Document ID: chunk:federal_register_of_legislation:C2024C00518:clause:1_9
Version: federal_register_of_legislation:C2024C00518
Segment Type: clause
Provision Reference: sch 1 cl 9
Character Range: 18457–19581

9  ASIC may request update on names held
(1) ASIC may, by notice in accordance with subitem (2), request each State or Territory that has given ASIC notification under item 4 in relation to a business name to inform ASIC whether the business name should continue to be held for the purposes of resolving outstanding matters.
(2) A notice under subitem (1):
 (a) must be given in electronic form; and
 (b) may be given no earlier than 3 months after the change‑over day.
(3) The notice may nominate a period of no less than 28 days (beginning on the day on which the notice is given) within which the State or Territory should give the information to ASIC.
(4) ASIC may cease to hold the business name if none of the States or Territories to whom notice is given under subitem (1) inform ASIC electronically within the nominated period for that State or Territory that ASIC is to continue to hold the business name.
(5) To avoid doubt, ASIC may exercise its powers in relation to a business name under this item more than once.
(6) If ASIC ceases to hold a business name, it must notify the State or Territory of that fact.