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 601VBE   VARYING PERCENTAGE APPROVED  

601VBE(1)   Application by holder of approval.  

A person who holds an approval under section 601VBB may apply to vary the percentage specified in the approval by lodging with ASIC an application that:


(a) specifies the percentage of the voting power the person currently has in the licensed trustee company concerned; and


(b) specifies the percentage of the voting power the person is seeking approval to have in the trustee company; and


(c) sets out the person's reasons for making the application.

Note: For fees in respect of lodging applications, see Part 9.10 .

601VBE(2)   [ Application to be given to Minister]  

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

601VBE(3)   [ When 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.

601VBE(4)   [ Notice of variation]  

If the Minister grants the application, the Minister must:


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


(b) specify the variation granted (which may or may not be the variation the applicant applied for).

601VBE(5)   [ Notice of refusal]  

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

601VBE(6)   Minister's own initiative.  

The Minister may, by written notice given to a person who holds an approval under section 601VBB , vary the percentage specified in the approval if the Minister is satisfied that the variation would be in the interests of the licensed trustee company and its clients.

601VBE(7)   Percentage varied upwards.  

If the Minister varies a percentage upwards, the variation takes effect on the day the notice of variation is given.

601VBE(8)   Percentage varied downwards.  

If the Minister varies a percentage downwards, the variation takes effect on the day specified in the notice of variation. The specified day must be a day at least 90 days after the day on which the notice is given.

601VBE(9)   Notification of variation.  

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


(a) published in the Gazette ; and


(b) given to the licensed trustee company concerned.


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