Document ID: chunk:federal_register_of_legislation:C2020C00315:section:19
Version: federal_register_of_legislation:C2020C00315
Segment Type: section
Provision Reference: s 19
Character Range: 28816–30361

19  Flow‑on approvals—approval granted on national interest grounds

100% subsidiaries of holding company
 (1) If:
 (a) at a particular time, a person holds an approval under paragraph 14(1)(a) to hold a stake in a financial sector company of more than 20%; and
 (b) the financial sector company is a holding company of an authorised deposit‑taking institution or an authorised insurance company;
there are taken to be in force at that time approvals of the Treasurer, under section 14, for the person to hold the same percentage stake in each financial sector company that is a 100% subsidiary of the holding company.
 (2) If, on a particular day, a financial sector company that is a 100% subsidiary of the holding company ceases to be a 100% subsidiary of the holding company, the approval that is taken to be in force, because of subsection (1), in relation to that financial sector company continues in force until:
 (a) the end of 90 days after that day; or
 (b) if, during that period of 90 days, the person becomes the holder of another approval under section 14 in relation to the financial sector company—that other approval comes into force.

Officers of company
 (3) If, at a particular time, a company (the approval company) holds an approval under paragraph 14(1)(a) to hold a stake in a financial sector company of more than 20%, there is taken to be in force at that time an approval of the Treasurer, under section 14, for each officer of the approval company to hold the same percentage stake in the financial sector company.