Document ID: chunk:federal_register_of_legislation:C2025C00178:section:55
Version: federal_register_of_legislation:C2025C00178
Segment Type: section
Provision Reference: s 55
Character Range: 56338–57606

55  Opening of registry account
 (1) If a person makes an application in accordance with section 53, the Secretary must decide to:
 (a) open an account in the Registry in the person's name; or
 (b) refuse to open such an account.
 (2) The Secretary must not decide to open an account in the Registry in the person's name unless the Secretary is satisfied that:
 (a) there is a covered vehicle for the person for 2025 or a later year; and
 (b) the person does not have another registry account; and
 (c) the person is a fit and proper person, having regard to:
 (i) whether the Secretary has previously closed a registry account of the person under section 57; and
 (ii) the matters (if any) prescribed by the rules; and
 (iii) any other matter the Secretary considers relevant.
 (3) If the Secretary decides to refuse to open an account in the Registry in a person's name, the Secretary must give the person written notice of the decision and the reasons for the decision.
 (4) Paragraph (2)(a) does not apply in relation to an application accompanying a declaration of transmission made in accordance with section 68 (transmission of units by operation of law etc.).
 (5) An account opened in a person's name under paragraph (1)(a) is the person's registry account.