Financial Sector (Shareholdings) Act 1998

An approval under section 14 is subject to such conditions (if any) as are specified in the instrument of approval.

The Treasurer may, by notifiable instrument, amend an instrument of approval under section 14 to:

specify one or more conditions or further conditions to which the approval is subject; or

revoke or vary any condition:

specified in the instrument of approval; or

to which the approval is subject under section 16A.

If, because of an approval under section 14, another approval is taken to be in force under section 19 or 19A, the other approval is subject to such conditions (if any) as:

are specified in the instrument of approval under section 14; and

are expressed to apply to approvals taken to be in force under section 19 or 19A.

The Treasurer’s power under subsection (2) may be exercised:

on the Treasurer’s own initiative; or

on application made to the Treasurer by the person who holds the approval.

An application made by a person under paragraph (3)(b) must:

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

be accompanied by the prescribed fee (if any).

If the Treasurer refuses an application under paragraph (3)(b), the Treasurer must give written notice of the refusal to the applicant.

If the Treasurer makes an amendment under subsection (2), the Treasurer must give written notice of the amendment (including a copy of the instrument made under that subsection) to:

the person who holds the approval; and

the financial sector company concerned.