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 851H   TIME LIMIT FOR MINISTER'S DECISION  

851H(1)   [ Deadline for decision]  

The Minister must make a decision on an application under this Subdivision within 30 days after receiving the application.

851H(2)   [ Extension of deadline]  

However, before the end of the 30 days, the Minister may decide to extend the period for considering the application until the end of 60 days after the application was received.

851H(3)   [ Deemed approval and publication]  

If the Minister has not made a decision within the 30 days (or the 60 days, if subsection (2) applies), the Minister is taken to have granted whatever was applied for. As soon as practicable after that happens, the Minister must arrange for a notice to that effect to be:

(a) published in the Gazette ; and

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

851H(4)   [ Cessation of time for making a decision]  

The time for making the decision stops running if the Minister gives a notice under section 851G in relation to the application, and does not start again until the notice is complied with.

851H(5)   [ Application]  

The time limit in this section does not apply to an application under section 851A or 851E if an unacceptable control situation exists in relation to the applicant and in relation to the relevant widely held market body at any time before the Minister makes a decision.