Corporations Act 2001

CHAPTER 5D - LICENSED TRUSTEE COMPANIES  

PART 5D.5 - LIMIT ON CONTROL OF LICENSED TRUSTEE COMPANIES AND PROPOSED LICENSED TRUSTEE COMPANIES  

Division 2 - Approval to exceed 15 % voting power limit  

SECTION 601VBC   DURATION OF APPROVAL  

601VBC(1)    
An approval under section 601VBB remains in force:

(a) if the notice of approval specifies a period during which the approval remains in force - until the end of that period, or if the Minister extends that period, until the end of that extended period; or

(b) otherwise - indefinitely.

Extension of approval

601VBC(2)    
A person who holds an approval under section 601VBB that is in force for a specified period may apply to extend that period by lodging with ASIC an application that sets out the person's reasons for making the application.

Note: For fees in respect of lodging applications, see Part 9.10 .

601VBC(3)    
ASIC must give the application to the Minister as soon as possible.

601VBC(4)    
The Minister may grant the application if the Minister is satisfied that:

(a)    

in the case of a licensed trustee company - it would be in the interests of that company and its clients for the application to be granted; or

(b)    

in the case of a proposed licensed trustee company - it would be in the interests of that company and its clients for the application to be granted were that company a licensed trustee company.

601VBC(5)    
If the Minister grants the application, the Minister must:

(a)    give written notice of the extension to the applicant; and

(b)    specify the extended period during which the approval remains in force (which may or may not be the period the applicant applied for).

601VBC(6)    
If the Minister refuses the application, the Minister must give written notice of the refusal to the applicant.

601VBC(7)    
As soon as practicable, the Minister must arrange for a copy of a notice of extension under this section to be:

(a)    published in the Gazette; and

(b)    

given to the company concerned.