Document ID: chunk:federal_register_of_legislation:C2025C00022:section:186
Version: federal_register_of_legislation:C2025C00022
Segment Type: section
Provision Reference: s 186
Character Range: 338729–340405

186  Notice of changes to holder of approved arrangement
 (1) The holder of an approved arrangement must notify the Secretary, in writing, as soon as practicable after any of the following events occurs:
 (a) there is a change in the holder's business structure;
 (b) if the holder is an individual—the individual enters into a personal insolvency agreement under Part X of the Bankruptcy Act 1966;
 (c) if the holder is a corporation—the corporation:
 (i) enters into administration (within the meaning of section 435C of the Corporations Act 2001); or
 (ia) begins restructuring (within the meaning of section 453A of that Act); or
 (ii) is to be wound up (whether by a court or voluntarily);
 (d) there is a change in the trading name, business address or contact details of the holder;
 (e) any other event prescribed by the rules.
Example: For the purposes of paragraph (a), each of the following would be a change in the holder's business structure:
(a) a change in a person who manages or controls export operations covered by the approved arrangement;
(b) if the holder is a partnership—a change in the membership of the partnership.
Note: The Secretary may suspend or revoke the approved arrangement if:
(a) in certain cases, the holder is not a fit and proper person (see paragraphs 171(1)(b) and 179(1)(b)); or
(b) the holder fails to comply with this section (see paragraphs 171(1)(k) and 179(1)(k)).

Civil penalty provision
 (2) A person is liable to a civil penalty if:
 (a) the person is required to notify the Secretary of an event in accordance with subsection (1); and
 (b) the person fails to comply with the requirement.
Civil penalty: 60 penalty units.