Commonwealth Consolidated Acts Commonwealth Consolidated ActsA person contravenes this section if:
(a) the person acquires, or the person with one or more other persons under an arrangement acquire, shares in a body corporate; and
(b) the acquisition has the result that:
(i) an unacceptable control situation comes into existence in relation to a controlled Australian financial body and a person; or
(ii) if an unacceptable control situation already exists in relation to a controlled Australian financial body and a person (the controller )--there is an increase in the voting power of the controller in the controlled Australian financial body.
Note 1: The person mentioned in subparagraph (b)(i) or (b)(ii) need not be the person who contravenes this section.
Note 2: A contravention of this section is an offence (see subsection 1311(1)).