41Anti‑avoidance

41 Anti‑avoidance

(1) If:

(a) one or more persons enter into, begin to carry out or carry out a scheme; and

(b) it would be concluded that the person, or any of the persons, who entered into, began to carry out or carried out the scheme or any part of the scheme did so for the sole or dominant purpose of avoiding the restriction on ownership levels set out in section 27; and

(c) as a result of the scheme or a part of the scheme, a person (the stakeholder) increases the stakeholder’s stake in a FLIC;

the Minister may give the stakeholder a written direction to cease holding that stake within a specified time. (2) A person is guilty of an offence if the person contravenes a direction under subsection (1).

Penalty: 400 penalty units.

Note: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.