Document ID: chunk:federal_register_of_legislation:C2010C00690:clause:1_3:p5
Version: federal_register_of_legislation:C2010C00690
Segment Type: clause
Provision Reference: sch 1 cl 3 (pt 5/5)
Character Range: 62676–64976

wrong information

 (6) Subsection (5) does not prevent the choice from having effect (and being taken to have had effect) if the Commissioner gives the company written notice that the choice has effect despite the incorrect information.

Note: Subsection (6) does not let the Commissioner make the choice effective if it did not have effect because it was not made in accordance with subsection (1). This could have happened if:

(a) the choice was not in the approved form (for example because it did not include information the Commissioner required (whether in the form or otherwise)); or

(b) the choice was not given to the Commissioner within the period described in subsection (3); or

(c) the company was not the head company of a consolidatable group on the day specified in the choice.

Choice does not have effect if company is a member of a MEC group

 (7) The choice does not have effect (and is taken not to have had effect) if, on the day specified, the company was a member of a *MEC group.

Consolidated group created when MEC group ceases to exist

703‑55  Creating consolidated groups from certain MEC groups

 (1) A *consolidated group comes into existence at the time a *MEC group ceases to exist if:
 (a) the MEC group included only one *eligible tier‑1 company just before the time; and
 (b) the MEC group ceases to exist only because the company ceases to be an eligible tier‑1 company; and
 (c) the company is a *head company as defined in section 703‑15 at the time.

 (2) To avoid doubt, the *consolidated group consists at the time of:
 (a) the company (as the *head company of the consolidated group); and
 (b) every entity (if any) that was a *subsidiary member of the *MEC group just before that time (as a subsidiary member of the consolidated group).

Notice of events affecting consolidated group

703‑60  Notice of events affecting consolidated group

 (1) Within 28 days of an event described in an item of the table, the entity described in column 3 of the item must give the Commissioner notice in the *approved form of the event.

Notice of events
Column 1          Column 2                                                              Column 3
Item              If this event happens:                                                Notice must be given by: