Commonwealth Numbered Acts Commonwealth Numbered ActsScope
(1) This section applies if a person is the holder of a liability transfer certificate in relation to a facility.
Cancellation
(2) The Regulator must, by written notice given to the person, cancel the certificate if:
(a) in a case where the certificate was issued under section 83 to a company that was a member of a controlling corporation's group--the Regulator is satisfied that:
(i) the company does not pass the corporate group transfer test in relation to the facility; or
(ii) the company is not a member of the controlling corporation's group; or
(iii) a person who consented under subsection 81(3) to the making of the application for the certificate is not a member of the group; or
(iv) an amount of unit shortfall charge payable by the company remains unpaid more than 30 days after it became due for payment; or
(iv) the company has become an externally-administered body corporate; or
(v) if the regulations specify one or more other grounds for cancellation--at least one of those grounds is applicable to the company; or
(b) in a case where the certificate was issued under section 87 to a person--the Regulator is satisfied that:
(i) the person does not pass the financial control transfer test in relation to the facility concerned; or
(ii) if a controlling corporation of a group consented under subsection 85(4) to the making of the application for the certificate--the person is not a member of the group; or
(iii) an amount of unit shortfall charge payable by the person remains unpaid more than 30 days after it became for payment; or
(iv) the person has become an externally-administered body corporate; or
(v) if the regulations specify one or more other grounds for cancellation--at least one of those grounds is applicable to the person.
(3) If the Regulator cancels the certificate, the Regulator must give written notice of the cancellation to the person who has operational control of the facility.