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Financial Sector (Shareholdings) Bill 1998

Part 7 Miscellaneous

   

44   Delegation by Treasurer

             (1)  The Treasurer may, by writing, delegate any or all of the Treasurer’s powers under this Act to:

                     (a)  the Chief Executive Officer of APRA (the Australian Prudential Regulation Authority); or

                     (b)  a member of the board of management (including the Chair) of APRA; or

                     (c)  an APRA staff member (within the meaning of the Australian Prudential Regulation Authority Act 1998 ).

             (2)  The delegate is, in the exercise of any power delegated under subsection (1), subject to the directions of the Treasurer.

45   Foreign Acquisitions and Takeovers Act 1975 and this Act to operate independently of each other

             (1)  This Act and the Foreign Acquisitions and Takeovers Act 1975 operate independently of each other.

             (2)  In particular, a decision under either Act has effect only for the purposes of the Act concerned.

46   Regulations

                   The Governor-General may make regulations prescribing matters:

                     (a)  required or permitted by this Act to be prescribed; or

                     (b)  necessary or convenient to be prescribed for carrying out or giving effect to this Act.

47   Transitional—pre-commencement stakes in financial sector companies

             (1)  This section applies if, immediately before the commencement of this section:

                     (a)  a person held a stake in a particular financial sector company of more than 15%; and

                     (b)  the holding of that stake did not, to any extent, involve a contravention of a provision of the Banks (Shareholdings) Act 1972 or the Insurance Acquisitions and Takeovers Act 1991 .

             (2)  This Act has effect as if the Treasurer had, immediately after the commencement of this section, by written notice under section 14, approved the person holding the same percentage stake in the company.

Note:          This approval can be varied or revoked in accordance with the provisions of Division 3 of Part 2.

             (3)  For the purposes of this section, Part 1 and Schedule 1 are taken to have been in force immediately before the commencement of this section.

             (4)  For the purposes of this section, a company that is an authorised deposit-taking institution immediately after the commencement of this section is taken to have been an authorised deposit-taking institution immediately before the commencement of this section.