Commonwealth Consolidated Acts Commonwealth Consolidated ActsRevocation on specified grounds
(1) The Treasurer may, by notifiable instrument, revoke an approval that a person holds under section 14 in relation to a financial sector company if the Treasurer is satisfied that:
(a) it is in the national interest to do so; or
(b) an unacceptable shareholding situation exists in relation to the financial sector company and in relation to the person; or
(c) there has been a contravention of a condition to which the approval is subject ; or
(d) if the approval was granted under paragraph 14(1)(b)--the person is no longer a fit and proper person to hold the approval.
(2) The revocation takes effect on the day specified in the instrument of revocation . The specified day must be a day at least 90 days after the day the instrument is registered on the Federal Register of Legislation under the Legislation Act 2003 .
Revocation on request
(3) If a person who holds an approval under section 14 requests the Treasurer to revoke the approval, the Treasurer must, by notifiable instrument , revoke the approval.
Notification of revocation
(4) If the Treasurer revokes an approval under this section, the Treasurer must give written notice of the revocation (including a copy of the instrument made under subsection (1) or (3)) to:
(a) the person who held the approval; and
(b) the financial sector company concerned.