49Nominee to inform Secretary of matters affecting ability to act as nominee

49 Nominee to inform Secretary of matters affecting ability to act as nominee

(1) The Secretary may give a nominee of a participant a written notice that requires the nominee to inform the Secretary if: (a) either: (i) an event or change of circumstances happens; or (ii) the nominee becomes aware that an event or change of circumstances is likely to happen; and (b) the event or change of circumstances is likely to affect: (i) the ability of the nominee to act as the nominee of the participant; or (ii) the ability of the Secretary to give notices to the nominee under this Act; or (iii) the ability of the nominee to comply with notices given to the nominee by the Secretary under this Act. (2) A notice under subsection (1) must specify: (a) how the nominee is to inform the Secretary; and (b) the period within which the nominee is to inform the Secretary, which must be a period of at least 14 days starting on whichever of the following days is applicable: (i) the day on which the event or change of circumstances happens; (ii) the day on which the nominee becomes aware that the event or change of circumstances is likely to happen. (3) A notice under subsection (1) is not ineffective only because it does not comply with paragraph (2)(a). (4) This section extends to: (a) acts, omissions, matters and things outside Australia, whether or not in a foreign country; and (b) all persons, irrespective of their nationality or citizenship.