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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 851C  DURATION OF APPROVAL  

 View history reference

851C(1)  [Duration of approval]  


An approval under section 851B remains in force:


(a) if the notice of approval specifies a period during which the approval remains in force - until the end of that period, or if the Minister extends that period, until the end of that extended period; or


(b) otherwise - indefinitely.

851C(2)  Extension of approval.  


A person who holds an approval under section 851B that is in force for a specified period may apply to extend that period by lodging with ASIC an application that sets out the person's reasons for making the application.

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

851C(3)  [Application given to Minister]  


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

851C(4)  [Power to grant extension]  


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

851C(5)  [Notice and duration of approval]  


If the Minister grants the application, the Minister must:


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


(b) specify the extended period during which the approval remains in force (which may or may not be the period the applicant applied for).

851C(6)  [Notice of refusal]  


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

851C(7)  [Publication]  


As soon as practicable, the Minister must arrange for a copy of a notice of extension under this section to be:


(a) published in the Gazette; and


(b) given to the widely held market body concerned.


 



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