Document ID: chunk:federal_register_of_legislation:C2004C01110:clause:7_48
Version: federal_register_of_legislation:C2004C01110
Segment Type: clause
Provision Reference: sch 7 cl 48
Character Range: 229845–231854

48  Transitional—pre‑transfer stakes held in bodies transferring to regulation by the Commonwealth

 (1) This section applies if, immediately before the transfer date:
 (a) a person held a stake in a particular transferring financial sector company of more than 15%; and
 (b) the holding of that stake did not, to any extent, involve a contravention of a provision of the replaced legislation.

 (2) The Treasurer is taken, on the transfer date, by written notice under section 14, to have approved the person holding the same percentage stake in the company. The approval is taken to specify the period of 18 months starting on the transfer date as the period during which it remains in force.

 (3) An approval taken by subsection (2) to have been granted by the Treasurer may be dealt with under this Act as if it had actually been granted under section 14. However, subsections 14(2) and (4) do not apply to the approval.

 (4) For the purposes of this section, Part 1 and Schedule 1 are taken to have been applicable to transferring financial sector companies immediately before the transfer date.

 (5) For the purposes of this section, a transferring financial sector company that is, on the transfer date:
 (a) an authorised deposit‑taking institution; or
 (b) a company registered under the Life Insurance Act 1995;
is taken to have been a body of that kind immediately before the transfer date.

 (6) In this section:

replaced legislation has the same meaning as it has for the purposes of item 22 of Schedule 8 to the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999.

transfer date means the date that is the transfer date for the purposes of the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999.

transferring financial sector company means a financial sector company that is a transferring body for the purposes of Part 1 of Schedule 8 to the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999.