Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) If:
(a) a person has an approval under subsection 852DH(1) to have a specified percentage of voting power in a controlled Australian financial body; and
(b) the approval is in force for a specified period (including an extended period from a previous operation of this section);
the person may apply to extend that period by lodging with ASIC an application in the prescribed form that sets out:
(c) the extended period the person is seeking (which could be an indefinite period); and
(d) the person's reasons for making the application.
Note 1: For fees in respect of lodging applications, see Part 9.10.
Note 2: ASIC can vary the period of an approval on its own initiative: see subsection 852DM(4).
(2) ASIC must, by written notice given to the applicant, extend the period of the applicant's approval to have the specified percentage of voting power in the body if:
(a) ASIC is satisfied the specified percentage remains the highest percentage (up to that originally sought by the applicant) of voting power in the body for which the applicant passes the legitimate control test; and
(b) ASIC believes relevant information in the application, or later provided by the applicant, to be correct.
Otherwise, ASIC must, by written notice given to the applicant, refuse such an extension.
(3) A notice of extension under subsection (2) must specify that the approval:
(a) is in force for the extended period, which may be further extended under this section; and
(b) may be varied under section 852DM or revoked under section 852DN.
(4) ASIC must give a copy of a notice under subsection (2) to the body.