Document ID: chunk:federal_register_of_legislation:F2021N00103:body:0:p3
Version: federal_register_of_legislation:F2021N00103
Segment Type: other
Provision Reference: 
Character Range: 4891–6436

6 Under section 14 of the Act, the Treasurer must give written notice of this Approval to the applicant and financial sector company concerned and this instrument will be registered in the Federal Register of Legislation as a notifiable instrument.

 Note 7 Under section 11 of the Act, a person or 2 or more persons under an arrangement are guilty of an offence if the person(s) acquires shares in a company and the acquisition has the result, in relation to a financial sector company, that:
  (i)  an unacceptable shareholding situation comes into existence; or
 (ii)  if an unacceptable shareholding situation already exists in relation to the company and in relation to a person there is an increase in the stake held by the person in the company;
 and the person(s) was reckless as to whether the acquisition would have that result. A maximum penalty of 400 penalty units applies or by virtue of subsection 4B(3) of the Crimes Act 1914, in the case of a body corporate, a penalty not exceeding 2,000 penalty units. By virtue of section 39 of the Act, an offence against section 11 is an indictable offence.

 Note 8 Under subsection 32(3) of the Act, if a person has engaged in or is proposing to engage in any conduct in contravention of a condition to which an approval under section 14 is subject, the Federal Court may, on the application of the Treasurer, grant an injunction:
  (i)  restraining the person engaging in the conduct; and
  (ii)  if in the Court's opinion, it is desirable to do so, requiring the person to do something.