Document ID: chunk:federal_register_of_legislation:C2006A00131:clause:1_95azm:p1
Version: federal_register_of_legislation:C2006A00131
Segment Type: clause
Provision Reference: sch 1 cl 95AZM (pt 1/3)
Character Range: 65484–68297

95AZM  Revocation of authorisation or revocation of authorisation and substitution of a new authorisation

Application for revocation

 (1) The Tribunal may revoke an authorisation, or revoke an authorisation and substitute a new authorisation, if the person to whom the authorisation was granted applies to the Tribunal for this to occur.

Requirements for valid application

 (2) To be valid, the application must:
 (a) be in a form prescribed by the regulations and contain the information required by the form; and
 (b) be accompanied by such other information or documents as are prescribed by the regulations; and
 (c) be accompanied by the fee (if any) prescribed by the regulations.

 (2A) The regulations may prescribe that the application form contain a requirement that the applicant give an undertaking under section 87B that the applicant will not make the acquisition while the application is being considered by the Tribunal.

Tribunal to notify if application is invalid

 (3) If the Tribunal receives a purported application that it considers is not a valid application, it must, within 5 business days of receiving the purported application, give the person who made the purported application a written notice:
 (a) stating that the person has not made a valid application; and
 (b) giving reasons why the purported application does not comply with this Division.

Tribunal to give the Commission a copy of the application

 (4) The Tribunal must give a copy of the application to the Commission within 3 business days of receiving it.

Application to be published on the Internet

 (5) After receiving a copy of the application, the Commission must:
 (a) subject to section 95AZA (confidentiality), put a copy of the application on its website; and
 (b) by notice on its website, invite submissions in respect of the application to be made to the Tribunal within a period specified by the Tribunal.

Commission may apply for revocation

 (6) The Commission may apply to the Tribunal for an authorisation to be revoked, or for an authorisation to be revoked and a new authorisation substituted for it, if the Commission is satisfied that:
 (a) the authorisation was granted on the basis of information that was false or misleading in a material particular; or
 (b) a condition of the authorisation has not been complied with; or
 (c) there has been a material change of circumstances since the authorisation was granted.

Tribunal to give notice

 (7) If the Tribunal is considering making a determination under subsection (6), the Tribunal must give a notice to the person to whom the authorisation was granted and cause a notice to be put on the Commission's website:
 (a) stating that it is considering making the determination; and
 (b) indicating the basis on which the determination