Commonwealth Consolidated Acts

FINANCIAL SECTOR (SHAREHOLDINGS) ACT 1998 - SECT 25

  (1)   If:

  (a)   a declaration under section   23 is in force in relation to a person and in relation to a financial sector company; and

  (b)   the Federal Court is satisfied that:

  (i)   the directors of the company are accustomed or under an obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of the person (either alone or together with associates); or

  (ii)   the person (either alone or together with associates) is in a position to exercise control over the company; and

  (c)   the Federal Court is satisfied that:

  (i)   the person does not hold a stake in the company; or

  (ii)   if the person holds a stake in the company--that stake is not more than 20% ;

the court may, on application by the Treasurer, make such orders as the court considers appropriate to ensure that:

  (d)   the directors of the company are not accustomed or under an obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of the person (either alone or together with associates); and

  (e)   the person (either alone or together with associates) is not in a position to exercise control over the company; and

  (f)   either:

  (i)   the person does not hold a stake in the company; or

  (ii)   if the person holds a stake in the company--that stake is not more than 20% .

  (2)   The Federal Court's orders include:

  (a)   an order directing the disposal of shares; or

  (b)   an order restraining the exercise of any rights attached to shares; or

  (c)   an order prohibiting or deferring the payment of any sums due to a person in respect of shares held by the person; or

  (d)   an order that any exercise of rights attached to shares be disregarded.

  (3)   Subsection   ( 2) does not, by implication, limit subsection   ( 1).

  (4)   In addition to the Federal Court's powers under subsections   ( 1) and (2), the court:

  (a)   has power, for the purpose of securing compliance with any other order made under this section, to make an order directing any person to do or refrain from doing a specified act; and

  (b)   has power to make an order containing such ancillary or consequential provisions as the court thinks just.

  (5)   The Federal Court may, before making an order under this section, direct that notice of the Treasurer's application be given to such persons as it thinks fit or be published in such manner as it thinks fit, or both.

  (6)   The Federal Court may, by order, rescind, vary or discharge an order made by it under this section or suspend the operation of such an order.