Commonwealth Consolidated Acts

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CORPORATIONS ACT 2001 - SECT 1494

Transitional provisions relating to limit on control of trustee companies

             (1)  This section applies in relation to a person and a trustee company if, immediately before the commencement of Part 5D.5, the percentage (the pre-commencement percentage ) of the person's voting power in the trustee company exceeded 15%.

             (2)  Subject to subsection (3), Part 5D.5 applies in relation to the person and the trustee company as if paragraph 601VAA(a) specified the pre-commencement percentage (rather than 15%).

             (3)  If, after the commencement of Part 5D.5, the percentage of the person's voting power in the trustee company is reduced, the following provisions have effect from the time of the reduction:

                     (a)  if the reduced percentage exceeds 15%--Part 5D.5 applies in relation to the person and the trustee company as if paragraph 601VAA(a) specified the reduced percentage (rather than 15%);

                     (b)  if the reduced percentage is 15% or less--this section ceases to apply, and never again applies, in relation to the person and the trustee company.



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