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 A - 20% voting power limit  

SECTION 850B   MEANING OF UNACCEPTABLE CONTROL SITUATION  

850B(1)    

An unacceptable control situation exists in relation to a widely held market body and in relation to a particular person if the person ' s voting power in the body is more than:

(a)    

20%; or

(b)    

in relation to a body other than the ASX Limited - if an approval of a higher percentage is in force under Subdivision B in relation to the body and in relation to the person, that higher percentage; or

(c)    

in relation to the ASX Limited - if the regulations prescribe a higher percentage in relation to the ASX Limited in relation to the person, that higher percentage.

850B(2)    

Regulations made for the purposes of paragraph (1)(c) may not take effect before the first day those regulations are no longer liable to be disallowed, or to be taken to have been disallowed, under section 42 of the Legislation Act 2003 .