Document ID: chunk:federal_register_of_legislation:C2010C00690:clause:1_6:p21
Version: federal_register_of_legislation:C2010C00690
Segment Type: clause
Provision Reference: sch 1 cl 6 (pt 21/26)
Character Range: 227004–229694

company had continued to exist;
the other company is taken to have authorised the company that will be the head company as mentioned in subparagraph (a)(ii) or (iii):
 (d) to make the choice on behalf of the other company; and
 (e) to do, on behalf of the other company, anything else under:
 (i) subsection (1) of this section; or
 (ii) subsection 719‑60(1) or (3).

719‑55  When choice starts to have effect

When choice starts to have effect

 (1) A choice under section 719‑50 is taken to have started to have effect on the day specified in the choice.

Choice does not have effect—notice is wrong

 (2) A choice does not have effect (and is taken not to have had effect) if the Commissioner is satisfied that the choice contains information that is incorrect in a material particular.

Note: The choice does not have effect if the choice omitted material information, because the notice would not have been in the approved form.

Commissioner may give effect to choice despite wrong notice

 (3) Subsection (2) does not prevent the choice from having effect as described in subsection (1) if the Commissioner gives the company that, as a result of the choice, will become the *provisional head company of the group, written notice that the choice has effect despite the incorrect information.

Provisional head company

719‑60  Appointment of provisional head company

Appointment on formation of group—choice

 (1) If companies give notice of a choice under section 719‑50, the notice must include an appointment, made jointly by the companies, of one of those companies to be the provisional head company of the *MEC group concerned. The appointment comes, or is taken to have come, into force at the time when the choice starts or started to have effect.

Appointment on formation of group—special conversion event

 (2) If a *special conversion event happens to a *potential MEC group, the *eligible tier‑1 companies that were the members of the MEC group that resulted from the event are taken to have appointed the company mentioned in paragraph 719‑40(1)(b) as the provisional head company of the *MEC group. The appointment is taken to have come into force when the event happened.

Appointment after formation of group

 (3) If a *cessation event happens to the *provisional head company of a *MEC group, then:
 (a) if:
 (i) the group came into existence because of a choice under section 719‑50; and
 (ii) the event happens more than 28 days before notice of the choice is given;
  on the day on which notice of the choice is given; or
 (b) in any other case—within 28 days after the cessation event;
the *eligible tier‑1 companies that are or were members of the MEC