Commonwealth Consolidated Acts

FINANCIAL SECTOR (SHAREHOLDINGS) ACT 1998

TABLE OF PROVISIONS

           Long Title

   PART 1--PRELIMINARY

   1.      Short title  
   2.      Commencement  
   3.      Definitions  
   4.      Holding companies  
   5.      Crown to be bound  
   6.      External Territories  
   7.      Extra - territorial operation  

   PART 2--RESTRICTIONS--ON SHAREHOLDINGS IN FINANCIAL SECTOR COMPANIES

           Division 1--Introduction

   8.      Simplified outline of this Part  
   9.      Definitions in Schedule 1  

           Division 2--20%shareholding limit

   10.     Meaning of unacceptable shareholding situation  
   11.     Acquisitions of shares  
   12.     Remedial orders  

           Division 3--Approval to exceed20%shareholding limit

   13.     Application for approval to exceed 20% shareholding limit  
   14.     Approval of application  
   14A.    Criteria for applications relating to new or recently established financial sector companies  
   15.     Duration of approval granted on national interest grounds  
   15A.    Duration of approval granted in relation to a new or recently established financial sector company  
   16.     Conditions of approval  
   16A.    Additional conditions for approval granted in relation to a new or recently established financial sector company  
   17.     Varying percentage stake approved  
   18.     Revoking an approval  
   19.     Flow - on approvals --approval granted on national interest grounds  
   19A.    Flow - on approvals--approval granted in relation to new or recently established financial sector company  
   20.     Further information about applications  
   21.     Electronic lodgment of applications  

           Division 3A--Reporting by the relevant licensed company for an approval

   21A.    Reporting when assets threshold exceeded  

           Division 4--Practical control where20%shareholding limit not exceeded

   22.     Meaning of control  
   23.     Treasurer may declare person to have practical control of a financial sector company  
   24.     Requirement to relinquish practical control or reduce stake  
   25.     Remedial orders  

           Division 5--Record-keeping and giving of information

   26.     Record - keeping and giving of information  

           Division 6--Ancillary matters

   27.     Provision to attract the corporations power, the banking power and the insurance power  
   28.     Concurrent operation of State/Territory laws  
   29.     Validity of acts done in contravention of this Part  
   30.     Acquisition of property  

   PART 3--ANTI---AVOIDANCE

   31.     Anti - avoidance  

   PART 4--INJUNCTIONS

   32.     Injunctions  
   33.     Interim injunctions  
   34.     Discharge etc. of injunctions  
   35.     Certain limits on granting injunctions not to apply  
   36.     Other powers of the court unaffected  

   PART 5--OFFENCES

   38.     Incorrect records  
   39.     Indictable offences  
   40.     Application of Criminal Code  
   41.     Service of summons or process on foreign corporations--criminal proceedings  

   PART 6--CIVIL--LIABILITY

           Division 1--Civil liability in certain civil proceedings

   41A.    Application of this Division  
   42.     Civil liability of corporations  
   43.     Civil liability of persons other than corporations  

           Division 2--Civil penalties

   43A.    Civil penalty provisions  

   PART 7--MISCELLANEOUS

   44.     Delegation by Treasurer  
   45.     Foreign Acquisitions and Takeovers Act 1975 and this Act to operate independently of each other  
   45A.    Rules  
   46.      Regulations  
   47.      Transitional--pre - commencement stakes in financial sector companies  
           SCHEDULE 1 Ownership definitions