Commonwealth Consolidated Acts

FINANCIAL SECTOR (SHAREHOLDINGS) ACT 1998 - SECT 23

Declaration

  (1)   If:

  (a)   the Treasurer is satisfied that:

  (i)   the directors of a financial sector company are accustomed or under an obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of a person (either alone or together with associates); or

  (ii)   a person (either alone or together with associates) is in a position to exercise control over a financial sector company; and

  (b)   the Treasurer is satisfied that:

  (i)   the person does not hold a stake in the company; or

  (ii)   if the person holds a stake in the company--that stake is not more than 20% ; and

  (c)   the Treasurer is satisfied that it is in the national interest to declare that the person has practical control of the company for the purposes of this Act;

the Treasurer may declare that the person has practical control of the company for the purposes of this Act.

Declaration has effect

  (2)   A declaration under this section has effect accordingly.

Revocation of declaration

  (3)   The Treasurer must revoke a declaration under this section if the Treasurer ceases to be satisfied of the matters referred to in paragraphs   ( 1)(a), (b) and (c).

Notification of declaration

  (4)   If a declaration under this section is made or revoked, the Treasurer must arrange for a copy of the declaration or revocation to be given to the financial sector company and the person concerned.