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 1A - Limit on control of certain Australian licensees that are not widely held market bodies  

Subdivision D - Other matters  

SECTION 852DT   ANTI-AVOIDANCE  

852DT(1)    
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:

(i) entered into; or

(ii) began to carry out; or

(iii) 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 Subdivision B 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 (including from a starting point of nil) the controller ' s voting power in a controlled Australian financial body;

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

852DT(2)    
A person who is subject to a written direction under subsection (1) must comply with the direction.

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