Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .

PART 7.4 - LIMITS ON INVOLVEMENT WITH LICENSEES  

Division 1 - Limit on control of certain licensees  

Subdivision B - Approval to exceed 20% voting power limit  

SECTION 851F   REVOKING AN APPROVAL  

851F(1)   [ Power to revoke approval]  

The Minister may, by written notice given to a person who holds an approval under section 851B in relation to a widely held market body, revoke the approval if the Minister is satisfied that:

(a) it is in the national interest to do so; or

(b) an unacceptable control situation exists in relation to the widely held market body and in relation to the person; or

(c) there has been a contravention of a condition to which the approval is subject.

851F(2)   [ When revocation takes effect]  

The revocation takes effect on the day specified in the notice of revocation. The specified day must be a day at least 90 days after the day on which the notice is given.

851F(3)   [ Revocation at holder's request]  

If a person who holds an approval under section 851B requests the Minister to revoke the approval, the Minister must, by written notice given to the person, revoke the approval. The revocation takes effect on the day specified in the notice of revocation.

851F(4)   [ Publication]  

As soon as practicable, the Minister must arrange for a copy of a notice of revocation under this section to be:

(a) published in the Gazette ; and

(b) given to the widely held market body concerned.