Financial Sector (Shareholdings) Act 1998

An approval under paragraph 14(1)(a) remains in force:

if the instrument of approval specifies a period during which the approval remains in force—until the end of that period, or if the Treasurer extends that period, until the end of that extended period; or

otherwise—indefinitely.

See also section 18 (revoking an approval).

A person who holds an approval under paragraph 14(1)(a) that is in force for a specified period may apply to the Treasurer to extend that period.

The application must:

set out the person’s reasons for making the application; and

be accompanied by the prescribed fee (if any).

If the applicant satisfies the Treasurer that it is in the national interest to grant the extension, the Treasurer may, by notifiable instrument, grant the application by amending the instrument of approval to specify the extended period during which the approval remains in force (which may or may not be the period the applicant applied for).

If the Treasurer grants the application, the Treasurer must give written notice of the extension (including a copy of the instrument made under subsection (4)) to:

the applicant; and

the financial sector company concerned.

If the Treasurer refuses the application, the Treasurer must give written notice of the refusal to the applicant.