sec.100Option to elect if changed holder review process not finished before the commencement

sec.100 Option to elect if changed holder review process not finished before the commencement

This section applies if— before the commencement, the scheme manager had started, but not finished, the changed holder review process for an authority in relation to which a changed holder event happened or is proposed; and on the commencement, the estimated rehabilitation cost for the authority is equal to or more than $100,000 but less than $10m. On the commencement, the changed holder review process stops. The scheme manager must, within 10 business days after the commencement, give the changed holder a notice stating— that the changed holder may elect for the authority to be subject to risk category allocation under part 3, division 1; and that the changed holder may make the election within 20 business days after the notice is given to the changed holder. The changed holder may elect for the authority to be subject to risk category allocation under new part 3, division 1 by giving the scheme manager notice of the election within the period mentioned in subsection (3)(b). If the changed holder gives the scheme manager a notice under subsection (4) within the period mentioned in subsection (3)(b), the scheme manager must give the changed holder a notice stating— the day the notice is given; and the authority to which the notice relates; and that the authority is subject to risk category allocation under part 3, division 1. A notice given under subsection (5) is taken to be an election notice for the authority under new part 3, division 1A. If the scheme manager gives the changed holder a notice under subsection (5)— the balance of the changed holder review process restarts as if the amendment Act had not been enacted; and the scheme manager must— decide the annual review allocation day for the authority; and give the changed holder notice of the decision before or when the notice mentioned in former section 36 is given to the interested entity. The annual review allocation day takes effect when the changed holder review allocation takes effect under subsection (12). For restarting the changed holder review process under subsection (7)(a), if a period mentioned in former section 34 had started but not ended before the commencement, the period is extended by the period— starting on the commencement; and ending at the end of the period mentioned in subsection (3)(b). Despite subsection (7)(a) and former section 36(d), a notice given under former section 36 must state the amount of the contribution to the scheme fund, or surety, required under new part 3, division 2 in relation to the authority, and when the amount must be paid or given under the new division. The changed holder review allocation decided for the authority under the changed holder review process is taken to be a changed holder review allocation for the authority under new section 32. The changed holder review allocation takes effect on the later of the following days— the day the notice under former section 36 is given to the interested entity; the day the changed holder review decision would take effect under new section 37. A reference in this Act to the changed holder review allocation taking effect under new section 37 is taken to include a reference to the day the changed holder review allocation takes effect under subsection (12). For applying new section 37, a reference in the section to section 36(1) is taken to be a reference to former section 36. If the changed holder does not give the scheme manager a notice under subsection (4) within the period mentioned in subsection (3)(b)— the changed holder review process ends; and the scheme manager must give the changed holder a notice stating that the changed holder review process has ended; and for an authority in relation to which a changed holder event has happened—new part 3, division 2, subdivision 2 applies in relation to the authority as if— a reference in new section 53(d) and (e) to a changed holder event happening or a prescribed dealing being approved included a reference to the event happening or the prescribed dealing being approved before the commencement; and new section 55A required the surety for the authority to be given within 30 business days after the later of the following— if the changed holder event is of a type mentioned in section 31A(1)(a)—when the prescribed dealing is approved; the day the period mentioned in subsection (3)(b) ends. s 100 ins 2024 No. 33 s 129 (sec.100-ssec.1) This section applies if— before the commencement, the scheme manager had started, but not finished, the changed holder review process for an authority in relation to which a changed holder event happened or is proposed; and on the commencement, the estimated rehabilitation cost for the authority is equal to or more than $100,000 but less than $10m. (sec.100-ssec.2) On the commencement, the changed holder review process stops. (sec.100-ssec.3) The scheme manager must, within 10 business days after the commencement, give the changed holder a notice stating— that the changed holder may elect for the authority to be subject to risk category allocation under part 3, division 1; and that the changed holder may make the election within 20 business days after the notice is given to the changed holder. (sec.100-ssec.4) The changed holder may elect for the authority to be subject to risk category allocation under new part 3, division 1 by giving the scheme manager notice of the election within the period mentioned in subsection (3)(b). (sec.100-ssec.5) If the changed holder gives the scheme manager a notice under subsection (4) within the period mentioned in subsection (3)(b), the scheme manager must give the changed holder a notice stating— the day the notice is given; and the authority to which the notice relates; and that the authority is subject to risk category allocation under part 3, division 1. (sec.100-ssec.6) A notice given under subsection (5) is taken to be an election notice for the authority under new part 3, division 1A. (sec.100-ssec.7) If the scheme manager gives the changed holder a notice under subsection (5)— the balance of the changed holder review process restarts as if the amendment Act had not been enacted; and the scheme manager must— decide the annual review allocation day for the authority; and give the changed holder notice of the decision before or when the notice mentioned in former section 36 is given to the interested entity. (sec.100-ssec.8) The annual review allocation day takes effect when the changed holder review allocation takes effect under subsection (12). (sec.100-ssec.9) For restarting the changed holder review process under subsection (7)(a), if a period mentioned in former section 34 had started but not ended before the commencement, the period is extended by the period— starting on the commencement; and ending at the end of the period mentioned in subsection (3)(b). (sec.100-ssec.10) Despite subsection (7)(a) and former section 36(d), a notice given under former section 36 must state the amount of the contribution to the scheme fund, or surety, required under new part 3, division 2 in relation to the authority, and when the amount must be paid or given under the new division. (sec.100-ssec.11) The changed holder review allocation decided for the authority under the changed holder review process is taken to be a changed holder review allocation for the authority under new section 32. (sec.100-ssec.12) The changed holder review allocation takes effect on the later of the following days— the day the notice under former section 36 is given to the interested entity; the day the changed holder review decision would take effect under new section 37. (sec.100-ssec.13) A reference in this Act to the changed holder review allocation taking effect under new section 37 is taken to include a reference to the day the changed holder review allocation takes effect under subsection (12). (sec.100-ssec.14) For applying new section 37, a reference in the section to section 36(1) is taken to be a reference to former section 36. (sec.100-ssec.15) If the changed holder does not give the scheme manager a notice under subsection (4) within the period mentioned in subsection (3)(b)— the changed holder review process ends; and the scheme manager must give the changed holder a notice stating that the changed holder review process has ended; and for an authority in relation to which a changed holder event has happened—new part 3, division 2, subdivision 2 applies in relation to the authority as if— a reference in new section 53(d) and (e) to a changed holder event happening or a prescribed dealing being approved included a reference to the event happening or the prescribed dealing being approved before the commencement; and new section 55A required the surety for the authority to be given within 30 business days after the later of the following— if the changed holder event is of a type mentioned in section 31A(1)(a)—when the prescribed dealing is approved; the day the period mentioned in subsection (3)(b) ends.