sec.101Option to elect for particular authorities if changed holder review allocation not in effect before the commencement

sec.101 Option to elect for particular authorities if changed holder review allocation not in effect before the commencement

This section applies if— before the commencement, the scheme manager had made a changed holder review allocation under former section 32 in relation to an authority that allocated the authority to the risk category of very low, low or moderate; and immediately before the commencement, the changed holder review allocation had not taken effect under former section 37; and on the commencement, the estimated rehabilitation cost for the authority is equal to or more than $100,000 but less than $10m. 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 (2)(b). If the changed holder gives the scheme manager a notice under subsection (3) within the period mentioned in subsection (2)(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 (4) 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 (4)— 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; and the changed holder review allocation is taken to be a changed holder review allocation for the authority under new section 32; and the changed holder review allocation takes effect on the later of the following days— the day the notice is given under subsection (4); the day the changed holder review allocation 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 (6)(c). For applying new section 37, a reference in the section to section 36(1) is taken to be a reference to former section 36. The annual review allocation day takes effect when the changed holder review allocation takes effect under subsection (6)(c). If the changed holder does not give the scheme manager a notice under subsection (3) within the period mentioned in subsection (2)(b)— the changed holder review allocation does not take effect; and the scheme manager must give the changed holder a notice stating that the changed holder review allocation does not take effect; and for an authority in relation to which the 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 (2)(b) ends. s 101 ins 2024 No. 33 s 129 (sec.101-ssec.1) This section applies if— before the commencement, the scheme manager had made a changed holder review allocation under former section 32 in relation to an authority that allocated the authority to the risk category of very low, low or moderate; and immediately before the commencement, the changed holder review allocation had not taken effect under former section 37; and on the commencement, the estimated rehabilitation cost for the authority is equal to or more than $100,000 but less than $10m. (sec.101-ssec.2) 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.101-ssec.3) 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 (2)(b). (sec.101-ssec.4) If the changed holder gives the scheme manager a notice under subsection (3) within the period mentioned in subsection (2)(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.101-ssec.5) A notice given under subsection (4) is taken to be an election notice for the authority under new part 3, division 1A. (sec.101-ssec.6) If the scheme manager gives the changed holder a notice under subsection (4)— 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; and the changed holder review allocation is taken to be a changed holder review allocation for the authority under new section 32; and the changed holder review allocation takes effect on the later of the following days— the day the notice is given under subsection (4); the day the changed holder review allocation would take effect under new section 37. (sec.101-ssec.7) 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 (6)(c). (sec.101-ssec.8) 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.101-ssec.9) The annual review allocation day takes effect when the changed holder review allocation takes effect under subsection (6)(c). (sec.101-ssec.10) If the changed holder does not give the scheme manager a notice under subsection (3) within the period mentioned in subsection (2)(b)— the changed holder review allocation does not take effect; and the scheme manager must give the changed holder a notice stating that the changed holder review allocation does not take effect; and for an authority in relation to which the 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 (2)(b) ends.