Document ID: chunk:federal_register_of_legislation:C2025C00185:section:1494
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 1494
Character Range: 6005622–6006666

1494  Transitional provisions relating to limit on control of trustee companies
 (1) This section applies in relation to a person and a trustee company if, immediately before the commencement of Part 5D.5, the percentage (the pre‑commencement percentage) of the person's voting power in the trustee company exceeded 15%.
 (2) Subject to subsection (3), Part 5D.5 applies in relation to the person and the trustee company as if paragraph 601VAA(a) specified the pre‑commencement percentage (rather than 15%).
 (3) If, after the commencement of Part 5D.5, the percentage of the person's voting power in the trustee company is reduced, the following provisions have effect from the time of the reduction:
 (a) if the reduced percentage exceeds 15%—Part 5D.5 applies in relation to the person and the trustee company as if paragraph 601VAA(a) specified the reduced percentage (rather than 15%);
 (b) if the reduced percentage is 15% or less—this section ceases to apply, and never again applies, in relation to the person and the trustee company.