Treasury Laws Amendment (2019 Measures No. 3) Act 2020 (64 of 2020)

Schedule 3   Miscellaneous amendments

Part 3   Amendments relating to instruments

Division 1   Amendments

Financial Sector (Shareholdings) Act 1998

173   After subsection 14(1)

Insert:

(1A) The instrument of approval must:

(a) specify the percentage of the stake the Treasurer approves the applicant holding in the company (which may or may not be the percentage the applicant applied for); and

(b) if the application is granted under paragraph (1)(a) - either:

(i) specify the period during which the approval remains in force; or

(ii) specify that the approval remains in force indefinitely; and

(c) if the application is granted under paragraph (1)(b) - specify that the approval remains in force for the period worked out under section 15A.