91Notification of change in circumstances before or during approval period

91 Notification of change in circumstances before or during approval period

(1) A person contravenes this subsection if: (a) an application is made for approval of a change in control of a licence holder under section 86; and (b) the person proposes to: (i) begin to control the licence holder; or (ii) cease to control the licence holder; and (c) there is a change in circumstances in relation to the person that materially affects any of the matters the Registrar must have regard to under subsection 87(4); and (d) the change in circumstances occurs either: (i) before the Registrar makes a decision under subsection 87(2); or (ii) if the change in control is approved—during the approval period for the change in control; and (e) the person does not notify the Registrar of the matters in paragraph (c) as soon as practicable after the change in circumstances occurs.

Note 1: Under subsection 87(4), the Registrar must have regard to various matters when deciding whether to approve or refuse to approve a change in control of a licence holder.

Note 2: Contravention of this subsection is also a ground for cancellation of a licence (see paragraph 73(1)(f)).

Civil penalty provision (2) A person is liable to a civil penalty if the person contravenes subsection (1).

Civil penalty: 480 penalty units.