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FINANCIAL SECTOR (SHAREHOLDINGS) ACT 1998No. 55, 1998 - SECT 47
Transitional--pre-commencement stakes in financial sector companies
(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.
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