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CORPORATIONS ACT 2001 - SECT 1426

Section 1425 facilities--effect of licences and conditions

  (1)   Subject to subsections   (2) to (4):

  (a)   a licence granted under section   1425 that authorises the operation of a facility is, for the purposes of the amended Corporations Act (other than this section), taken to have been granted (and to have been properly granted) under section   824B of the amended Corporations Act; and

  (b)   conditions imposed under section   1425 on the licence are, for the purposes of the amended Corporations Act (other than this section), taken to have been imposed (and to have been properly imposed) under section   825A of the amended Corporations Act.

Note 1:   Section   824C of the amended Corporations Act (publication of notice of licence grant) applies to the grant of the licence.

Note 2:   The conditions may be varied or revoked, and additional conditions may be imposed, under section   825A of the amended Corporations Act.

  (2)   Section   822A of the amended Corporations Act does not apply in relation to the facility during the period (the transition period ) starting on the FSR commencement and ending on whichever of the following first occurs:

  (a)   the end of the period of 2 years starting on the FSR commencement;

  (b)   conditions on the licence are varied or revoked, or additional conditions are imposed on the licence, pursuant to an application by the licensee under subsection   825A(2) of the amended Corporations Act.

  (3)   The annual report of the licensee (see section   821E of the amended Corporations Act) for a financial year in which part of the transition period occurs, other than a financial year in which the transition period ends, must include information about:

  (a)   the steps taken in the year; and

  (b)   the steps proposed to be taken in the next year;

to ensure that section   822A of the amended Corporations Act will be complied with by the time the transition period ends.


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