(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.