56Appointment of step-in-operator

56 Appointment of step-in-operator

(1)  When a step-in-order is made, the Regulator must appoint a suitable person (who may, but need not, be a regulated entity) to take over the operations specified in that order.

(2)  A person appointed to take over a regulated entity's operations specified in the step-in-order is referred to as the "step-in-operator".

(3)  The regulated entity must facilitate the handover of the operations to the step-in-operator as specified in the order.

Penalty:  Fine not exceeding 1 000 penalty units.

(4)  A person must not obstruct the step-in-operator's access to property or the exercise by the step-in-operator of the step-in-operator's responsibilities under this section.

Penalty:  Fine not exceeding 1 000 penalty units.

(5)  A person must comply with reasonable directions given by the step-in-operator in the exercise of the step-in-operator's responsibilities under this section.

Penalty:  Fine not exceeding 1 000 penalty units.