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 851I   PRESERVATION OF VOTING POWER  

851I(1)    

If, at the time at which a body corporate becomes a widely held market body:

(a)    a person holds a particular percentage of voting power in the body; and

(b)    the holding of that particular percentage by the person would (apart from this section) constitute an unacceptable control situation in relation to the body and in relation to the person;

the person is taken to be granted at that time an approval under section 851B to hold that percentage of voting power in the body.

Note: Conditions can be imposed on the approval under section 851D and then varied or revoked in accordance with that section.

851I(2)    
The Minister is taken to have complied with the Minister ' s obligations under section 851B in relation to the granting of the approval to the person.

851I(3)    
(Repealed by No 87 of 2024, s 3, Sch 2[34] (effective 24 September 2024).)