Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) If:
(a) one or more persons enter into, begin to carry out or carry out a scheme; and
(b) it would be concluded that the person, or any of the persons, who:
(i) entered into; or
(ii) began to carry out; or
(iii) carried out;
the scheme or any part of the scheme did so for the sole or dominant purpose of avoiding the application of any provision of Subdivision B in relation to any person or persons (whether or not mentioned in paragraph (a)); and
(c) as a result of the scheme or a part of the scheme, a person (the controller ) increases (including from a starting point of nil) the controller's voting power in a controlled Australian financial body;
ASIC may give the controller a written direction to cease having that voting power within a time specified in the direction.
(2) A person who is subject to a written direction under subsection (1) must comply with the direction.
Note: Failure to comply with this subsection is an offence: see subsection 1311(1).