Commonwealth Numbered Acts

FINANCIAL SECTOR (SHAREHOLDINGS) ACT 1998No. 55, 1998 - SECT 14

Grant of application

(2) If the Treasurer grants the application, the Treasurer must:

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

(b) specify the percentage of the stake the Treasurer approves the applicant holding in the company (which may not be the percentage the applicant applied for); and

(c) either:

(i) specify the period during which the approval remains in force; or

(ii) specify that the approval remains in force indefinitely.

(3) If the Treasurer refuses the application, the Treasurer must give written notice of the refusal to the applicant.

Notification of approval

(4) The Treasurer must arrange for a copy of a notice of approval under this section to be:

(a) published in the Gazette ; and

(b) given to the company concerned.