Div 9AChange in control of holder of licence

Division 9A—Change in control of holder of licence 86AA—Interpretation (1) In this Division— (a) a person acts jointly with another person if the person acts or is accustomed to acting, in agreement with, or in accordance with the wishes of, the other person; and (b) the approval period for a change in control of the holder of a licence is the period— (i) commencing on the day on which notice of approval of an application for the change in control is given; and (ii) ending— (A) immediately after the change in control takes effect; or (B) if the approval of a change in control is revoked—on the day on which notice of the revocation of the change in control is given; or (C) 9 months after the day on which notice of approval of the change in control is given, whichever is the earlier; and (c) there is a change in control of the holder of a licence if— (i) 1 or more persons (the original controllers) control the holder of the licence at a particular time; and (ii) either— (A) 1 or more other persons begin to control the holder of the licence (whether alone or together with 1 or more other persons the person or persons act jointly with) after that time; or (B) an original controller (whether alone or together with 1 or more other persons the person acts jointly with) ceases to control the holder of the licence after that time; and (d) a person controls the holder of a licence if the person (whether alone or together with 1 or more other persons the person acts jointly with)— (i) holds the power to exercise, or control the exercise of, 20% (or such other percentage as may be prescribed by the regulations for the purposes of this subparagraph) or more of the voting rights in the holder of the licence; or (ii) holds, or holds an interest in, 20% (or such other percentage as may be prescribed by the regulations for the purposes of this subparagraph) or more of the issued securities in the holder of the licence. (2) It is the intention of the Parliament that this Division apply within the State and outside the State to the full extent of the extraterritorial legislative capacity of the Parliament. 86AAB—Approval of change in control of holder of licence (1) An application for approval for a change in control of the holder of a licence must— (a) be made in a manner and form determined by the Minister; and (b) be accompanied by the prescribed fee; and (c) be accompanied by such information as the Minister may require (which must be provided within a period determined by the Minister and notified to the applicant). (2) In considering an application for approval for a change in control under this section, the Minister must have regard to— (a) whether the technical capability and financial resources available to the holder of the licence after the change in control takes effect are sufficient to— (i) carry out the operations and works that are authorised under the licence; and (ii) discharge the obligations that are imposed under this Act in relation to the licence; and (b) any other matters prescribed by the regulations, and may have regard to any other matters the Minister thinks relevant. (3) The Minister may, by written notice to an applicant under this section— (a) approve the application; or (b) refuse the application. (4) The Minister may, during the approval period for a change in control of the holder of a licence, by written notice to an applicant under this section, revoke the approval. 86AAC—Offences (1) If— (a) there is a change in control of the holder of a licence; and (b) — (i) the Minister has not approved the change in control under this section; or (ii) the Minister has given an approval under this section but the change in control took effect after the end of the approval period for the change in control, the person who begins to control, or ceases to control, the holder of the licence is guilty of an offence. Maximum penalty: $250 000. (2) A person does not commit an offence against subsection (1) if the person did not know, and could not reasonably be expected to have known, that the change in control had taken effect. (3) If— (a) there is a change in control of the holder of a licence; and (b) — (i) the Minister has not approved the change in control under this section; or (ii) the Minister has given an approval under this section but the change in control took effect after the end of the approval period for the change in control; and (c) the holder of the licence knows or ought reasonably to know that the change in control has taken effect; and (d) the holder of the licence does not notify the Minister of the change in control within 30 days of the change taking effect, the holder of the licence is guilty of an offence. Maximum penalty: $250 000. (4) If a person commits an offence against subsection (1), the Minister may, by written notice to the holder of the licence to which the change in control took effect, cancel the licence.