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CORPORATIONS ACT 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS    View history reference

PART 7.4 - LIMITS ON INVOLVEMENT WITH LICENSEES    View history reference

Division 1 - Limit on control of certain licensees    View history reference

Subdivision B - Approval to exceed 15% voting power limit    View history reference

SECTION 851E  VARYING PERCENTAGE APPROVED  

 View history reference

851E(1)  Application by holder of approval.  


A person who holds an approval under section 851B may apply to vary the percentage specified in the approval by lodging with ASIC an application that:


(a) specifies the percentage of the voting power the person currently has in the widely held market body concerned; and


(b) specifies the percentage of the voting power the person is seeking approval to have in the body; and


(c) sets out the person's reasons for making the application.

Note: For fees in respect of lodging applications, see Part 9.10.

851E(2)  [Application given to Minister]  


ASIC must give the application to the Minister as soon as possible.

851E(3)  [Power to grant variation in percentage]  


If the Minister is satisfied that it is in the national interest to vary the percentage, the Minister may grant the application.

851E(4)  [Notice and scope of variation]  


If the Minister grants the application, the Minister must:


(a) give written notice of the variation to the applicant; and


(b) specify the variation granted (which may or may not be the variation the applicant applied for).

851E(5)  [Notice of refusal]  


If the Minister refuses an application, the Minister must give written notice of the refusal to the applicant.

851E(6)  Minister's own initiative.  


The Minister may, by written notice given to a person who holds an approval under section 851B, vary the percentage specified in the approval if the Minister is satisfied that it is in the national interest to do so.

851E(7)  Percentage varied upwards.  


If the Minister varies a percentage upwards, the variation takes effect on the day the notice of variation is given.

851E(8)  Percentage varied downwards.  


If the Minister 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.

851E(9)  Notification of variation.  


As soon as practicable, the Minister 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 widely held market body concerned.


 



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