Corporations Act 2001

CHAPTER 5D - LICENSED TRUSTEE COMPANIES  

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

Division 3 - Other matters  

SECTION 601VCC   ANTI-AVOIDANCE  

601VCC(1)   [ Minister may give direction to controller]  

If:

(a) one or more persons enter into, begin to carry out or carry out a scheme; and

(b) it would be concluded that the person, or any of the persons, who entered into, began to carry out or carried out the scheme or any part of the scheme did so for the sole or dominant purpose of avoiding the application of any provision of Division 1 in relation to any person or persons (whether or not mentioned in paragraph (a)); and

(c) as a result of the scheme or a part of the scheme, a person (the controller ) increases the controller's voting power in a licensed trustee company;

the Minister may give the controller a written direction to cease having that voting power within a specified time.

601VCC(2)   [ Compliance with direction]  

A person who is subject to a direction under subsection (1) must comply with the direction.

Note: Failure to comply with this subsection is an offence (see subsection 1311(1) ).

601VCC(3)   [ Direction not a legislative instrument]  

A direction under subsection (1) is not a legislative instrument.

601VCC(4)   [ " increase " ]  

In this section:

increase
voting power includes increasing it from a starting point of nil.