Corporations Act 2001
Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .
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Hide history noteA person who holds an approval under section 851B may apply to vary the percentage specified in the approval by lodging with ASIC an application that:
(a) specifies the percentage of the voting power the person currently has in the widely held market body concerned; and
(b) specifies the percentage of the voting power the person is seeking approval to have in the body; and
(c) sets out the person's reasons for making the application.
Note: For fees in respect of lodging applications, see Part 9.10 .
851E(2) [ Application given to Minister]ASIC must give the application to the Minister as soon as possible.
851E(3) [ Power to grant variation in percentage]If the Minister is satisfied that it is in the national interest to vary the percentage, the Minister may grant the application.
851E(4) [ Notice and scope of variation]If the Minister grants the application, the Minister must:
(a) give written notice of the variation to the applicant; and
(b) specify the variation granted (which may or may not be the variation the applicant applied for). 851E(5) [ Notice of refusal]
If the Minister refuses an application, the Minister must give written notice of the refusal to the applicant.
851E(6) Minister's own initiative.The Minister may, by written notice given to a person who holds an approval under section 851B , vary the percentage specified in the approval if the Minister is satisfied that it is in the national interest to do so.
851E(7) Percentage varied upwards.If the Minister varies a percentage upwards, the variation takes effect on the day the notice of variation is given.
851E(8) Percentage varied downwards.If the Minister varies a percentage downwards, the variation takes effect on the day specified in the notice of variation. The specified day must be a day at least 90 days after the day on which the notice is given.
851E(9) Notification of variation.As soon as practicable, the Minister must arrange for a copy of a notice of variation under this section to be:
(a) published in the Gazette ; and
(b) given to the widely held market body concerned.
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