South Australian Consolidated Acts South Australian Consolidated Acts20—Exclusion of persons from groups
(1) Where the
Commissioner is satisfied, having regard to the nature and degree of ownership
or control of the businesses, the nature of the businesses and any other
matters that the Commissioner considers relevant, that a business carried on
by a member of a group is carried on substantially independently of, and is
not substantially connected with the carrying on of, a business carried on by
any other member of that group, the Commissioner may, by notice in writing
served on that firstmentioned member, exclude that member from that group.
(2) The Commissioner
cannot exercise the power conferred by subsection (1) so as to exclude a
financial institution from a group on and from a date if that
financial institution is or was on that date a corporation related, for the
purposes of the Corporations Law , to another corporation which is a member of
that group.
(3) Despite any other
provision of this Part, a notice under subsection (1) has effect
according to its tenor on and from the date specified in the notice (being a
date that is the date of the notice or before the date of the notice) as the
date on and from which the financial institution referred to in the notice is
or will be taken to have been excluded from the group referred to in the
notice.