23Treasurer may declare person to have practical control of a financial sector company

#### 23 Treasurer may declare person to have practical control of a financial sector company Declaration (1) If: (a) the Treasurer is satisfied that: (i) the directors of a financial sector company are accustomed or under an obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of a person (either alone or together with associates); or (ii) a person (either alone or together with associates) is in a position to exercise control over a financial sector company; and (b) the Treasurer is satisfied that: (i) the person does not hold a stake in the company; or (ii) if the person holds a stake in the company—that stake is not more than 20%; and (c) the Treasurer is satisfied that it is in the national interest to declare that the person has practical control of the company for the purposes of this Act; the Treasurer may declare that the person has practical control of the company for the purposes of this Act. Declaration has effect (2) A declaration under this section has effect accordingly. Revocation of declaration (3) The Treasurer must revoke a declaration under this section if the Treasurer ceases to be satisfied of the matters referred to in paragraphs (1)(a), (b) and (c). Notification of declaration (4) If a declaration under this section is made or revoked, the Treasurer must arrange for a copy of the declaration or revocation to be given to the financial sector company and the person concerned.