sec.97Annual review process not finished before the commencement

sec.97 Annual review process not finished before the commencement

This section applies if— before the commencement, the scheme manager had started, but not finished, the annual review process for an authority; and on the commencement, the estimated rehabilitation cost for the authority is equal to or more than the prescribed ERC amount. The annual review process continues as if the amendment Act had not been enacted. The scheme manager must— decide the annual review allocation day for the authority; and give the holder notice of the decision before or when the notice mentioned in former section 41 is given to the holder. The annual review allocation day takes effect on the relevant anniversary day for the authority. New section 38(3) does not apply to an annual review allocation day that is within 9 months after the relevant anniversary day for the authority. Despite subsection (2) and former section 41(d), a notice given under former section 41 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 annual review allocation decided for the authority under the annual review process is taken to be an annual review allocation for the authority under new section 38. The day the annual review allocation is decided under the annual review process is taken to be the annual review day for the authority under new section 41(a). To the extent new part 3, division 2, subdivision 1 applies in relation to the annual review decision, a reference in new sections 47 and 49 to the current review day is taken to be a reference to the relevant anniversary day for the authority. s 97 ins 2024 No. 33 s 129 (sec.97-ssec.1) This section applies if— before the commencement, the scheme manager had started, but not finished, the annual review process for an authority; and on the commencement, the estimated rehabilitation cost for the authority is equal to or more than the prescribed ERC amount. (sec.97-ssec.2) The annual review process continues as if the amendment Act had not been enacted. (sec.97-ssec.3) The scheme manager must— decide the annual review allocation day for the authority; and give the holder notice of the decision before or when the notice mentioned in former section 41 is given to the holder. (sec.97-ssec.4) The annual review allocation day takes effect on the relevant anniversary day for the authority. (sec.97-ssec.5) New section 38(3) does not apply to an annual review allocation day that is within 9 months after the relevant anniversary day for the authority. (sec.97-ssec.6) Despite subsection (2) and former section 41(d), a notice given under former section 41 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.97-ssec.7) The annual review allocation decided for the authority under the annual review process is taken to be an annual review allocation for the authority under new section 38. (sec.97-ssec.8) The day the annual review allocation is decided under the annual review process is taken to be the annual review day for the authority under new section 41(a). (sec.97-ssec.9) To the extent new part 3, division 2, subdivision 1 applies in relation to the annual review decision, a reference in new sections 47 and 49 to the current review day is taken to be a reference to the relevant anniversary day for the authority.