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 widely held market body (other than the Australian Stock Exchange Limited) by lodging with ASIC an application that:

                     (a)  specifies the percentage of voting power (if any) the person currently has in the widely held market body; and

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