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FINANCIAL SECTOR (SHAREHOLDINGS) ACT 1998No. 55, 1998 - SECT 24
Requirement to relinquish practical control or reduce stake
(1) If a person has practical control of a financial sector company, the
person must take such steps as are necessary to ensure that:
(a) the
directors of the company are not accustomed or under an obligation, whether
formal or informal, to act in accordance with the directions, instructions or
wishes of the person (either alone or together with associates); and
(b) the person (either alone or together with associates) is not in a
position to exercise control over the company; and
(c) either:
Note: Practical control has the meaning given by section 23.
(2) The person must take those steps:
(a) within 90 days after receiving the
copy of the most recent declaration under section 23 relating to the practical
control of the company; or
(b) if the Treasurer, by written notice given to the person, allows a
longer period for compliance--before the end of that longer period.
(3) A person is guilty of an offence if:
Penalty: 400
penalty units.
Note: Chapter 2 of the Criminal Code sets out the
general principles of criminal responsibility.
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