Commonwealth Numbered Acts

FINANCIAL SECTOR (SHAREHOLDINGS) ACT 1998No. 55, 1998 - SECT 23

(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 have any stake in the company; or

(ii) if the person has a stake in the company--that stake is not more than 15%; 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;

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.