Document ID: chunk:federal_register_of_legislation:C2010C00690:clause:1_6:p22
Version: federal_register_of_legislation:C2010C00690
Segment Type: clause
Provision Reference: sch 1 cl 6 (pt 22/26)
Character Range: 229483–232141

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 group immediately after the cessation event may give the Commissioner a written notice in the *approved form, jointly appointing one of those companies to be the provisional head company of the group. The appointment is taken to have come into force immediately after the cessation event.

Qualifications for provisional head company

 (4) An appointment of a company under subsection (1) or (3) as the *provisional head company of a *MEC group has no effect unless, at the time the appointment comes into force, the company is qualified to be the *provisional head company of the MEC group under section 719‑65.

Appointment remains in force until cessation event

 (5) The appointment of a company as the *provisional head company of a *MEC group remains in force until a *cessation event happens to the company.

What is a cessation event?

 (6) A cessation event happens to a *provisional head company of a *MEC group if:
 (a) the company ceases to be qualified to be the *provisional head company of the group under section 719‑65; or
 (b) the company ceases to exist.

719‑65  Qualifications for the provisional head company of a MEC group

Qualifications for the provisional head company

 (1) A company is qualified to be the *provisional head company of a *MEC group if:
 (a) the company is an *eligible tier‑1 company of the *top company; and
 (b) no *membership interests in the company are beneficially owned by another member of the group.

 (2) Subsection (1) has effect subject to subsection (3).

Period during which new provisional head company must have been a member of the group

 (3) If:
 (a) a company (the new company) is to be appointed as the *provisional head company of a *MEC group under subsection 719‑60(3); and
 (b) the appointment will come into force immediately after a *cessation event happens to the former provisional head company of the group; and
 (c) a company (the original company) (which may be the former provisional head company) was appointed as the provisional head company of the group under subsection 719‑60(1) or (2);
the new company is not qualified to be the provisional head company of the group unless the new company has been a member of the group at all times during the period:
 (d) beginning at whichever of the following times is applicable:
 (i) if the group came into existence as a result of a choice under section 719‑50, and the cessation event happened in the income year of