31Consent applications

#### 31 Consent applications Consent of holder of the business name to registration by another entity (1) An entity to whom a business name is registered may, by notice in accordance with subsection (2), consent to the registration of the business name to another entity. > Note: So if, for example, the entity to whom the business name is registered uses the business name in relation to a business that is then sold, the entity might also consent to the business name being registered to the purchaser. Prescribed manner and form (2) The consent notice: (a) must be in the prescribed form; and (b) must be lodged in the prescribed manner. Availability of business name (3) If: (a) an application under section 23 for registration of a business name to an entity (the applicant) is lodged with ASIC; and (b) each of the following notices is lodged with ASIC: (i) a notice under subsection (1) by the entity to whom the business name is registered consenting to the registration of the business name to the applicant; (ii) a notice under subsection 42(1) by the entity to whom the business name is registered requesting ASIC to cancel the registration of the business name to the entity; the business name is taken to be available to the applicant. Potential applicant may carry on a business (4) If an entity to whom a business name is registered gives notice under subsection (1) consenting to the registration of the business name to another entity (the potential applicant), the potential applicant may notify ASIC in accordance with subsection (5) that the consent has been given. (5) The notice: (a) must be in the prescribed form; and (b) must be lodged in the prescribed manner. (6) If the potential applicant gives notice under subsection (4), the potential applicant does not commit an offence under subsection 18(1) if the potential applicant carries on a business under the business name during the period of 3 months beginning on the day on which that notice is given. > Note 1: A defendant bears an evidential burden in relation to the matters in subsection (6): see subsection 13.3(3) of the Criminal Code. > Note 2: Subsections (4) to (6) allow the potential applicant to trade while an application for registration of a business name is being processed.