Commonwealth Consolidated Acts Commonwealth Consolidated ActsApplication by holder of approval
(1) A person who holds an approval under section 14 may apply to the Treasurer to vary the percentage specified in the approval.
(2) The application must:
(a) specify the percentage of the stake the person currently holds in the financial sector company concerned; and
(b) specify the percentage of the stake the person is seeking approval to hold in the company; and
(c) set out the person's reasons for making the application; and
(d) be accompanied by the prescribed fee.
(3) If the applicant satisfies the Treasurer that it is in the national interest to vary the percentage, the Treasurer may grant the application.
(4) If the Treasurer grants the application, the Treasurer must:
(a) give written notice of the variation to the applicant; and
(b) specify the variation granted (which may not be the variation the applicant applied for).
(5) If the Treasurer refuses an application, the Treasurer must give written notice of the refusal to the applicant.
Treasurer's own initiative
(6) The Treasurer may, by written notice given to a person who holds an approval under section 14, vary the percentage specified in the approval if the Treasurer is satisfied that it is in the national interest to do so.
Percentage varied upwards
(7) If the Treasurer varies a percentage upwards, the variation takes effect on the day the notice of variation is given.
Percentage varied downwards
(8) If the Treasurer 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.
Notification of variation
(9) The Treasurer 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 financial sector company concerned.
[Index]
[Table]
[Search]
[Search this Act]
[Notes]
[Noteup]
[Previous]
[Next]
[Download]
[Help]