Document ID: chunk:federal_register_of_legislation:F2024N00369:body:0:p1
Version: federal_register_of_legislation:F2024N00369
Segment Type: other
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Character Range: 1–2943

Approval to hold a stake of more than 20% in a financial sector company No. 8 of 2024

 Financial Sector (Shareholdings) Act 1998

 To: Heartland Group Holdings Limited (New Zealand company number 6937955) (HGH),
    Heartland Bank Limited (New Zealand company number 3152425) (HBL) and the other persons named in the schedule (the Associates),
 (collectively, the applicants) SINCE:
      1. the applicants have applied to the Treasurer under subsection 13(1) of the Financial Sector (Shareholdings) Act 1998 (the Act) for approval to hold the following stakes of more than 20% in Challenger Bank Limited ABN 54 087 651 750 (Challenger) and HBL (together, the financial sector companies):

          (i)            HBL to hold a 100% stake in Challenger; and

          (ii)            HGH and the Associates to hold a 100% stake in HBL; and

B.            I am satisfied that it is in the national interest to approve the applicants holding stakes of more than 20% in the financial sector companies,

 I, Renée Roberts, a delegate of the Treasurer, under paragraph 14(1)(a) of the Act, APPROVE:

(a)          HBL holding a stake of 100% in Challenger; and

(b)          HGH and the Associates holding stake of 100% in HBL.

 Under subsection 16(1) of the Act, this approval is subject to the conditions set out in the schedule.

 This instrument commences on the day it is made and remains in force indefinitely.

 Dated: 29 April 2024

 Renée Roberts Executive Director Banking Division

Interpretation

 In this instrument:

 APRA means the Australian Prudential Regulation Authority.

 financial sector company has the meaning given in section 3 of the Act.

 stake in relation to a company, has the meaning given in clause 10 of Schedule 1 to the Act.

 Notes

 This instrument will be registered on the Federal Register of Legislation as a notifiable instrument.

 The Treasurer or the Treasurer's delegate is required to give a copy of this instrument to the financial sector company.

 Section 19 of the Act provides for flow-on approvals for an approval under paragraph 14(1)(a) of the Act. If the approval relates to a financial sector company that is a holding company of an authorised deposit-taking institution or authorised insurance company, subsection 19(1) provides for flow-on approvals that relate to each financial sector company that is a 100% subsidiary of the holding company. If the approval is held by a company, subsection 19(3) provides for flow-on approvals to be held by each officer of the company.
Schedule – the applicants

     1. HGH

     2. BHL
     3. Harrogate Trustee Limited

     4. Arthur TOMLINSON
     5. Kate TOMLINSON
     6. Christopher TOMLINSON

     7. Jessica TOMLINSON
     8. Lisa ALEXANDER

     9. Joseph WALLACE
    10. David FERRABY
    11. Graham PAULL

    12. Arabella GREENSLADE
    13. Mary IRVINE

    14. Susan HARVEY
    15. Sam RUHA
    16. Nicola MOLONEY

Schedule –