Document ID: chunk:federal_register_of_legislation:C2011C00698:clause:5_177
Version: federal_register_of_legislation:C2011C00698
Segment Type: clause
Provision Reference: sch 5 cl 177
Character Range: 138968–139735

177  Subsection 719‑50(1)
Repeal the subsection, substitute:

Making a choice to consolidate

 (1) If:
 (a) a *potential MEC group (the first group) derived from 2 or more *eligible tier‑1 companies of a *top company is in existence at the start of a particular day; and
 (b) that day is after 30 June 2002; and
 (c) none of those eligible tier‑1 companies is already a member of a *MEC group or a *consolidated group;
those eligible tier‑1 companies, jointly, may make a choice in writing that the first group be consolidated on and after that day. If they do so, the choice must specify that day.

Note: The provisional head company must give the Commissioner a notice in the approved form containing information about the group (see sections 719‑76 and 719‑80).