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Financial Sector (Shareholdings) Act 1998
No. 55, 1998
In force
Administered by
Department of the Treasury
Superseded version
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C2004A00315
29 June 1998
-
30 June 1999
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Table of contents
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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
9 Definitions in Schedule 1
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Division 2—15% shareholding limit
10 Meaning of unacceptable shareholding situation
11 Acquisitions of shares
12 Remedial orders
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Division 3—Approval to exceed 15% shareholding limit
13 Application for approval to exceed 15% shareholding limit
14 Approval of application
15 Duration of approval
16 Conditions of approval
17 Varying percentage stake approved
18 Revoking an approval
19 Flow-on approvals
20 Further information about applications
21 Electronic lodgment of applications
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Division 4—Practical control where 15% 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
37 False or misleading statements
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
42 Civil liability of corporations
43 Civil liability of persons other than corporations
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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
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 Stake in a company
11 Direct control interests in a company
