(1) An entity that makes a choice under section 727 - 550 (including a choice made jointly with one or more other entities) must inform all entities that it knows to be * affected owners for the * indirect value shift about the content of the choice. The entity must do so in writing within one month after making the choice.
(a) a choice under section 727 - 550 is made jointly by 2 or more entities; and
(b) one of the entities complies with subsection (1);
no other entity need comply with that subsection in relation to that choice.
(3) If an * affected owner for an * indirect value shift has reason to believe that an entity may have made a choice under section 727 - 550 (including a choice made jointly with one or more other entities), the affected owner may give the entity a written notice asking whether the entity has made such a choice.
(4) Within one month after receiving a notice under subsection (3), an entity must inform the * affected owner in writing whether the entity has made a choice under section 727 - 550 and, if so, about the content of the choice.
(5) The Commissioner may extend the period for complying with a
provision of this section.