Commonwealth Consolidated Acts

FINANCIAL SECTOR (SHAREHOLDINGS) ACT 1998 - SECT 15

             (1)  An approval under section 14 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 Treasurer extends that period, until the end of that extended period; or

                     (b)  otherwise--indefinitely.

Extension of approval

             (2)  A person who holds an approval under section 14 that is in force for a specified period may apply to the Treasurer to extend that period.

             (3)  The application must:

                     (a)  set out the person's reasons for making the application; and

                     (b)  be accompanied by the prescribed fee.

             (4)  If the applicant satisfies the Treasurer that it is in the national interest to grant the extension, the Treasurer may grant the application.

             (5)  If the Treasurer grants the application, the Treasurer 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 not be the period the applicant applied for).

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

Notification of extension

             (7)  The Treasurer 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 financial sector company concerned.