Corporations Act 2001

CHAPTER 5D - LICENSED TRUSTEE COMPANIES  

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

Division 1 - 15 % voting power limit  

SECTION 601VAB  

601VAB   ACQUISITIONS OF SHARES  

If:

(a) a person, or 2 or more persons under an arrangement, acquire shares in a body corporate; and

(b) the acquisition has the result, in relation to a licensed trustee company, that:

(i) an unacceptable control situation comes into existence in relation to the trustee company and in relation to a person; or

(ii) if an unacceptable control situation already exists in relation to the trustee company and in relation to a person - there is an increase in the voting power of the person in the trustee company;

the person or persons mentioned in paragraph (a) contravene this section.

Note: A contravention of this section is an offence (see subsection 1311(1) ).