Commonwealth Consolidated Acts

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Approval of application

  (1)   If the Minister is satisfied that it is in the national interest to approve the applicant having voting power in the widely held market body of more than 15%, the Minister may grant the application.

  (2)   If the Minister grants the application, the Minister must:

  (a)   give written notice of the approval to the applicant; and

  (b)   specify the percentage of the voting power the Minister approves the applicant having in the widely held market body (which may or may not be the percentage the applicant applied for); and

  (c)   either:

  (i)   specify the period during which the approval remains in force; or

  (ii)   specify that the approval remains in force indefinitely.

  (3)   If the Minister refuses the application, the Minister must give written notice of the refusal to the applicant.

  (4)   As soon as practicable, the Minister must arrange for a copy of a notice of approval under this section to be:

  (a)   published in the Gazette ; and

  (b)   given to the body concerned.

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