Financial Sector (Shareholdings) Act 1998

If an unacceptable shareholding situation exists in relation to a financial sector company, the Federal Court may, on application by the Treasurer or the company, make such orders as the court considers appropriate for the purpose of ensuring that that situation ceases to exist.

If an unacceptable shareholding situation has existed in relation to a financial sector company, the Federal Court may, on application by the Treasurer or the company, make such orders as the court considers appropriate.

The Federal Court’s orders include:

an order directing the disposal of shares; or

an order restraining the exercise of any rights attached to shares; or

an order prohibiting or deferring the payment of any sums due to a person in respect of shares held by the person; or

an order that any exercise of rights attached to shares be disregarded.

Subsection (3) does not, by implication, limit subsection (1) or (2).

In addition to the Federal Court’s powers under subsections (1), (2) and (3), the court:

has power, for the purpose of securing compliance with any other order made under this section, to make an order directing any person to do or refrain from doing a specified act; and

has power to make an order containing such ancillary or consequential provisions as the court thinks just.

The Federal Court may, before making an order under this section, direct that notice of the application be given to such persons as it thinks fit or be published in such manner as it thinks fit, or both.

The Federal Court may, by order, rescind, vary or discharge an order made by it under this section or suspend the operation of such an order.