sec.99Option to elect if allocation process not finished before the commencement

sec.99 Option to elect if allocation process not finished before the commencement

This section applies if— before the commencement, the scheme manager had started, but not finished, the allocation process for an authority; 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 allocation process stops. The scheme manager must, within 10 business days after the commencement, give the holder a notice stating— that the holder may elect for the authority to be subject to risk category allocation under part 3, division 1; and that the holder may make the election within 20 business days after the notice is given to the holder. The 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 holder gives the scheme manager a notice under subsection (4) within the period mentioned in subsection (3)(b), the scheme manager must give the 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 holder a notice under subsection (5)— the balance of the allocation 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 holder notice of the decision before or when the notice mentioned in former section 31 is given to the holder. The annual review allocation day takes effect on the day the risk category allocation is decided for the authority under the allocation process. For restarting the allocation process under subsection (7)(a), if a period mentioned in former section 28 or 30 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 31(d), a notice given under former section 31 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 initial risk category allocation decided for the authority under the allocation process is taken to be an initial risk category allocation for the authority under new section 27. The day the risk category allocation is decided for the authority under the allocation process is taken to be the initial allocation day for the authority under new section 31(1)(a). If the holder does not give the scheme manager a notice under subsection (4) within the period mentioned in subsection (3)(b)— the allocation process ends; and the scheme manager must give the holder a notice stating— that the allocation process has ended; and that part 3, division 2, subdivision 2 applies in relation to the authority; and new part 3, division 2, subdivision 2 applies in relation to the authority as if— the matters mentioned in new section 53(f) applied in relation to the authority; and new section 55A required the surety for the authority to be given within 30 business days after the period mentioned in subsection (3)(b) ends. s 99 ins 2024 No. 33 s 129 (sec.99-ssec.1) This section applies if— before the commencement, the scheme manager had started, but not finished, the allocation process for an authority; and on the commencement, the estimated rehabilitation cost for the authority is equal to or more than $100,000 but less than $10m. (sec.99-ssec.2) On the commencement, the allocation process stops. (sec.99-ssec.3) The scheme manager must, within 10 business days after the commencement, give the holder a notice stating— that the holder may elect for the authority to be subject to risk category allocation under part 3, division 1; and that the holder may make the election within 20 business days after the notice is given to the holder. (sec.99-ssec.4) The 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.99-ssec.5) If the holder gives the scheme manager a notice under subsection (4) within the period mentioned in subsection (3)(b), the scheme manager must give the 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.99-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.99-ssec.7) If the scheme manager gives the holder a notice under subsection (5)— the balance of the allocation 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 holder notice of the decision before or when the notice mentioned in former section 31 is given to the holder. (sec.99-ssec.8) The annual review allocation day takes effect on the day the risk category allocation is decided for the authority under the allocation process. (sec.99-ssec.9) For restarting the allocation process under subsection (7)(a), if a period mentioned in former section 28 or 30 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.99-ssec.10) Despite subsection (7)(a) and former section 31(d), a notice given under former section 31 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.99-ssec.11) The initial risk category allocation decided for the authority under the allocation process is taken to be an initial risk category allocation for the authority under new section 27. (sec.99-ssec.12) The day the risk category allocation is decided for the authority under the allocation process is taken to be the initial allocation day for the authority under new section 31(1)(a). (sec.99-ssec.13) If the holder does not give the scheme manager a notice under subsection (4) within the period mentioned in subsection (3)(b)— the allocation process ends; and the scheme manager must give the holder a notice stating— that the allocation process has ended; and that part 3, division 2, subdivision 2 applies in relation to the authority; and new part 3, division 2, subdivision 2 applies in relation to the authority as if— the matters mentioned in new section 53(f) applied in relation to the authority; and new section 55A required the surety for the authority to be given within 30 business days after the period mentioned in subsection (3)(b) ends.