Commonwealth Consolidated Acts

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Application for approval to exceed 15% voting power limit

  (1)   A person may apply for approval to have voting power of more than 15% in a particular licensed trustee company or proposed licensed trustee company by lodging with ASIC an application that:

  (a)   specifies the percentage of voting power (if any) the person currently has in the company; and

  (b)   specifies the percentage of voting power the person is seeking approval to have in the company; and

  (c)   sets out the person's reasons for making the application.

Note:   For fees in respect of lodging applications, see Part   9.10.

  (2)   ASIC must give the application to the Minister as soon as possible.

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