Document ID: chunk:federal_register_of_legislation:C2020C00315:section:14
Version: federal_register_of_legislation:C2020C00315
Segment Type: section
Provision Reference: s 14
Character Range: 13711–15236

14  Approval of application
 (1) The Treasurer may, by notifiable instrument, grant the application if:
 (a) the applicant satisfies the Treasurer that it is in the national interest to approve the applicant holding a stake in the company of more than 20%; or
 (b) the applicant satisfies the Treasurer that the criteria in subsection 14A(1) are met in relation to the applicant and the company.
 (1A) The instrument of approval must:
 (a) specify the percentage of the stake the Treasurer approves the applicant holding in the company (which may or may not be the percentage the applicant applied for); and
 (b) if the application is granted under paragraph (1)(a)—either:
 (i) specify the period during which the approval remains in force; or
 (ii) specify that the approval remains in force indefinitely; and
 (c) if the application is granted under paragraph (1)(b)—specify that the approval remains in force for the period worked out under section 15A.

Grant of application
 (2) If the Treasurer grants the application, the Treasurer must give written notice of the approval (including a copy of the instrument of approval) to:
 (a) the applicant; and
 (b) the company concerned; and
 (c) in the case of an approval granted under paragraph (1)(b), if the company concerned is not the relevant licensed company for the approval—the relevant licensed company for the approval.

Refusal of application
 (3) If the Treasurer refuses the application, the Treasurer must give written notice of the refusal to the applicant.