Document ID: chunk:federal_register_of_legislation:F2021N00225:body:0:p3
Version: federal_register_of_legislation:F2021N00225
Segment Type: other
Provision Reference: 
Character Range: 5240–7336

not share any services or staff with the NOHC or any of the NOHC's subsidiaries; and

        (c)           not share any management or business strategies with the NOHC or any of the NOHC's subsidiaries except in relation to the "White Label savings and transactional accounts" specified in the Subscription Agreement – Series B entered into with the NOHC on 3 June 2021,

    unless LFG obtains APRA's prior written consent to do otherwise.

 Limits on individual shareholdings

      1. Z-LF Holdco LLC (7701992, Delaware, USA), Zayucel Limited (14613, British Virgin Islands) and Isocrates Limited (123699, British Virgin Islands) as trustee of the Isocrates Trust must not individually hold a direct control interest of more than 25% in the NOHC without prior approval from the Treasurer or a delegate of the Treasurer.

2.             Sherman Ma, US Trust Company of Delaware (3185789, Delaware, USA) as trustee of the Ma Family Trust and Hestia Vesta LLC (4515326, Delaware, USA) must not individually hold a direct control interest of more than 35% in the NOHC without prior approval from the Treasurer or a delegate of the Treasurer.

3.             Hestia Holdings BV (Netherlands), Vesta Financial BV (Netherlands) and Vesta Funding BV (Netherlands) must not individually hold a direct control interest of more than 55% in the NOHC without prior approval from the Treasurer or a delegate of the Treasurer.

4.             Alexandra Crammond, Colin Morgan, George Confos and Stephen Rix must not individually hold a direct control interest of more than 20% in the NOHC without prior approval from the Treasurer or a delegate of the Treasurer.

Interpretation

 In this schedule:

 banking business has the meaning given in 5 of the Banking Act 1959.

 direct control interest has the meaning given in clause 11 of Schedule 1 to the Act.

 LFG means Liberty Financial Group Limited.

 the ADI means Avenue Bank Limited.

 threshold day means the day that the value of the total resident assets of the ADI first exceeds the assets threshold for the ADI under subsection 14A(6) of the Act.