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 601VBD   CONDITIONS OF APPROVAL  

601VBD(1)   [ Conditions specified in notice]  

An approval under section 601VBB is subject to such conditions (if any) as are specified in the notice of approval.

601VBD(2)   [ Minister may impose, vary or revoke conditions]  

The Minister may, by written notice given to a person who holds an approval under section 601VBB :


(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.

601VBD(3)   [ When power may be exercised]  

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.

601VBD(4)   [ Application to be lodged with ASIC]  

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 .

601VBD(5)   [ Application to be given to Minister]  

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

601VBD(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.

601VBD(7)   [ Notice of approval to be published and given to company]  

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 licensed trustee company concerned.

601VBD(8)   [ Notice of breach by holder]  

A person who holds an approval under section 601VBB must give written notice to ASIC as soon as practicable after 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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