A T O home
Legal Database
Search   
for 
 
Access the database 
Browse database
Searches  
View last document
Quick access 
View legislation
View a document
Email Cross Reference Material Previous/Next Section Contents Previous/Next Result
Printable version
Printable
version

CORPORATIONS ACT 2001

CHAPTER 10 - TRANSITIONAL PROVISIONS  

PART 10.12 - TRANSITIONAL PROVISIONS RELATING TO THE CORPORATIONS LEGISLATION AMENDMENT (FINANCIAL SERVICES MODERNISATION) ACT 2009    View history reference

Division 2 - Transitional provisions relating to Schedule 2 to the Corporations Legislation Amendment (Financial Services Modernisation) Act 2009    View history reference

SECTION 1494  TRANSITIONAL PROVISIONS RELATING TO LIMIT ON CONTROL OF TRUSTEE COMPANIES  

 View history reference

1494(1)  [Application if voting power exceeds 15% pre-commencement]  


This section applies in relation to a person and a trustee company if, immediately before the commencement of Part 5D.5, the percentage (the pre-commencement percentage) of the person's voting power in the trustee company exceeded 15%.

1494(2)  [Part 5D.5 applies to pre-commencement percentage]  


Subject to subsection (3), Part 5D.5 applies in relation to the person and the trustee company as if paragraph 601VAA(a) specified the pre-commencement percentage (rather than 15%).

1494(3)  [Effect of post-commencement reduction in voting power]  


If, after the commencement of Part 5D.5, the percentage of the person's voting power in the trustee company is reduced, the following provisions have effect from the time of the reduction:


(a) if the reduced percentage exceeds 15% - Part 5D.5 applies in relation to the person and the trustee company as if paragraph 601VAA(a) specified the reduced percentage (rather than 15%);


(b) if the reduced percentage is 15% or less - this section ceases to apply, and never again applies, in relation to the person and the trustee company.


 



This information is provided by CCH Australia Limited. View the disclaimer and notice of copyright.
Top of page
More information on page