Document ID: chunk:federal_register_of_legislation:C2024A00087:clause:2_852dm:p2
Version: federal_register_of_legislation:C2024A00087
Segment Type: clause
Provision Reference: sch 2 cl 852DM (pt 2/2)
Character Range: 206323–207703

percentage that is to result from the variation is the highest percentage of voting power in the body for which the person passes the legitimate control test.
Note: The specified percentage that is to result from the variation could be the current approved percentage or a new specified percentage. Similarly, the approved duration that is to result from the variation could be the current approved duration or a new specified duration.

Downwards variations
 (6) If ASIC varies under subsection (4) either or both of the following:
 (a) the current approved percentage to a lower new specified percentage;
 (b) the current approved duration to a shorter new specified duration;
then:
 (c) the variation takes effect on the day specified in the notice of variation; and
 (d) the specified day must be at least 90 days after the day on which the notice is given under subsection (4).

Upwards variations
 (7) If ASIC:
 (a) varies under subsection (3) the current approved percentage; or
 (b) varies under subsection (4) the current approved percentage or the current approved duration other than as described in subsection (6);
the variation takes effect on the day the notice of variation is given under subsection (3) or (4) (as applicable).

Notice to the body
 (8) ASIC must give a copy of a notice of approval under subsection (3) or a notice under subsection (4) to the body.