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Financial Sector (Shareholdings) Act 1998
No. 55, 1998
In force
Administered by
Department of the Treasury
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C2020C00315 C14
01 October 2020
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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
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Part 2—Restrictions on shareholdings in financial sector companies
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Division 1—Introduction
8 Simplified outline of this Part
9 Definitions in Schedule 1
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Division 2—20% shareholding limit
10 Meaning of unacceptable shareholding situation
11 Acquisitions of shares
12 Remedial orders
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Division 3—Approval to exceed 20% 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
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Division 3A—Reporting by the relevant licensed company for an approval
21A Reporting when assets threshold exceeded
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Division 4—Practical control where 20% 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
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Division 5—Record-keeping and giving of information
26 Record-keeping and giving of information
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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
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Part 3—Anti-avoidance
31 Anti-avoidance
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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
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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
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Part 6—Civil liability
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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
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Division 2—Civil penalties
43A Civil penalty provisions
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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
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Schedule 1—Ownership definitions
1 Object
2 Definitions
3 Entering into an agreement or arrangement
4 Associates
5 Power to appoint director
6 Meaning of entitled to acquire
7 Meaning of interest in a share
8 Certain interests in shares to be disregarded
9 Voting power
10 Holding a stake in a company
11 Direct control interests in a company
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Endnotes
Endnote 1—About the endnotes
Endnote 2—Abbreviation key
Endnote 3—Legislation history
Endnote 4—Amendment history
