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 C - Other matters  

SECTION 852B   ANTI-AVOIDANCE  

852B(1)   [ Anti-avoidance direction]  

If:


(a) one or more persons enter into, begin to carry out or carry out a scheme; and


(b) it would be concluded that the person, or any of the persons, who entered into, began to carry out or carried out the scheme or any part of the scheme did so for the sole or dominant purpose of avoiding the application of any provision of Subdivision A in relation to any person or persons (whether or not mentioned in paragraph (a)); and


(c) as a result of the scheme or a part of the scheme, a person (the controller ) increases the controller's voting power in a widely held market body;

the Minister may give the controller a written direction to cease having that voting power within a specified time.

852B(2)   [ Compliance]  

A person who is subject to a written direction under subsection (1) must comply with the direction.

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

852B(3)   [ ``increase'']  

In this section:

increase
voting power includes increasing it from a starting point of nil.


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