Document ID: chunk:federal_register_of_legislation:C2004A03064:body:0:p2
Version: federal_register_of_legislation:C2004A03064
Segment Type: other
Provision Reference: 
Character Range: 2428–5157

of the corporation from compliance with sub-section (1) in respect of voting shares of the bank.
    "(2c) An application under sub-section (2b) may accompany an application under sub-section (2).
    "(2d) Subject to sub-section (3), a person who is exempt from compliance with sub-section (1) in respect of voting shares of a bank shall not have an interest in one or more voting shares of the bank if the nominal amount of that share or the aggregate of the nominal amounts of those shares exceeds 15% of the aggregate of the nominal amounts of all the voting shares of the bank.
    "(2e) The Treasurer may, by notice in writing given to a person, revoke an exemption given to the person under sub-section (2) if the Treasurer is satisfied that to do so is in the national interest, and, where

    the Treasurer so revokes an exemption, the revocation has effect as from the day specified in the notice, not being a day earlier than 3 months after the day on which the notice is given.
    "(2f) Where an exemption given to a corporation under sub-section (2) from compliance with sub-section (1) in respect of voting shares in a bank is revoked, any exemption given under sub-section (2b) in relation to the relevant officers of the corporation in respect of the bank shall be deemed to have been revoked, and that last-mentioned revocation has effect as from the day on which the first-mentioned revocation has effect.
    "(2g) The Treasurer may, by notice in writing given to a corporation, revoke an exemption given under sub-section (2b) in relation to relevant officers of the corporation as from a day specified in the notice, not being a day earlier than 3 months after the day on which the notice is given.";
    (b) by omitting from sub-section (3) "specified in an instrument";
    (c) by omitting from sub-section (3) "Penalty: Two hundred dollars for each day during which the contravention continues.";
    (d) by omitting sub-section (4) and substituting the following sub-section:
    "(4) The Governor-General may, after application made to the Treasurer by a person, if the Governor-General is satisfied that to do so is in the national interest, by instrument in writing published in the Gazette, fix, for the purposes of this section in its application to that person in respect of a bank, a percentage exceeding 15%.";
    (e) by inserting in sub-section (5) "if the Governor-General is satisfied that to do so is in the national interest," after "person concerned,";
    (f) by omitting from sub-section (5) "the last preceding sub-section but so that the percentage fixed by the instrument as varied shall not be less than ten" and substituting "sub-section (4) (including such an instrument that has