FINANCIAL SECTOR (SHAREHOLDINGS) ACT 1998
Table of Provisions
PART 1--PRELIMINARY
- 1 Short title
- 2 Commencement
- 3 Definitions
- 4 Holding companies
- 5 Crown to be bound
- 6 External Territories
- 7 Extra - territorial operation
PART 2--RESTRICTIONS--ON SHAREHOLDINGS IN FINANCIAL SECTOR COMPANIES
Division 1--Introduction
- 8 Simplified outline of this Part
- 9 Definitions in Schedule 1
Division 2--20%shareholding limit
- 10 Meaning of unacceptable shareholding situation
- 11 Acquisitions of shares
- 12 Remedial orders
Division 3--Approval to exceed20%shareholding limit
- 13 Application for approval to exceed 20% shareholding limit
- 14 Approval of application
- 14A Criteria for applications relating to new or recently established financial sector companies
- 15 Duration of approval granted on national interest grounds
- 15A Duration of approval granted in relation to a new or recently established financial sector company
- 16 Conditions of approval
- 16A Additional conditions for approval granted in relation to a new or recently established financial sector company
- 17 Varying percentage stake approved
- 18 Revoking an approval
- 19 Flow - on approvals --approval granted on national interest grounds
- 19A Flow - on approvals--approval granted in relation to new or recently established financial sector company
- 20 Further information about applications
- 21 Electronic lodgment of applications
Division 3A--Reporting by the relevant licensed company for an approval
- 21A Reporting when assets threshold exceeded
Division 4--Practical control where20%shareholding limit not exceeded
- 22 Meaning of control
- 23 Treasurer may declare person to have practical control of a financial sector company
- 24 Requirement to relinquish practical control or reduce stake
- 25 Remedial orders
Division 5--Record-keeping and giving of information
- 26 Record - keeping and giving of information
Division 6--Ancillary matters
- 27 Provision to attract the corporations power, the banking power and the insurance power
- 28 Concurrent operation of State/Territory laws
- 29 Validity of acts done in contravention of this Part
- 30 Acquisition of property
PART 3--ANTI---AVOIDANCE
PART 4--INJUNCTIONS
- 32 Injunctions
- 33 Interim injunctions
- 34 Discharge etc. of injunctions
- 35 Certain limits on granting injunctions not to apply
- 36 Other powers of the court unaffected
PART 5--OFFENCES
- 38 Incorrect records
- 39 Indictable offences
- 40 Application of Criminal Code
- 41 Service of summons or process on foreign corporations--criminal proceedings
PART 6--CIVIL--LIABILITY
Division 1--Civil liability in certain civil proceedings
- 41A Application of this Division
- 42 Civil liability of corporations
- 43 Civil liability of persons other than corporations
Division 2--Civil penalties
- 43A Civil penalty provisions
PART 7--MISCELLANEOUS
