Document ID: chunk:federal_register_of_legislation:C2005C00499:clause:1_1426
Version: federal_register_of_legislation:C2005C00499
Segment Type: clause
Provision Reference: sch 1 cl 1426
Character Range: 111892–113779

1426  Section 1425 facilities—effect of licences and conditions

 (1) Subject to subsections (2) to (4):
 (a) a licence granted under section 1425 that authorises the operation of a facility is, for the purposes of the amended Corporations Act (other than this section), taken to have been granted (and to have been properly granted) under section 824B of the amended Corporations Act; and
 (b) conditions imposed under section 1425 on the licence are, for the purposes of the amended Corporations Act (other than this section), taken to have been imposed (and to have been properly imposed) under section 825A of the amended Corporations Act.

Note 1: Section 824C of the amended Corporations Act (publication of notice of licence grant) applies to the grant of the licence.

Note 2: The conditions may be varied or revoked, and additional conditions may be imposed, under section 825A of the amended Corporations Act.

 (2) Section 822A of the amended Corporations Act does not apply in relation to the facility during the period (the transition period) starting on the FSR commencement and ending on whichever of the following first occurs:
 (a) the end of the period of 2 years starting on the FSR commencement;
 (b) the licensee applies, under subsection 825A(2) of the amended Corporations Act, to have the conditions on the licence varied or revoked, or to have additional conditions imposed on the licence.

 (3) The annual report of the licensee (see section 821E of the amended Corporations Act) for a financial year in which part of the transition period occurs, other than a financial year in which the transition period ends, must include information about:
 (a) the steps taken in the year; and
 (b) the steps proposed to be taken in the next year;
to ensure that section 822A of the amended Corporations Act will be complied with by the time the transition period ends.