102Notice of change of beneficial ownership

102 Notice of change of beneficial ownership

(1)  This regulation applies to a transaction if –

(a) the effect of the transaction is to transfer beneficial ownership of a registered vehicle from one person to another; and

(b) there is to be no transfer of registration in consequence of the transfer of beneficial ownership.

(2)  Each party to a transaction to which this regulation applies must lodge a notice of change of beneficial ownership with the Registrar –

(a) if the notice is lodged by the transferor – 7 days after completion of the transaction; and

(b) if the notice is lodged by the transferee – 14 days after completion of the transaction.

Penalty:  Fine not exceeding 15 penalty units.

(3)  A notice of change of beneficial ownership –

(a) must be in an approved form; and

(b) must contain the information required in the form; and

(c) may be given by the parties jointly.

(4)  For the purposes of this regulation, the registration of a vehicle is taken to continue for 3 months after the expiry of the last registration period.