Document ID: chunk:federal_register_of_legislation:C2020A00116:clause:1_2
Version: federal_register_of_legislation:C2020A00116
Segment Type: clause
Provision Reference: sch 1 cl 2
Character Range: 103124–105151

2  Requirement to notify the Minister about pre‑existing foreign arrangements that are core foreign arrangements
 (1) This clause applies to a pre‑existing foreign arrangement between a core State/Territory entity and a core foreign entity.
 (2) A pre‑existing foreign arrangement is a foreign arrangement that:
 (a) is in operation on the commencement day; or
 (b) comes into operation during the period that:
 (i) starts on the day after the commencement day; and
 (ii) ends on the day before Part 2 of this Act commences.
 (3) The core State/Territory entity must give a notice to the Minister:
 (a) in accordance with subclause (4); and
 (b) in accordance with subclause (5);
before the end of the period that:
 (c) starts on the commencement day; and
 (d) ends 3 months, or such longer period (if any) prescribed by the rules, after the commencement day.
Note: If the core State/Territory entity fails to give a notice in accordance with subclause (4) before the end of that period, then clause 4, 5 or 6 automatically applies to the pre‑existing foreign arrangement to make it invalid, unenforceable or not in operation, or to require the State/Territory entity to terminate it. Those clauses also prohibit the parties from giving effect to the arrangement.
 (4) The notice must:
 (a) be in writing; and
 (b) specify the arrangement; and
 (c) be accompanied by a copy of the arrangement.
 (5) The notice must also:
 (a) be in the approved form (if any); and
 (b) if the core State/Territory entity knows that there is another arrangement that is a subsidiary arrangement of the arrangement:
 (i) include details about the subsidiary arrangement; and
 (ii) if the core State/Territory entity has a copy of the subsidiary arrangement—be accompanied by a copy of the subsidiary arrangement; and
 (c) include any information prescribed by the rules; and
 (d) be accompanied by any documents prescribed by the rules; and
 (e) be given in the approved way (if any).
 (6) Subclause (3) does not apply to an exempt arrangement.