Document ID: chunk:federal_register_of_legislation:C2006A00131:clause:1_95as:p1
Version: federal_register_of_legislation:C2006A00131
Segment Type: clause
Provision Reference: sch 1 cl 95AS (pt 1/3)
Character Range: 37454–40265

95AS  Revocation of clearance or revocation of clearance and substitution of a new clearance

Application for revocation etc.

 (1) The Commission may revoke a clearance, or revoke a clearance and substitute a new clearance, if the person to whom the clearance was granted applies to the Commission for this to occur.

Requirements for valid application

 (2) To be valid, the application must:
 (a) be in a form prescribed by the regulations and contain the information required by the form; and
 (b) be accompanied by such other information or documents as are prescribed by the regulations; and
 (c) be accompanied by the fee (if any) prescribed by the regulations.

 (2A) The regulations may prescribe that the application form contain a requirement that the applicant give an undertaking under section 87B that the applicant will not make the acquisition while the application is being considered by the Commission.

Commission to notify if application is invalid

 (3) If the Commission receives a purported application that it considers is not a valid application, it must, within 5 business days of receiving the purported application, give the person who made the purported application a written notice:
 (a) stating that the person has not made a valid application; and
 (b) giving reasons why the purported application does not comply with this Division.

Application to be published on the Internet

 (4) The Commission must:
 (a) subject to section 95AI (confidentiality), put a copy of the application on its website; and
 (b) by notice on its website, invite submissions in respect of the application within a period specified by it.

Commission's power to revoke etc. where no application

 (5) The Commission may also revoke a clearance, or revoke a clearance and substitute a new clearance, if it is satisfied that:
 (a) the clearance was granted on the basis of information that was false or misleading in a material particular; or
 (b) a condition of the clearance has not been complied with; or
 (c) there has been a material change of circumstances since the clearance was granted.

Commission to give notice

 (6) If the Commission is considering making a determination under subsection (5), it must give a notice to the person to whom the clearance was granted and put a notice on its website:
 (a) stating that it is considering making the determination; and
 (b) indicating the basis on which the determination is being proposed; and
 (c) inviting submissions in respect of the determination within the period specified by it.

Commission must make a determination

 (7) The Commission must make a determination in writing:
 (a) revoking the clearance, or revoking the clearance and substituting a new clearance for the one revoked; or
 (b) refusing to revoke the clearance.
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