Section 852DT — Corporations Act 2001: 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: (i) entered into; or (ii) began to carry out; or (iii) carried out; the scheme or any part of the scheme did so for the sole or dominant purpose of avoiding the application of any provision of Subdivision B in relation to any person or persons (whether or not mentioned in paragraph (a)); and (c) as a result of the scheme or a part of the scheme, a person (the controller) increases (including from a starting point of nil) the controller’s voting power in a controlled Australian financial body; ASIC may give the controller a written direction to cease having that voting power within a time specified in the direction. (2) A person who is subject to a written direction under subsection (1) must comply with the direction. Note: Failure to comply with this subsection is an offence: see subsection 1311(1).