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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 851D  CONDITIONS OF APPROVAL  

 View history reference

851D(1)  [Conditional approval]  


An approval under section 851B is subject to such conditions (if any) as are specified in the notice of approval.

851D(2)  [Ministerial power to impose conditions]  


The Minister may, by written notice given to a person who holds an approval under section 851B:


(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.

851D(3)  [Prerequisites to exercise of power]  


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.

851D(4)  [Application]  


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.

851D(5)  [Application given to Minister]  


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

851D(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.

851D(7)  [Publication]  


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 widely held market body concerned.

851D(8)  [Notice of breach of condition]  


A person who holds an approval under section 851B must give written notice to ASIC if 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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