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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 601VBI  TIME LIMIT FOR MINISTER'S DECISION  

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601VBI(1)  [30-day period]  


The Minister must make a decision on an application under this Division within 30 days after receiving the application.

601VBI(2)  [Minister may extend]  


However, before the end of the 30 days, the Minister may decide to extend the period for considering the application until the end of 60 days after the application was received.

601VBI(3)  [Minister taken to have granted]  


If the Minister has not made a decision within the 30 days (or the 60 days, if subsection (2) applies), the Minister is taken to have granted whatever was applied for. As soon as practicable after that happens, the Minister must arrange for a notice to that effect to be:


(a) published in the Gazette; and


(b) given to the licensed trustee company concerned.

601VBI(4)  [Time limit paused where further information required]  


The time for making the decision stops running if the Minister gives a notice under subsection 601VBG(1) in relation to the application, and does not start again until the notice is complied with.

601VBI(5)  [Time limit not to apply in unacceptable control situation]  


The time limit in this section does not apply to an application under section 601VBB or 601VBE if an unacceptable control situation exists in relation to the applicant and in relation to the relevant licensed trustee company at any time before the Minister makes a decision.


 



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