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 601VBC   DURATION OF APPROVAL  

601VBC(1)   [ Duration]  

An approval under section 601VBB remains in force:


(a) if the notice of approval specifies a period during which the approval remains in force - until the end of that period, or if the Minister extends that period, until the end of that extended period; or


(b) otherwise - indefinitely.

601VBC(2)   Extension of approval.  

A person who holds an approval under section 601VBB that is in force for a specified period may apply to extend that period by lodging with ASIC an application that sets out the person's reasons for making the application.

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

601VBC(3)   [ Application to be given to Minister]  

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

601VBC(4)   [ Minister may grant approval]  

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.

601VBC(5)   [ Notice of approval]  

If the Minister grants the application, the Minister must:


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


(b) specify the extended period during which the approval remains in force (which may or may not be the period the applicant applied for).

601VBC(6)   [ Notice of refusal]  

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

601VBC(7)   [ Notice to be published and given to company]  

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


(a) published in the Gazette; and


(b) given to the licensed trustee company concerned.


 

Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited

CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.

The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.