Document ID: chunk:federal_register_of_legislation:C2024C00572:section:11b:p1
Version: federal_register_of_legislation:C2024C00572
Segment Type: section
Provision Reference: s 11B (pt 1/3)
Character Range: 40666–43309

11B  Operational control—nominated person

Eligible nomination test
 (1) For the purposes of this section, a facility passes the eligible nomination test at a particular time if:
 (a) 2 or more persons (the relevant persons) could satisfy paragraph 11(1)(a) in relation to the facility at that time; and
 (b) no particular person has the greatest authority to introduce and implement the policies mentioned in subparagraphs 11(1)(a)(i) and (iii) in relation to the facility at that time; and
 (c) no declaration under section 55 or 55A applies in relation to the facility at that time; and
 (d) that time occurs in a designated financial year.

Nomination
 (2) 2 or more persons may jointly nominate one of them to be the nominated person in relation to a facility throughout the period:
 (a) beginning at the start of the day specified in the nomination as the day on which the nomination is to come into force (the start day); and
 (b) ending at a later time specified in the nomination.
 (3) The nomination must:
 (a) be in writing; and
 (b) be in a form approved by the Regulator; and
 (c) be accompanied by such information as is specified in the regulations; and
 (d) be accompanied by such documents (if any) as are specified in the regulations.
 (4) If:
 (a) any of those persons is a foreign person; and
 (b) any of those persons is not a foreign person;
a foreign person cannot be nominated.
 (5) The nomination has no effect unless, at the beginning of the start day:
 (a) the facility passes the eligible nomination test; and
 (b) the nominators are the relevant persons.
 (6) The start day may occur before the nomination is made.
 (8) If the start day occurs during a particular designated financial year, the nomination must not be made after 31 August next following the designated financial year.
 (9) The start day may be later than the day on which the nomination is made, so long as:
 (a) the start day occurs in the same financial year as the day on which the nomination is made; or
 (b) the start day occurs in the financial year next following the financial year in which the nomination is made.

Cancellation of nomination
 (10) The Regulator may cancel a nomination that relates to a facility if the Regulator is satisfied that:
 (a) the facility passes the eligible nomination test, but the nominated person is not a relevant person; or
 (b) the facility does not pass the eligible nomination test; or
 (c) the nominated person has become a Chapter 5 body corporate; or
 (d) the nominated person has become an insolvent under administration; or
 (e) the nominated person has an unsatisfactory compliance record.
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