Commonwealth Consolidated Acts

CORPORATIONS ACT 2001 - SECT 1705L

  (1)   This section applies to a person if:

  (a)   at the commencement time, the person holds a particular percentage of voting power in a controlled Australian financial body; and

  (b)   that percentage is more than 20%.

  (2)   The person is taken to be granted, at the commencement time, an approval under subsection   852DH(1) to have that percentage of voting power in the body.

Note:   ASIC can impose conditions on the approval: see section   852DL.

  (3)   The approval:

  (a)   comes into force at the commencement time; and

  (b)   remains in force indefinitely (unless varied under section   852DM or revoked under section   852DN).

  (4)   ASIC is taken to have complied with its obligations under Division   1A of Part   7.4 for the granting of the approval.

Example:   ASIC is taken to have given the notice required by section   852DH.