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COMMONWEALTHAct
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s 2

Requirement to notify the Minister about pre‑existing foreign arrangements that are core foreign arrangements

In force
Schedule 1Transitional requirements relating to pre‑existing foreign arrangements
Division 2Requirement to notify the Minister about pre‑existing foreign arrangements

2 Requirement to notify the Minister about pre‑existing foreign arrangements that are core foreign arrangements

(1)

This clause applies to a pre‑existing foreign arrangement between a core State/Territory entity and a core foreign entity.

(2)

A pre‑existing foreign arrangement is a foreign arrangement that:

(a)

is in operation on the commencement day; or

(b)

comes into operation during the period that:

(i)

starts on the day after the commencement day; and

(ii)

ends on the day before Part 2 of this Act commences.

(3)

The core State/Territory entity must give a notice to the Minister:

(a)

in accordance with subclause (4); and

(b)

in accordance with subclause (5);

before the end of the period that:

(c)

starts on the commencement day; and

(d)

ends 3 months, or such longer period (if any) prescribed by the rules, after the commencement day.

Note:

If the core State/Territory entity fails to give a notice in accordance with subclause (4) before the end of that period, then clause 4, 5 or 6 automatically applies to the pre‑existing foreign arrangement to make it invalid, unenforceable or not in operation, or to require the State/Territory entity to terminate it. Those clauses also prohibit the parties from giving effect to the arrangement.

(4)

The notice must:

(a)

be in writing; and

(b)

specify the arrangement; and

(c)

be accompanied by a copy of the arrangement.

(5)

The notice must also:

(a)

be in the approved form (if any); and

(b)

if the core State/Territory entity knows that there is another arrangement that is a subsidiary arrangement of the arrangement:

(i)

include details about the subsidiary arrangement; and

(ii)

if the core State/Territory entity has a copy of the subsidiary arrangement—be accompanied by a copy of the subsidiary arrangement; and

(c)

include any information prescribed by the rules; and

(d)

be accompanied by any documents prescribed by the rules; and

(e)

be given in the approved way (if any).

(6)

Subclause (3) does not apply to an exempt arrangement.

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