit  

SECTION 851C   DURATION OF APPROVAL  

851C(1)   [ Duration of approval]  

An approval under section 851B remains in force:

(a) if the notice of approval specifies a period during which the approval remains in force - until the end of that period, or if the Minister extends that period, until the end of that extended period; or

(b) otherwise - indefinitely.

851C(2)   Extension of approval.  

A person who holds an approval under section 851B that is in force for a specified period may apply to extend that period by lodging with ASIC an application that sets out the person's reasons for making the application.

Note: For fees in respect of lodging applications, see Part 9.10 .

851C(3)   [ Application given to Minister]  

ASIC must give the application to the Minister as soon as possible.

851C(4)   [ Power to grant extension]  

If the Minister is satisfied that it is in the national interest to grant the extension, the Minister may grant the application.

851C(5)   [ Notice and duration of approval]  

If the Minister grants the application, the Minister must:

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

(b) specify the extended period during which the approval remains in force (which may or may not be the period the applicant applied for).

851C(6)   [ Notice of refusal]  

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

851C(7)   [ Publication]  

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

(a) published in the Gazette ; and

(b) given to the widely held market body concerned.