Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) If, at the time at which a body corporate becomes a widely held market body:
(a) a person holds a particular percentage of voting power in the body; and
(b) the holding of that particular percentage by the person would (apart from this section) constitute an unacceptable control situation in relation to the body and in relation to the person;
the person is taken to be granted at that time an approval under section 851B to hold that percentage of voting power in the body.
Note: Conditions can be imposed on the approval under section 851D and then varied or revoked in accordance with that section.
(2) The Minister is taken to have complied with the Minister's obligations under section 851B in relation to the granting of the approval to the person.