Document ID: chunk:federal_register_of_legislation:C2004C01110:clause:7_49
Version: federal_register_of_legislation:C2004C01110
Segment Type: clause
Provision Reference: sch 7 cl 49
Character Range: 231854–233607

49  Transitional—stakes held as a result of completion of transfers of engagements or mergers under certain State or Territory laws

 (1) This section applies if:
 (a) a transfer of engagements or a merger takes effect on a date (the date of effect) after the transfer date in accordance with a State or Territory transitional law referred to in subitem 19(1) of Schedule 8 to the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999; and
 (b) the transfer or merger results in a person holding a stake in a particular financial sector company of more than 15%; and
 (c) the holding of that stake would not, to any extent, have involved a contravention of a provision of the replaced legislation if the transfer or merger had taken effect immediately before the transfer date.

 (2) The Treasurer is taken, on the date of effect, by written notice under section 14, to have approved the person holding the same percentage stake in the company. The approval is taken to specify the period of 18 months starting on the date of effect as the period during which it remains in force.

 (3) An approval taken by subsection (2) to have been granted by the Treasurer may be dealt with under this Act as if it had actually been granted under section 14. However, subsections 14(2) and (4) do not apply to the approval.

 (4) In this section:

replaced legislation has the same meaning as it has for the purposes of item 22 of Schedule 8 to the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999.

transfer date means the date that is the transfer date for the purposes of the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999.

Financial Transaction Reports Act 1988