Commonwealth Consolidated Acts

FINANCIAL SECTOR (SHAREHOLDINGS) ACT 1998 - SECT 18

Revocation on specified grounds

             (1)  The Treasurer may, by written notice given to a person who holds an approval under section 14 in relation to a financial sector company, revoke the approval if the Treasurer is satisfied that:

                     (a)  it is in the national interest to do so; or

                     (b)  an unacceptable shareholding situation exists in relation to the financial sector company and in relation to the person; or

                     (c)  there has been a contravention of a condition to which the approval is subject.

             (2)  The revocation takes effect on the day specified in the notice of revocation. The specified day must be a day at least 90 days after the day on which the notice is given.

Revocation on request

             (3)  If a person who holds an approval under section 14 requests the Treasurer to revoke the approval, the Treasurer must, by written notice given to the person, revoke the approval. The revocation takes effect on the day specified in the notice of revocation.

Notification of revocation

             (4)  The Treasurer must arrange for a copy of a notice of revocation under this section to be:

                     (a)  published in the Gazette ; and

                     (b)  given to the financial sector company concerned.