33Register of units

33 Register of units

(1) The DAA must keep a register showing the following particulars of each unit:

(a) for the entity who owns the unit:

(i) the entity’s name and address; and

(ii) if the entity tells the DAA its Australian Business Number (within the meaning of the A New Tax System (Australian Business Number) Act 1999) — that number; and

(iii) if the entity is a corporation, the entity’s Australian Company Number or Australian Registered Body Number (within the meaning of the Corporations Act 2001); and

(iv) details of the account nominated by the entity to receive payments; and

(v) the number of units owned by the entity; and

(vi) whether the entity has applied for a dairy exit payment or a dairy‑type grant;

(b) for each charge over the unit:

(i) the name and address of the entity in whose favour the charge is granted; and

(ii) the amount of the charge;

(c) details of payments that have been made in relation to the unit;

(d) a register identification number.

(2) If an entity transfers ownership of a unit, or grants a charge over a unit, either party to the transaction may notify the DAA about the transaction.

(3) If a charge over a unit is discharged, the entity in whose favour the charge was granted may notify the DAA that the unit is no longer subject to the charge.

(4) A notice under subsection (2) or (3) must be in an approved form.

(4A) A notice under subsection (2) must include a declaration by the transferee or, if the transferee is a corporation, its public officer, certifying that the documents effecting the transfer or the grant of the charge have been stamped as required by a law of a State or Territory that relates to stamp duty.

(5) If the DAA receives notice of a transaction under subsection (2) or (3), it must amend the register to show the revised details of the unit, and the date of the transaction.

(6) However, a transfer of the ownership of a unit may only be registered if:

(a) the transferee:

(i) is a primary producer; or

(ii) acquires ownership of the unit as the beneficiary of a deceased estate; or

(iii) is already the registered owner of 1 or more units, unless the transferee is a bank or other financial institution; or

(b) the transferee gives the DAA a written undertaking to transfer the unit to a primary producer within 60 days after the transfer is registered.

Note If the entity breaches this undertaking, the DAA may commence procedures leading to cancellation of the unit: see section 37.