Document ID: chunk:federal_register_of_legislation:F2021N00007:body:0
Version: federal_register_of_legislation:F2021N00007
Segment Type: other
Provision Reference: 
Character Range: 0–1990

Revocation of existing approval and granting of new approval to hold a stake in a financial sector company of more than 20% - 3 of 2020

 Financial Sector (Shareholdings) Act 1998

 To: Through Transport Mutual Insurance Association Limited UK company number: 02657093 ('the applicant')

 SINCE:

      1. on 18 February 2009 an approval was granted (the existing approval) under section 14 of the Financial Sector (Shareholdings) Act 1998 (the Act) for the applicant to hold a stake of 75% in the financial sector company TT Club Mutual Insurance Limited ABN 31 129 394 618 (the Company); and

B.     the applicant has applied to the Treasurer:

          1. under section 18(3) of the Act to revoke the existing approval; and

         b.             under section 13(1) of the Act for approval to hold a 100% stake in the Company; and

C.     I am satisfied it is in the national interest to approve the applicant holding a stake of more than 20% in the Company,

 I, Sharyn Reichstein, General Manager:

(a)   under section 18(3) of the Act, revoke the existing approval; and

(b)   under section 14(1) of the Act, approve the applicant holding a stake of 100% in the Company.

 This instrument commences on the date of the instrument and remains in force indefinitely. Dated: 24 December 2020
 [Signed]

 Sharyn Reichstein1
 General Manager, Insurance Division

 1 A delegate of the Treasurer.

 Interpretation

 Act means the Financial Sector (Shareholdings) Act 1998.
 APRA means the Australian Prudential Regulation Authority.
 stake in relation to a company, has the meaning given in clause 10 of Schedule 1 to the Act.

 Note 1 The Treasurer, or the Treasurer's delegate, is required to give a copy of this instrument to the applicant(s) and the financial sector company to which this instrument relates.

 Note 2 Subsection 14(1) of the Act provides the Treasurer may, by notifiable instrument, grant the application.

Page 2 of 2