Document ID: chunk:federal_register_of_legislation:C2020C00315:section:17
Version: federal_register_of_legislation:C2020C00315
Segment Type: section
Provision Reference: s 17
Character Range: 25346–27427

17  Varying percentage stake approved

Application by holder of approval
 (1) A person who holds an approval under section 14 may apply to the Treasurer to vary the percentage specified in the approval.
 (2) The application must:
 (a) specify the percentage of the stake the person currently holds in the financial sector company concerned; and
 (b) specify the percentage of the stake the person is seeking approval to hold in the company; and
 (c) set out the person's reasons for making the application; and
 (d) be accompanied by the prescribed fee (if any).
 (3) If the applicant satisfies the Treasurer that it is in the national interest to vary the percentage, the Treasurer may, by notifiable instrument, grant the application by varying the percentage specified in the approval (which may or may not be the percentage the applicant applied for).
 (5) If the Treasurer refuses an application, the Treasurer must give written notice of the refusal to the applicant.

Treasurer's own initiative
 (6) The Treasurer may, by notifiable instrument, vary the percentage specified in an instrument of approval under subsection 14(1) if the Treasurer is satisfied that it is in the national interest to do so.

Percentage varied upwards
 (7) If the Treasurer varies a percentage upwards, the variation takes effect on the day the instrument under subsection (3) or (6) is registered on the Federal Register of Legislation under the Legislation Act 2003.

Percentage varied downwards
 (8) If the Treasurer varies a percentage downwards, the variation takes effect on the day specified in the instrument under subsection (3) or (6). The specified day must be a day at least 90 days after the day the instrument is registered on the Federal Register of Legislation under the Legislation Act 2003.

Notification of variation
 (9) If the Treasurer makes a variation under this section, the Treasurer must give written notice of the variation (including a copy of the instrument made under subsection (3) or (6)) to:
 (a) the applicant; and
 (b) the financial sector company concerned.