Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A person contravenes this subsection if:
(a) an application is made for approval of a change in control of a registered holder of a title under section 566C; and
(b) the person proposes to:
(i) begin to control the registered holder; or
(ii) cease to control the registered holder; and
(c) there is a change in circumstances in relation to the person that materially affects any of the matters the Titles Administrator must have regard to under subsection 566D(4); and
(d) the change in circumstances occurs either:
(i) before the Titles Administrator makes a decision under subsection 566D(2); or
(ii) if the change in control is approved--during the approval period for the change in control; and
(e) the person does not notify the Titles Administrator of the matters in paragraph (c) as soon as practicable after the change in circumstances occurs.
Note 1: Under subsection 566D(4), the Titles Administrator must have regard to various matters when deciding whether to approve or refuse to approve a change in control of a registered holder of a title.
Note 2: Contravention of this subsection is also a ground for cancellation of the title (see paragraphs 274(e) and 446(da)).
(2) A person is liable to a civil penalty if the person contravenes subsection (1).
Civil penalty: 480 penalty units.