Commonwealth Consolidated Acts

FINANCIAL SECTOR (SHAREHOLDINGS) ACT 1998

TABLE OF PROVISIONS

   PART 1--PRELIMINARY

   1.      Short title [see Note 1]  
   2.      Commencement [see Note 1]  
   3.      Definitions  
   4.      Holding companies  
   5.      Crown to be bound  
   6.      External Territories  
   7.      Extra-territorial operation  

   PART 2--RESTRICTIONS ON SHAREHOLDINGS IN FINANCIAL SECTOR COMPANIES

           Division 1--Introduction

   8.      Simplified outline  
   9.      Definitions in Schedule 1  

           Division 2--15% shareholding limit

   10.     Meaning of unacceptable shareholding situation  
   11.     Acquisitions of shares  
   12.     Remedial orders  

           Division 3--Approval to exceed 15% shareholding limit

   13.     Application for approval to exceed 15% shareholding limit  
   14.     Approval of application  
   15.     Duration of approval  
   16.     Conditions of approval  
   17.     Varying percentage stake approved  
   18.     Revoking an approval  
   19.     Flow-on approvals  
   20.     Further information about applications  
   21.     Electronic lodgment of applications  

           Division 4--Practical control where 15% shareholding limit not exceeded

   22.     Meaning of control  
   23.     Treasurer may declare person to have practical control of a financial sector company  
   24.     Requirement to relinquish practical control or reduce stake  
   25.     Remedial orders  

           Division 5--Record-keeping and giving of information

   26.     Record-keeping and giving of information  

           Division 6--Ancillary matters

   27.     Provision to attract the corporations power, the banking power and the insurance power  
   28.     Concurrent operation of State/Territory laws  
   29.     Validity of acts done in contravention of this Part  
   30.     Acquisition of property  

   PART 3--ANTI-AVOIDANCE

   31.     Anti-avoidance  

   PART 4--INJUNCTIONS

   32.     Injunctions  
   33.     Interim injunctions  
   34.     Discharge etc. of injunctions  
   35.     Certain limits on granting injunctions not to apply  
   36.     Other powers of the court unaffected  

   PART 5--OFFENCES

   38.     Incorrect records  
   39.     Indictable offences  
   40.     Application of Criminal Code  
   41.     Service of summons or process on foreign corporations--criminal proceedings  

   PART 6--CIVIL LIABILITY

   42.     Civil liability of corporations  
   43.     Civil liability of persons other than corporations  

   PART 7--MISCELLANEOUS

   44.     Delegation by Treasurer  
   45.     Foreign Acquisitions and Takeovers Act 1975 and this Act to operate independently of each other  
   46.     Regulations  
   47.     Transitional--pre-commencement stakes in financial sector companies  
   48.     Transitional--pre-transfer stakes held in bodies transferring to regulation by the Commonwealth  
   49.     Transitional--stakes held as a result of completion of transfers of engagements or mergers under certain State or Territory laws  
           SCHEDULE 1 Ownership definitions