sec.347Notice of disposal by holder of program

### sec.347 Notice of disposal by holder of program This section applies if the holder of a prescribed transitional environmental program proposes to dispose of the place or business to which the program relates to someone else (the buyer ). Before agreeing to dispose of the place or business, the holder must give written notice to the buyer of the existence of the program. Maximum penalty—50 penalty units. If the holder does not comply with subsection (2) , the buyer may rescind the agreement by written notice given to the holder before the completion of the agreement or possession under the agreement, whichever is the earlier. On rescission of the agreement under subsection (3) — a person who was paid amounts by the buyer under the agreement must refund the amounts to the buyer; and the buyer must return to the holder any documents about the disposal (other than the buyer’s copy of the agreement). Subsections (3) and (4) have effect despite any other Act or anything to the contrary in the agreement. Within 10 business days after agreeing to dispose of the place or business, the holder must give written notice of the disposal to the administering authority. Maximum penalty for subsection (6) —50 penalty units. In this section— prescribed transitional environmental program means a transitional environmental program that does not relate to an environmental authority. s 347 amd 2002 No. 45 s 3 (2) sch ; 2007 No. 56 s 6 sch ; 2012 No. 16 s 24 ; 2023 No. 6 s 145 sch 1 (sec.347-ssec.1) This section applies if the holder of a prescribed transitional environmental program proposes to dispose of the place or business to which the program relates to someone else (the buyer ). (sec.347-ssec.2) Before agreeing to dispose of the place or business, the holder must give written notice to the buyer of the existence of the program. Maximum penalty—50 penalty units. (sec.347-ssec.3) If the holder does not comply with subsection (2) , the buyer may rescind the agreement by written notice given to the holder before the completion of the agreement or possession under the agreement, whichever is the earlier. (sec.347-ssec.4) On rescission of the agreement under subsection (3) — a person who was paid amounts by the buyer under the agreement must refund the amounts to the buyer; and the buyer must return to the holder any documents about the disposal (other than the buyer’s copy of the agreement). (sec.347-ssec.5) Subsections (3) and (4) have effect despite any other Act or anything to the contrary in the agreement. (sec.347-ssec.6) Within 10 business days after agreeing to dispose of the place or business, the holder must give written notice of the disposal to the administering authority. Maximum penalty for subsection (6) —50 penalty units. (sec.347-ssec.7) In this section— prescribed transitional environmental program means a transitional environmental program that does not relate to an environmental authority. - (a) a person who was paid amounts by the buyer under the agreement must refund the amounts to the buyer; and - (b) the buyer must return to the holder any documents about the disposal (other than the buyer’s copy of the agreement).