117Further forfeiture

117 Further forfeiture (1) If, because of a transaction entered into relating to voting shares in a licensee: (a) a person who did not have a prohibited shareholding interest in the licensee before the transaction was entered into has or would have on completion of the transaction a prohibited shareholding interest in the licensee; or (b) a person who had a prohibited shareholding interest in the licensee before the transaction was entered into is or would be on completion of the transaction entitled to exercise or influence or control the exercise of the right to vote attached to a greater number of voting shares in the licensee than immediately before the completion of the transaction, the Minister may, by notice given to the parties to the transaction, declare that the voting shares in the licensee that are the subject of the transaction are forfeited to the Territory. (2) Despite the forfeiture of voting shares under subsection (1), a transaction referred to in that subsection is not illegal or void because of this Part. (3) On the Minister giving notice of a declaration that voting shares are forfeited to the Territory, the Minister must also give notice of the declaration to the licensee concerned. (4) The forfeiture of voting shares takes effect: (a) if the notices under this section relating to the forfeiture are given at the same time – on the giving of the notices; or (b) if the notices are given at different times – when the last of the notices is given.