55Opening of registry account

55 Opening of registry account

(1) If a person makes an application in accordance with section 53, the Secretary must decide to: (a) open an account in the Registry in the person’s name; or (b) refuse to open such an account. (2) The Secretary must not decide to open an account in the Registry in the person’s name unless the Secretary is satisfied that: (a) there is a covered vehicle for the person for 2025 or a later year; and (b) the person does not have another registry account; and (c) the person is a fit and proper person, having regard to: (i) whether the Secretary has previously closed a registry account of the person under section 57; and (ii) the matters (if any) prescribed by the rules; and (iii) any other matter the Secretary considers relevant. (3) If the Secretary decides to refuse to open an account in the Registry in a person’s name, the Secretary must give the person written notice of the decision and the reasons for the decision. (4) Paragraph (2)(a) does not apply in relation to an application accompanying a declaration of transmission made in accordance with section 68 (transmission of units by operation of law etc.). (5) An account opened in a person’s name under paragraph (1)(a) is the person’s registry account.