Commonwealth Consolidated Acts

FINANCIAL SECTOR (SHAREHOLDINGS) ACT 1998 - SECT 23

Declaration

             (1)  If:

                     (a)  the Treasurer is satisfied that:

                              (i)  the directors of a financial sector company are accustomed or under an obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of a person (either alone or together with associates); or

                             (ii)  a person (either alone or together with associates) is in a position to exercise control over a financial sector company; and

                     (b)  the Treasurer is satisfied that:

                              (i)  the person does not have any stake in the company; or

                             (ii)  if the person has a stake in the company--that stake is not more than 15%; and

                     (c)  the Treasurer is satisfied that it is in the national interest to declare that the person has practical control of the company for the purposes of this Act;

the Treasurer may declare that the person has practical control of the company for the purposes of this Act.

Declaration has effect

             (2)  A declaration under this section has effect accordingly.

Revocation of declaration

             (3)  The Treasurer must revoke a declaration under this section if the Treasurer ceases to be satisfied of the matters referred to in paragraphs (1)(a), (b) and (c).

Notification of declaration

             (4)  If a declaration under this section is made or revoked, the Treasurer must arrange for a copy of the declaration or revocation to be given to the financial sector company and the person concerned.