Document ID: chunk:federal_register_of_legislation:C2024A00087:clause:2_1705l
Version: federal_register_of_legislation:C2024A00087
Segment Type: clause
Provision Reference: sch 2 cl 1705L
Character Range: 321342–322246

1705L  Transitional—preservation of voting power in controlled Australian financial bodies
 (1) This section applies to a person if:
 (a) at the commencement time, the person holds a particular percentage of voting power in a controlled Australian financial body; and
 (b) that percentage is more than 20%.
 (2) The person is taken to be granted, at the commencement time, an approval under subsection 852DH(1) to have that percentage of voting power in the body.
Note: ASIC can impose conditions on the approval: see section 852DL.
 (3) The approval:
 (a) comes into force at the commencement time; and
 (b) remains in force indefinitely (unless varied under section 852DM or revoked under section 852DN).
 (4) ASIC is taken to have complied with its obligations under Division 1A of Part 7.4 for the granting of the approval.
Example: ASIC is taken to have given the notice required by section 852DH.