Corporations Act 2001
This section applies in relation to a person and a trustee company if, immediately before the commencement of Part 5D.5 , the percentage (the pre-commencement percentage ) of the person ' s voting power in the trustee company exceeded 15%.1494(2) [ Part 5D.5 applies to pre-commencement percentage] 1494(3) [ Effect of post-commencement reduction in voting power]
If, after the commencement of Part 5D.5 , the percentage of the person ' s voting power in the trustee company is reduced, the following provisions have effect from the time of the reduction:
(a) if the reduced percentage exceeds 15% - Part 5D.5 applies in relation to the person and the trustee company as if paragraph 601VAA(a) specified the reduced percentage (rather than 15%);
(b) if the reduced percentage is 15% or less - this section ceases to apply, and never again applies, in relation to the person and the trustee company.