Queensland Numbered Acts

MINERAL AND ENERGY RESOURCES (FINANCIAL PROVISIONING) ACT 2018 - SECT 42

42 Holder must give scheme manager notice if changed holder

(1) If an authority has been allocated under this division to a risk category, the holder of the authority must give the scheme manager a notice under this section if—

(a) an entity applies under the Mineral and Energy Resources (Common Provisions) Act 2014 , section 19 for approval to register a prescribed dealing under section 17 of that Act that is—

(i) an assessable transfer, of a resource authority relating to the authority, to another entity; or

(ii) a non-assessable transfer, of a resource authority relating to the authority, that is a transfer of the resource authority or of a share in the resource authority, if part of 1 holder’s share in the resource authority will be transferred to another holder of the resource authority; or

(b) either of the following changes happen—

(i) an entity starts or stops controlling the holder under the Corporations Act, section 50AA;

(ii) the holder starts or stops being a subsidiary of a corporation under the Corporations Act, section 46.

Penalty—

Maximum penalty—100 penalty units.

(2) The notice must—

(a) state the details of the matter mentioned in subsection (1); and

(b) include the other information prescribed by regulation.

(3) The notice must be given within 10 business days after—

(a) for a matter mentioned in subsection (1)(a)—the application for approval to register the prescribed dealing is made; or

(b) for a matter mentioned in subsection (1)(b)—the change happens.

(4) For subsection (1)(a), a resource authority relates to an authority if the resource authority authorises the carrying out of a resource activity for the authority.