Commonwealth Consolidated Acts Commonwealth Consolidated ActsApplication by holder of approval
(1) A person who holds an approval under section 601VBB 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 licensed trustee company or proposed licensed trustee company concerned; and
(b) specifies the percentage of the voting power the person is seeking approval to have in the company; and
(c) sets out the person's reasons for making the application.
Note: For fees in respect of lodging applications, see Part 9.10.
(2) ASIC must give the application to the Minister as soon as possible.
(3) The Minister may grant the application if the Minister is satisfied that:
(a) in the case of a licensed trustee company--it would be in the interests of that company and its clients for the application to be granted; or
(b) in the case of a proposed licensed trustee company--it would be in the interests of that company and its clients for the application to be granted were that company a licensed trustee company.
(4) 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).
(5) If the Minister refuses an application, the Minister must give written notice of the refusal to the applicant.
Minister's own initiative
(6) The Minister may, by written notice given to a person who holds an approval under section 601VBB, vary the percentage specified in the approval if the Minister is satisfied that:
(a) in the case of a licensed trustee company--the variation would be in the interests of that company and its clients; or
(b) in the case of a proposed licensed trustee company--the variation would be in the interests of that company and its clients were that company a licensed trustee company.
Percentage varied upwards
(7) If the Minister varies a percentage upwards, the variation takes effect on the day the notice of variation is given.
Percentage varied downwards
(8) 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.
Notification of variation
(9) 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 company concerned.