South Australian Consolidated Acts South Australian Consolidated Acts14—Other transactions under which outsiders may acquire control or
influence
(1) This section
applies to a transaction if it is a transaction (other than one for which the
Authority's approval is required under this Division) under which a person or
a group of persons who are close associates of each other attain a position of
control or significant influence over the licensee.
(2) Within 14 days
after the licensee becomes aware of a transaction to which this section
applies, the licensee must—
(a)
inform the Commissioner and the Authority of the transaction; and
(b)
provide any information about the transaction that is available to the
licensee.
Maximum penalty: $60 000.
(3) If the licensee is
a party to a transaction to which this section applies, and the transaction
takes effect before the Authority approves it, the licensee is liable to
disciplinary action.
(4) If a transaction
to which this section applies has not been approved or ratified by the
Authority, the Authority may, after allowing the parties to the transaction a
reasonable opportunity to be heard, make orders of one or more of the
following kinds:
(a) an
order avoiding the transaction;
(b) an
order requiring a person who has acquired an interest under the transaction to
dispose of that interest within a specified time;
(c) an
order terminating a contractual or other relationship under which control or
influence might be exercised over the licensee;
(d) an
order preventing or regulating the exercise of power or influence acquired as
a result of the transaction;
(e) an
order (which may include an order for restitution) dealing with any
consequential or ancillary issues.
(5) A person adversely
affected by an order under subsection (4) may, within 1 month after the
date of the order or a longer period allowed by the Supreme Court, appeal to
the Supreme Court against the order.
(6) On an appeal, the
Supreme Court may—
(a)
confirm, vary or revoke the Authority's order and, if the order is revoked,
make any order that should have been made in the first place; and
(b) make
incidental and ancillary orders.
(7) The Supreme Court
may, if satisfied on application by the Authority that there is good reason to
do so, register an order of the Authority in the Court and, on registration,
the order may be enforced as a judgment of the Court.