Queensland Numbered Acts

QUEEN'S WHARF BRISBANE ACT 2016 - SECT 66

66 Application of existing determination of suitability for ch 4 approval requirements

(1) This section applies if—

(a) before the commencement, the Governor in Council made a suitability determination for a person; and

(b) on or after the commencement, an approval requirement applies to the person; and

(c) the person has not been given a direction under section 37.

(2) The person is taken to comply with the approval requirement.

(3) However, if the person’s voting power or relevant interest has increased after the making of the suitability determination—

(a) subsection (2) applies only in relation to the pre-increase approval requirement; and

(b) to remove any doubt, it is declared that the person is not required to comply with the pre-increase approval requirement in relation to the person’s voting power or relevant interest acquired after the making of the suitability determination.

Example—

Before the commencement, a suitability determination was made for a person with 15% voting power in IR Holdco.
If the person’s voting power later increases to 19%, the person is taken to comply with section 20(2)(b) (see subsection (3)(a)) and is not required to obtain any further approval under section 20(2)(b) for the additional 4% (see subsection (3)(b)).
However, if the person’s voting power increases to 21% the person is required to comply with section 20(2)(c).

(4) In this section—

"approval requirement" means a requirement to obtain the prior written approval of the Governor in Council or the Minister under chapter 4, part 2, division 1.

"pre-increase approval requirement" , in relation to a person to whom subsection (3) applies, means the approval requirement that would have applied had the person’s voting power or relevant interest not increased after the making of the suitability determination.

"suitability determination" , for a person, means the Governor in Council was satisfied, under the Control Act, section 20, that the person was suitable to be associated or connected with the ownership, management or operations of—

(a) the hotel-casino complex within which the Queen’s Wharf casino is or will be located; or

(b) Queen’s Wharf casino.

"voting power or relevant interest" , of a person, means—

(a) the person’s voting power in a relevant entity; or

(b) the person’s relevant interest in non-voting interests, or convertible securities, in—

(i) the licensee or IR Holdco; or

(ii) any other relevant entity that is a trustee of the IR Holding Trust or IR Operating Trust; or

(iii) the IR Holding Trust or IR Operating Trust.