Commonwealth Consolidated Acts

FINANCIAL SECTOR (SHAREHOLDINGS) ACT 1998 - SECT 47

             (1)  This section applies if, immediately before the commencement of this section:

                     (a)  a person held a stake in a particular financial sector company of more than 15%; and

                     (b)  the holding of that stake did not, to any extent, involve a contravention of a provision of the Banks (Shareholdings) Act 1972 or the Insurance Acquisitions and Takeovers Act 1991 .

             (2)  This Act has effect as if the Treasurer had, immediately after the commencement of this section, by written notice under section 14, approved the person holding the same percentage stake in the company.

Note:          This approval can be varied or revoked in accordance with the provisions of Division 3 of Part 2.

             (3)  For the purposes of this section, Part 1 and Schedule 1 are taken to have been in force immediately before the commencement of this section.

             (4)  For the purposes of this section, a company that is an authorised deposit‑taking institution immediately after the commencement of this section is taken to have been an authorised deposit‑taking institution immediately before the commencement of this section.