Young JonathanJONATHAN YOUNG (National—New Plymouth): Thank you very much Mr Chair for the opportunity to speak again on the Crown Minerals Amendment Bill. Look we understand if we look at section 41AC inserted by clause 8 Application for consent for change of control". In section 41AC(2) "If the Minister is satisfied that there are compelling reasons why a relevant person could not comply with subsection (1)(b)"—that (1)(b) refers to notification or application for consent from the Minister must "be made at least 3 months before the date on which the proposed change of control takes effect;".There are times when the control of a company takes place quite quickly and it's often unknown by the directors of that company such as a takeover where shares are traded. Some of the companies that operate around New Zealand are not publicly listed so they're not on the share market but some are. Obviously around the world they're publicly listed petroleum exploration production companies and they are subject to potential takeovers through the share market. So a change of control can happen that is not essentially foreseen or planned or in a methodical fashion and manner and if that does occur then they are in breach of this bill because they have not obviously and could not have informed the Minister and applied for approval to do that change of control. So there needs to be an opportunity for a retrospective application. Obviously when that takes place and I believe that in this subsection 2: "If the Minister is satisfied [that] there are compelling reasons why a relevant person could not comply with subsection (1)(b)"—that is three months' notice—"the Minister may receive an application by a later date agreed by the Minister (which date must not be later than the date on which the proposed change of control takes effect)." So what I'd like to know is that those changes of control can happen so quickly and if the letter to the Minister needs to be before that change of control takes effect: what if it takes effect through the sale and purchase of shares on the stock market and there is this shift of control?So we obviously need clear provisions—and I believe there is discretion in this Act because it's something that we raised at the committee with the officials. But it would be good if the Minister could be quite precise and bring some clarity around this around: is that a compelling reason why a relevant person could not comply and what sort of discretionary process takes place—especially if that change of control has already historically taken place through that sale and purchase of shares? Is there a time frame? Is there a responsibility to forthwith in the fastest possible way process that? Because we do not want to find companies who in all good faith see these sorts of activities take place in terms of a share sale and purchase who then come into breach of the Act as it will be who then can have their permit revoked. We need all of those processes clarified as best as possible—that there is going to be a provision for those sorts of processes and probably abnormalities of what normally would happen in the sale and purchase and the change of control of especially a petroleum exploration and production company."