Document ID: chunk:federal_register_of_legislation:C2024C00828:section:566p
Version: federal_register_of_legislation:C2024C00828
Segment Type: section
Provision Reference: s 566P
Character Range: 1403145–1404800

566P  Notification of change in control that takes effect without approval
 (1) A person contravenes this subsection if:
 (a) there is a change in control of a registered holder of a title; and
 (b) the person:
 (i) begins to control the registered holder; or
 (ii) ceases to control the registered holder; and
 (c) either:
 (i) the Titles Administrator has not approved the change in control; or
 (ii) the Titles Administrator has approved the change in control, but the change in control took effect after the end of the approval period for the change in control; and
 (d) the person does not notify the Titles Administrator of the change in control within 30 days of the change taking effect.
Note:  Contravention of this subsection is also a ground for cancellation of title (see paragraphs 274(e) and 446(da) of the Act).

Civil penalty provision
 (2) A person is liable to a civil penalty if the person contravenes subsection (1).
Civil penalty: 480 penalty units.
 (3) The maximum civil penalty for each day that a contravention of subsection (2) continues is 10% of the maximum civil penalty that can be imposed in respect of that contravention.
Note: Subsection (2) is a continuing civil penalty provision under section 93 of the Regulatory Powers Act.
 (4) Subsection (2) does not apply if the person did not know, and could not reasonably be expected to have known, that the person has begun to control, or ceased to control, the registered holder.
Note: A person who wishes to rely on subsection (4) in proceedings for a civil penalty order bears an evidential burden in relation to that matter (see section 96 of the Regulatory Powers Act).