Federal Register of Legislation - Australian Government

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This instrument revokes existing approval and grants new approval for Through Transport Mutual Insurance Association Limited UK to hold a stake in TT Club Mutual Insurance Limited of more than 20%.
Administered by: Treasury
Registered 06 Jan 2021

 

Revocation of existing approval and granting of new approval to hold a stake in a financial sector company of more than 20% - 3 of 2020

 

Financial Sector (Shareholdings) Act 1998


 

To:         Through Transport Mutual Insurance Association Limited UK company number: 02657093 ('the applicant')

 

SINCE:

 

A.    on 18 February 2009 an approval was granted (the existing approval) under section 14 of the Financial Sector (Shareholdings) Act 1998 (the Act) for the applicant to hold a stake of 75% in the financial sector company TT Club Mutual Insurance Limited ABN 31 129 394 618 (the Company); and

 

B.    the applicant has applied to the Treasurer:

 

a.              under section 18(3) of the Act to revoke the existing approval; and

 

b.             under section 13(1) of the Act for approval to hold a 100% stake in the Company; and

 

C.   I am satisfied it is in the national interest to approve the applicant holding a stake of more than 20% in the Company,

 

I, Sharyn Reichstein, General Manager:

 

(a)    under section 18(3) of the Act, revoke the existing approval; and

 

(b)   under section 14(1) of the Act, approve the applicant holding a stake of 100% in the Company.

 

This instrument commences on the date of the instrument and remains in force indefinitely. Dated: 24 December 2020

[Signed]

 

Sharyn Reichstein1

General Manager, Insurance Division


1 A delegate of the Treasurer.


Interpretation

 

Act means the Financial Sector (Shareholdings) Act 1998.

APRA means the Australian Prudential Regulation Authority.

stake in relation to a company, has the meaning given in clause 10 of Schedule 1 to the Act.

 

Note 1 The Treasurer, or the Treasurer’s delegate, is required to give a copy of this instrument to the applicant(s) and the financial sector company to which this instrument relates.

 

Note 2 Subsection 14(1) of the Act provides the Treasurer may, by notifiable instrument, grant the application.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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