Commonwealth Numbered Regulations

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GREAT BARRIER REEF MARINE PARK REGULATIONS 2019 (F2019L00166) - REG 125

Change in beneficial ownership of permission holder that is a company

             (1)  A permission holder that is a company must notify the Authority in writing if there is a change in the beneficial ownership of the company (the changed company ) after the permission has been granted.

Note:          It is an offence against section 136 not to notify the Authority of the change.

             (2)  The notice must be:

                     (a)  in a form approved by the Authority; and

                     (b)  given to the Authority within 20 business days after the change occurs.

             (3)  For the purposes of subsection (1), a change in the beneficial ownership of a company occurs when:

                     (a)  there is a change in the persons (whether individuals or bodies corporate) holding an interest in 50% or more of the total voting shares of the company; or

                     (b)  the company becomes a subsidiary of another company.



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