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CORPORATIONS ACT 2001

CHAPTER 5D - LICENSED TRUSTEE COMPANIES    View history reference

PART 5D.5 - LIMIT ON CONTROL OF LICENSED TRUSTEE COMPANIES    View history reference

Division 2 - Approval to exceed 15% voting power limit    View history reference

SECTION 601VBD  CONDITIONS OF APPROVAL  

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601VBD(1)  [Conditions specified in notice]  


An approval under section 601VBB is subject to such conditions (if any) as are specified in the notice of approval.

601VBD(2)  [Minister may impose, vary or revoke conditions]  


The Minister may, by written notice given to a person who holds an approval under section 601VBB:


(a) impose one or more conditions or further conditions to which the approval is subject; or


(b) revoke or vary any condition:


(i) imposed under paragraph (a); or

(ii) specified in the notice of approval.

601VBD(3)  [When power may be exercised]  


The Minister's power under subsection (2) may be exercised:


(a) on the Minister's own initiative; or


(b) on application by the person who holds the approval.

601VBD(4)  [Application to be lodged with ASIC]  


An application made by a person under paragraph (3)(b) must be lodged with ASIC and must set out the person's reasons for making the application.

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

601VBD(5)  [Application to be given to Minister]  


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

601VBD(6)  [Notice of refusal]  


If the Minister refuses an application under paragraph (3)(b), the Minister must give written notice of the refusal to the applicant.

601VBD(7)  [Notice of approval to be published and given to company]  


As soon as practicable, the Minister must arrange for a copy of a notice under subsection (2) to be:


(a) published in the Gazette; and


(b) given to the licensed trustee company concerned.

601VBD(8)  [Notice of breach by holder]  


A person who holds an approval under section 601VBB must give written notice to ASIC as soon as practicable after they become aware that they have breached a condition to which the approval is subject.

Note: Failure to comply with this subsection is an offence (see subsection 1311(1)).


 



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