Commonwealth Numbered Acts Commonwealth Numbered ActsScope
(1) This section applies if a declaration is in force under section 70 in relation to a joint venture and a facility.
Revocation on request
(2) The Regulator must, by written notice given to the participants in the joint venture, revoke the declaration if:
(a) the Regulator is requested to do so by the participants in the joint venture; and
(b) the participants in the joint venture have the written consent of the relevant operator of the facility to the making of that request.
Revocation if joint venture declaration test not passed
(3) The Regulator must, by written notice given to the participants in the joint venture, revoke the declaration if the Regulator is satisfied that the joint venture does not pass the joint venture declaration test in relation to the facility.
Revocation if unit shortfall charge not paid
(4) If an amount of unit shortfall charge payable by a participant in the joint venture remains unpaid more than 3 months after it became due for payment, the Regulator must, by written notice given to the participants in the joint venture, inform the participants that unless that amount is paid by the start of the next 1 July, the declaration will be revoked.
(5) If:
(a) a notice is given to the participants in the joint venture under subsection (4); and
(b) the amount referred to in the notice remains unpaid as at the start of the 1 July referred to in the notice;
the Regulator must, by written notice given to the participants, revoke the declaration with effect from the start of that 1 July.