Document ID: chunk:federal_register_of_legislation:C2018A00142:clause:1_49
Version: federal_register_of_legislation:C2018A00142
Segment Type: clause
Provision Reference: sch 1 cl 49
Character Range: 23065–24310

49  Transitional—existing approvals to hold a stake of more than 15% but not more than 20%
(1) This item applies to an approval under section 14 of the Financial Sector (Shareholdings) Act 1998 that:
 (a) is in force immediately before the commencement of this item; and
 (b) approves a person to hold a stake in a financial sector company of more than 15% but not more than 20%.
(2) Subject to subitem (3), the approval ceases to have effect on and after the commencement of this item.
(3) If:
 (a) before the commencement of this item, an application under section 17 of the Financial Sector (Shareholdings) Act 1998 was made in relation to the approval to vary the percentage specified in the approval upwards to a percentage of more than 20%; and
 (b) the application is pending immediately before the commencement of this item;
then:
 (c) the approval has effect, after the commencement of this item, as if it had been granted under paragraph 14(1)(a) of the Financial Sector (Shareholdings) Act 1998 as substituted by this Schedule; and
 (d) the application continues to have effect, after that commencement, in relation to the approval; and
 (e) if the application is refused—the approval ceases to have effect from the time of refusal.