Commonwealth Numbered Acts

FINANCIAL SECTOR (SHAREHOLDINGS) ACT 1998No. 55, 1998 - SECT 19

(1) If:

(a) at a particular time, a person holds an approval under section 14 to hold a stake in a financial sector company of more than 15%; and

(b) the financial sector company is a holding company of an authorised deposit-taking institution or an authorised insurance company;

(2) If, on a particular day, a financial sector company that is a 100% subsidiary of the holding company ceases to be a 100% subsidiary of the holding company, the approval that is taken to be in force, because of subsection (1), in relation to that financial sector company continues in force until:

(a) the end of 90 days after that day; or

(b) if, during that period of 90 days, the person becomes the holder of another approval under section 14 in relation to the financial sector company--that other approval comes into force.

(3) If, at a particular time, a company (the approval company ) holds an approval under section 14 to hold a stake in a financial sector company of more than 15%, there is taken to be in force at that time an approval of the Treasurer, under section 14, for each officer of the approval company to hold the same percentage stake in the financial sector company.