Document ID: chunk:federal_register_of_legislation:C2021A00096:clause:1_566h
Version: federal_register_of_legislation:C2021A00096
Segment Type: clause
Provision Reference: sch 1 cl 566H
Character Range: 16041–17460

566H  Notification of change in circumstances before or during approval period
 (1) A person contravenes this subsection if:
 (a) an application is made for approval of a change in control of a registered holder of a title under section 566C; and
 (b) the person proposes to:
 (i) begin to control the registered holder; or
 (ii) cease to control the registered holder; and
 (c) there is a change in circumstances in relation to the person that materially affects any of the matters the Titles Administrator must have regard to under subsection 566D(4); and
 (d) the change in circumstances occurs either:
 (i) before the Titles Administrator makes a decision under subsection 566D(2); or
 (ii) if the change in control is approved—during the approval period for the change in control; and
 (e) the person does not notify the Titles Administrator of the matters in paragraph (c) as soon as practicable after the change in circumstances occurs.
Note 1: Under subsection 566D(4), the Titles Administrator must have regard to various matters when deciding whether to approve or refuse to approve a change in control of a registered holder of a title.
Note 2:  Contravention of this subsection is also a ground for cancellation of the title (see paragraphs 274(e) and 446(da)).

Civil penalty provision
 (2) A person is liable to a civil penalty if the person contravenes subsection (1).
Civil penalty: 480 penalty units.