Document ID: chunk:federal_register_of_legislation:C2020C00315:section:23
Version: federal_register_of_legislation:C2020C00315
Segment Type: section
Provision Reference: s 23
Character Range: 35168–36652

23  Treasurer may declare person to have practical control of a financial sector company

Declaration
 (1) If:
 (a) the Treasurer is satisfied that:
 (i) the directors of a financial sector company are accustomed or under an obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of a person (either alone or together with associates); or
 (ii) a person (either alone or together with associates) is in a position to exercise control over a financial sector company; and
 (b) the Treasurer 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%; and
 (c) the Treasurer is satisfied that it is in the national interest to declare that the person has practical control of the company for the purposes of this Act;
the Treasurer may declare that the person has practical control of the company for the purposes of this Act.

Declaration has effect
 (2) A declaration under this section has effect accordingly.

Revocation of declaration
 (3) The Treasurer must revoke a declaration under this section if the Treasurer ceases to be satisfied of the matters referred to in paragraphs (1)(a), (b) and (c).

Notification of declaration
 (4) If a declaration under this section is made or revoked, the Treasurer must arrange for a copy of the declaration or revocation to be given to the financial sector company and the person concerned.