sec.102Existing authorities with high risk category allocation if changed holder review allocation not in effect before the commencement

sec.102 Existing authorities with high risk category allocation 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 high; 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. On the commencement— the changed holder review allocation does not take effect; and the scheme manager must give the holder a notice stating that the changed holder review allocation does not take effect. 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 former section 31A(1)(a)—when the prescribed dealing is approved; the day the scheme manager gives the notice under subsection (2)(b). s 102 ins 2024 No. 33 s 129 (sec.102-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 high; 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.102-ssec.2) On the commencement— the changed holder review allocation does not take effect; and the scheme manager must give the holder a notice stating that the changed holder review allocation does not take effect. (sec.102-ssec.3) 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 former section 31A(1)(a)—when the prescribed dealing is approved; the day the scheme manager gives the notice under subsection (2)(b).