Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

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 851D   CONDITIONS OF APPROVAL  

851D(1)   [ Conditional approval]  

An approval under section 851B is subject to such conditions (if any) as are specified in the notice of approval.

851D(2)   [ Ministerial power to impose conditions]  

The Minister may, by written notice given to a person who holds an approval under section 851B :


(a) impose one or more conditions or further conditions to which the approval is subject; or


(b) revoke or vary any condition:


(i) imposed under paragraph (a); or

(ii) specified in the notice of approval.

851D(3)   [ Prerequisites to exercise of power]  

The Minister's power under subsection (2) may be exercised:


(a) on the Minister's own initiative; or


(b) on application by the person who holds the approval.

851D(4)   [ Application]  

An application made by a person under paragraph (3)(b) must be lodged with ASIC and must set out the person's reasons for making the application.

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

851D(5)   [ Application given to Minister]  

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

851D(6)   [ Notice of refusal]  

If the Minister refuses an application under paragraph (3)(b), the Minister must give written notice of the refusal to the applicant.

851D(7)   [ Publication]  

As soon as practicable, the Minister must arrange for a copy of a notice under subsection (2) to be:


(a) published in the Gazette ; and


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

851D(8)   [ Notice of breach of condition]  

A person who holds an approval under section 851B must give written notice to ASIC if they become aware that they have breached a condition to which the approval is subject.

Note: Failure to comply with this subsection is an offence (see subsection 1311(1) ).


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