105AWholly-owned subsidiary

105A Wholly-owned subsidiary

[Section 105A Inserted by No. 99 of 2000, s. 64, Applied:01 Jul 2001]

(1)  The Board may endorse on a permit the name of one or more wholly-owned subsidiaries of the permit holder.

(2)  While the name of a subsidiary is endorsed on a permit, the subsidiary is taken to be covered by the permit.

(3)  The Board may at any time amend an endorsement on a permit by adding, altering or deleting the name of a subsidiary.

(4)  An amendment to a permit –

(a) is made by the Board giving notice of it to the permit holder; and

(b) takes effect on the day the notice is given or on a later day specified in the notice.

(5)  A company which holds a permit and any subsidiary covered by the permit are jointly and severally liable for any contribution required to be made to any fund by the subsidiary under this Act.

(6)  A permit –

(a) may be subject to conditions under this Act relating to the obligations of a subsidiary covered by the permit; and

(b) may be cancelled or suspended under this Act because of the acts or omissions of the subsidiary.

(7)  In this section,

wholly-owned subsidiary has the same meaning as in the Corporations Law.