Document ID: chunk:federal_register_of_legislation:C2021A00096:clause:1_566n
Version: federal_register_of_legislation:C2021A00096
Segment Type: clause
Provision Reference: sch 1 cl 566N
Character Range: 20195–21573

566N  Change in control must be approved by Titles Administrator
 (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.
Note:  Contravention of this subsection is also a ground for cancellation of title (see paragraphs 274(e) and 446(da)).

Fault‑based offence
 (2) A person commits an offence if the person contravenes subsection (1).
Penalty: Imprisonment for 5 years or 1,200 penalty units, or both.

Civil penalty provision
 (3) A person is liable to a civil penalty if the person contravenes subsection (1).
Civil penalty: 2,400 penalty units.
 (4) Subsection (3) 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).