CORPORATIONS ACT 2001

CHAPTER 5D - LICENSED TRUSTEE COMPANIES  

PART 5D.5 - LIMIT ON CONTROL OF LICENSED TRUSTEE COMPANIES  

Division 2 - Approval to exceed 15 % voting power limit  

SECTION 601VBB   APPROVAL OF APPLICATION  

601VBB(1)   [ Minister may grant application]  

The Minister may grant the application if the Minister is satisfied that it would be in the interests of the licensed trustee company and its clients for the application to be granted.

601VBB(2)   [ Minister approval notice]  

If the Minister grants the application, the Minister must:

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

(b) specify the percentage of the voting power the Minister approves the applicant having in the licensed trustee company (which may or may not be the percentage the applicant applied for); and

(c) either:

(i) specify the period during which the approval remains in force; or

(ii) specify that the approval remains in force indefinitely.

601VBB(3)   [ Notice of refusal]  

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

601VBB(4)   [ Approval to be published and given to company]  

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

(a) published in the Gazette; and

(b) given to the licensed trustee company concerned.