Document ID: chunk:federal_register_of_legislation:C2004A03064:body:0:p3
Version: federal_register_of_legislation:C2004A03064
Segment Type: other
Provision Reference: 
Character Range: 4896–7862

after "person concerned,";
    (f) by omitting from sub-section (5) "the last preceding sub-section but so that the percentage fixed by the instrument as varied shall not be less than ten" and substituting "sub-section (4) (including such an instrument that has previously been varied under this sub-section) but so that the percentage fixed by the instrument as varied exceeds 15%";
    (g) by inserting after sub-section (5) the following sub-sections:
    "(5a) The Governor-General may, on or after the publication under sub-section (4) of an instrument (including such an instrument that has been varied under sub-section (5)) fixing a percentage applicable to a corporation in respect of a bank, after application made to the Treasurer by the corporation, by instrument in writing published in the Gazette, declare that, for the purposes of sub-section (3)—
       (a) the percentage so fixed is also applicable to the persons who are from time to time relevant officers of the corporation in respect of the bank; and
       (b) if that percentage is subsequently varied under sub-section (5), that percentage as so varied is also applicable to those persons

       in respect of the bank as from the day on which that variation has effect.
   "(5b) An application under sub-section (5a) may accompany an application under sub-section (4).";
    (h) by omitting from sub-section (6) "either of the last two preceding sub-sections" and substituting "sub-section (2), (2b), (4), (5) or (5a)";
    (j) by omitting from sub-section (7) "or (5) of this section" and substituting "(including such an instrument that has been varied under sub-section (5)) or (5a)";
    (k) by inserting after sub-section (7) the following sub-sections:
   "(7a) The Governor-General shall not revoke an instrument under sub-section (4) (including such an instrument that has been varied under sub-section (5)) in relation to a person in respect of a bank unless the Governor-General is satisfied that to do so is in the national interest.";
   "(7b) Where an instrument under sub-section (4) (including such an instrument that has been varied under sub-section (5)) fixing a percentage applicable to a corporation in respect of a bank is revoked, any instrument published under sub-section (5a) in relation to the relevant officers of the corporation in respect of the bank shall be deemed to have been revoked, and that last-mentioned revocation has effect as from the day on which the first-mentioned revocation has effect.";
    (m) by omitting from sub-section (8) "varying an instrument under sub-section (5) of this section" and substituting "under sub-section (5) varying an instrument under sub-section (4) (including such an instrument that has previously been varied under sub-section (5))";
    (n) by omitting from sub-section (9) "Penalty: One thousand dollars."; and
    (o) by adding at the end the following sub-sections:
   "(10) Notwithstanding sub-section 8 (10),