Document ID: chunk:federal_register_of_legislation:C2009A00108:clause:2_601vbb
Version: federal_register_of_legislation:C2009A00108
Segment Type: clause
Provision Reference: sch 2 cl 601VBB
Character Range: 73466–74480

601VBB  Approval of application
 (1) The Minister may grant the application if the Minister is satisfied that it would be in the interests of the licensed trustee company and its clients for the application to be granted.
 (2) If the Minister grants the application, the Minister must:
 (a) give written notice of the approval to the applicant; and
 (b) specify the percentage of the voting power the Minister approves the applicant having in the licensed trustee company (which may or may not be the percentage the applicant applied for); and
 (c) either:
 (i) specify the period during which the approval remains in force; or
 (ii) specify that the approval remains in force indefinitely.
 (3) If the Minister refuses the application, the Minister must give written notice of the refusal to the applicant.
 (4) As soon as practicable, the Minister must arrange for a copy of a notice of approval under this section to be:
 (a) published in the Gazette; and
 (b) given to the licensed trustee company concerned.