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 601VBI   TIME LIMIT FOR MINISTER ' S DECISION  

601VBI(1)    
The Minister must make a decision on an application under this Division within 30 days after receiving the application.

601VBI(2)    
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.

601VBI(3)    
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 company concerned.

601VBI(4)    
The time for making the decision stops running if the Minister gives a notice under subsection 601VBG(1) in relation to the application, and does not start again until the notice is complied with.

601VBI(5)    

The time limit in this section does not apply to an application under section 601VBB or 601VBE if an unacceptable control situation exists in relation to the applicant and in relation to the relevant company at any time before the Minister makes a decision.