Document ID: chunk:federal_register_of_legislation:C2004A03572:body:0:p5
Version: federal_register_of_legislation:C2004A03572
Segment Type: other
Provision Reference: 
Character Range: 10230–12982

15. Section 30 of the Principal Act is amended:
     (a) by omitting from paragraph (1) (a) "other than a business" and substituting "activity other than a business activity"; and
     (b) by inserting after paragraph (1) (a) the following paragraph:
          "(aa) the business entity fails to comply with a condition imposed by the Board under subsection 29 (5a);".

Guarantor interests in eligible business entities
16. Section 35 of the Principal Act is amended by omitting subsections (2) and (3).

Prescribed interests in business entities that cease to be eligible
17. Section 36 of the Principal Act is amended:
     (a) by omitting from subsection (2) "may specify" and substituting "shall specify in the approval"; and
     (b) by inserting after subsection (2) the following subsections:
     "(2a) The Board may, on the request of the licensee made before the expiration of the date specified by the Board in an approval, vary the approval by specifying a later date in place of the date originally specified and the approval shall have effect accordingly.
     "(2b) Where, under subsection (2) as in force immediately before the commencement of this subsection, the Board has approved the continued holding, or the acquisition, of prescribed interests in a business entity by a licensee without specifying a date by which all prescribed interests held by the licensee in the business entity must be disposed of, the Board shall, as soon as practicable after the commencement of this subsection, by notice in writing served on the licensee, specify such a date and that date shall be deemed to have been specified by the Board when that approval was given.".

Share capital
18. Section 38 of the Principal Act is amended by omitting subsection (5).

Repeal of section 39
19. Section 39 of the Principal Act is repealed.

Share register
20. Section 42 of the Principal Act is amended by omitting subsection (4).

Cross ownership to be notified
21. Section 45 of the Principal Act is amended by adding at the end the following subsection:
"(2) A licensee shall forthwith notify the Board in writing of any information given to the licensee under subsection (1).".

Review of certain decisions of the Board
22. Section 47 of the Principal Act is amended by inserting "to refuse to approve the surrender of a licence or" after "Board".

Statement to accompany notice of reviewable decisions
23. Section 48 of the Principal Act is amended:
     (a) by inserting in subsection (1) "a licence, to refuse to approve the surrender of a licence" after "to revoke"; and
     (b) by inserting in subsection (1) ", 23a (3)" after "subsection 23 (1)".

NOTES

  1. No. 27, 1936, as amended. For previous amendments, see No. 88, 1936; No. 5, 1937; No.