Commonwealth Consolidated Acts

FINANCIAL SECTOR (SHAREHOLDINGS) ACT 1998 - SECT 14

             (1)  If the applicant satisfies the Treasurer that it is in the national interest to approve the applicant holding a stake in the company of more than 15%, the Treasurer may grant the application.

Grant of application

             (2)  If the Treasurer grants the application, the Treasurer must:

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

                     (b)  specify the percentage of the stake the Treasurer approves the applicant holding in the company (which 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.

Refusal of application

             (3)  If the Treasurer refuses the application, the Treasurer must give written notice of the refusal to the applicant.

Notification of approval

             (4)  The Treasurer 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 company concerned.