Document ID: chunk:federal_register_of_legislation:F2024L01639:clause:1_142:p2
Version: federal_register_of_legislation:F2024L01639
Segment Type: clause
Provision Reference: sch 1 cl 142 (pt 2/2)
Character Range: 155293–157310

generated.

Accounts, records and other documents that are modified
 (4) If an account, record or other document required to be kept under this section, or under a data management direction, is modified:
 (a) subsection (3) applies separately to the unmodified account, record or document and to any modified versions of the account, record or document; and
 (b) each modified version must be stored for a period of at least 7 years after it is modified.

Effect of licence ceasing to be in force
 (5) If a person held a licence that has ceased to be in force:
 (a) the person must continue to comply with subsections (3) and (4) (except paragraph (3)(b)) in relation to all accounts, records and other documents that the person was required to keep under this section or under a data management direction before the licence ceased to be in force; and
 (b) the obligation in paragraph (a) of this subsection continues to apply to the person until the periods in paragraphs (3)(e) and (4)(b) have passed for all accounts, records and other documents that the person was required to keep.

Effect of licence transfer
 (6) If a licence is transferred under Division 2 of Part 2 of Chapter 3 of the Act:
 (a) the transferor (within the meaning of section 70 of the Act) must continue to comply with subsections (3) and (4) (except paragraph (3)(b)) in relation to all accounts, records and other documents that the transferor was required to keep under this section or under a data management direction before the transfer took effect; and
 (b) the obligation in paragraph (a) of this subsection continues to apply to the transferor until the periods in paragraphs (3)(e) and (4)(b) have passed for all accounts, records and other documents that the transferor was required to keep; and
 (c) the transferee (within the meaning of section 70 of the Act) is not required to comply with subsection (3) in relation to any accounts, records or other documents that the transferor is keeping in accordance with this subsection.