(1) A person may apply for approval to have voting power of more than 15% in a particular 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 trustee company; and
(b) specifies the percentage of voting power the person is seeking approval to have in the trustee 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.