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 15% voting power limit  

SECTION 851I   PRESERVATION OF VOTING POWER IN RELATION TO BODIES SPECIFIED IN REGULATIONS MADE FOR PARAGRAPH 850A(b)  

851I(1)    
A person holding a particular percentage of voting power in a body at its specification time (see subsection (3) ) is taken at that time to be granted an approval under section 851B to hold that percentage of voting power in the body if:

(a)    in a case where the body's specification time occurs at the same time as the commencement of this section - the person holding the percentage of voting power in the body immediately before the specification time did not, to any extent, constitute a contravention of previous law (see subsection (3) ); and

(b)    whether the body's specification time occurs at the same time as, or after, the commencement of this section - on the body's specification time, the person holding that percentage of voting power in the body would (apart from this section) constitute an unacceptable control situation.

Note: Conditions can be imposed on the approval under section 851D and then varied or revoked in accordance with that section.

851I(2)    
The Minister is taken to have complied with the Minister's obligations under section 851B in relation to the granting of the approval to the person.

851I(3)    

In this section:

contravention of previous law
means a contravention of a provision of Part 7.1A of this Act as in force immediately before the commencement of this section.

specification time
, in relation to a body, means the time a body first becomes specified in regulations made for the purposes of paragraph 850A(b) .