Treasury Laws Amendment (Modernising Business Communications and Other Measures) Act 2023 (69 of 2023)

Schedule 3   Rationalisation of ending ASIC instruments

Part 1   Voting control limits for proposed licensed trustee companies

Division 1   Amendments

Corporations Act 2001

3   Section 601VAA

Repeal the section, substitute:

601VAA Meaning of unacceptable control situation

For the purposes of this Part, an unacceptable control situation exists in relation to:

(a) a licensed trustee company and in relation to a particular person; or

(b) a proposed licensed trustee company and in relation to a particular person;

if the person's voting power in the company is more than:

(c) 15%; or

(d) if an approval of a higher percentage is in force under Division 2 in relation to the company and in relation to the person - that higher percentage.