Document ID: chunk:federal_register_of_legislation:C2018A00142:clause:1_2
Version: federal_register_of_legislation:C2018A00142
Segment Type: clause
Provision Reference: sch 1 cl 2
Character Range: 3680–4603

2  Section 8
Omit:

      The allowed percentage is 15% or a higher percentage approved by the Treasurer for the person on national interest grounds.
      A person who holds a stake of no more than 15% of a financial sector company may be declared by the Treasurer to have practical control of the company. The person must then take steps to end that control.
substitute:

      The allowed percentage is 20% or a higher percentage approved by the Treasurer for the person either:
             (a) on national interest grounds; or
             (b) on the basis that the person is a fit and proper person and the company concerned is new or recently established, with assets below a certain threshold amount.
      A person who holds a stake of no more than 20% of a financial sector company may be declared by the Treasurer to have practical control of the company. The person must then take steps to end that control.