Approval to hold a stake in a financial sector company of more than 20%
Financial Sector (Shareholdings) Act 1998
To: IMB Bank Ltd ABN 92 087 651 974 (the applicant)
SINCE
- The applicant has under section 13 of the Financial Sector (Shareholdings) Act 1998 (the Act), applied to the Treasurer for approval to hold a stake of more than 20% in the financial sector company, Hunter United Employees’ Credit Union Limited ABN 68 087 650 182 (the company);
B. 100% of the gross assets and liabilities of the company are to be transferred to the applicant as a voluntary transfer of business under the Financial Sector (Transfer and Restructure) Act 1999; and
C. I am satisfied that it is in the national interest to approve the applicant holding a stake in the company of more than 20%,
I, Clare Gibney, a delegate of the Treasurer, under subsection 14(1) of the Act, APPROVE the applicant holding a stake of 100% in the company.
This instrument comes into force on the date it is signed and remains in force indefinitely.
Dated: 5 February, 2020
[Signed]
Clare Gibney
General Manager
Banking
Interpretation
In this Notice:
financial sector company has the meaning given in section 3 of the Act.
stake in relation to a company, has the meaning given in clause 10 of Schedule 1 to the Act.
Note 1 Under section 14 of the Act, the Treasurer must give written notice of this Approval to the applicant and financial sector company concerned and must publish a copy of this notice in the Gazette.