Treasurer may declare person to have practical control of a financial sector company
23 Treasurer may declare person to have practical control of a financial sector company
Declaration
If:
the Treasurer is satisfied that:
the directors of a financial sector company are accustomed or under an obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of a person (either alone or together with associates); or
a person (either alone or together with associates) is in a position to exercise control over a financial sector company; and
the Treasurer is satisfied that:
the person does not hold a stake in the company; or
if the person holds a stake in the company—that stake is not more than 20%; and
the Treasurer is satisfied that it is in the national interest to declare that the person has practical control of the company for the purposes of this Act;
the Treasurer may declare that the person has practical control of the company for the purposes of this Act.
Declaration has effect
A declaration under this section has effect accordingly.
Revocation of declaration
The Treasurer must revoke a declaration under this section if the Treasurer ceases to be satisfied of the matters referred to in paragraphs (1)(a), (b) and (c).
Notification of declaration
If a declaration under this section is made or revoked, the Treasurer must arrange for a copy of the declaration or revocation to be given to the financial sector company and the person concerned.
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