Corporations Act 2001

CHAPTER 10 - TRANSITIONAL PROVISIONS  

PART 10.12 - TRANSITIONAL PROVISIONS RELATING TO THE CORPORATIONS LEGISLATION AMENDMENT (FINANCIAL SERVICES MODERNISATION) ACT 2009  

Division 2 - Transitional provisions relating to Schedule 2 to the Corporations Legislation Amendment (Financial Services Modernisation) Act 2009  

SECTION 1494   TRANSITIONAL PROVISIONS RELATING TO LIMIT ON CONTROL OF TRUSTEE COMPANIES  

1494(1)   [ Application if voting power exceeds 15% pre-commencement]  

This section applies in relation to a person and a trustee company if, immediately before the commencement of Part 5D.5 , the percentage (the pre-commencement percentage ) of the person ' s voting power in the trustee company exceeded 15%.

1494(2)   [ Part 5D.5 applies to pre-commencement percentage]  

Subject to subsection (3), Part 5D.5 applies in relation to the person and the trustee company as if paragraph 601VAA(a) specified the pre-commencement percentage (rather than 15%).

1494(3)   [ Effect of post-commencement reduction in voting power]  

If, after the commencement of Part 5D.5 , the percentage of the person ' s voting power in the trustee company is reduced, the following provisions have effect from the time of the reduction:

(a) if the reduced percentage exceeds 15% - Part 5D.5 applies in relation to the person and the trustee company as if paragraph 601VAA(a) specified the reduced percentage (rather than 15%);

(b) if the reduced percentage is 15% or less - this section ceases to apply, and never again applies, in relation to the person and the trustee company.