Approval of application
14 Approval of application
The Treasurer may, by notifiable instrument, grant the application if:
the applicant satisfies the Treasurer that it is in the national interest to approve the applicant holding a stake in the company of more than 20%; or
the applicant satisfies the Treasurer that the criteria in subsection 14A(1) are met in relation to the applicant and the company.
The instrument of approval must:
specify the percentage of the stake the Treasurer approves the applicant holding in the company (which may or may not be the percentage the applicant applied for); and
if the application is granted under paragraph (1)(a)—either:
specify the period during which the approval remains in force; or
specify that the approval remains in force indefinitely; and
if the application is granted under paragraph (1)(b)—specify that the approval remains in force for the period worked out under section 15A.
Grant of application
If the Treasurer grants the application, the Treasurer must give written notice of the approval (including a copy of the instrument of approval) to:
the applicant; and
the company concerned; and
in the case of an approval granted under paragraph (1)(b), if the company concerned is not the relevant licensed company for the approval—the relevant licensed company for the approval.
Refusal of application
If the Treasurer refuses the application, the Treasurer must give written notice of the refusal to the applicant.
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