Requirement to notify the Minister about pre‑existing foreign arrangements that are core foreign arrangements
2 Requirement to notify the Minister about pre‑existing foreign arrangements that are core foreign arrangements
This clause applies to a pre‑existing foreign arrangement between a core State/Territory entity and a core foreign entity.
A pre‑existing foreign arrangement is a foreign arrangement that:
is in operation on the commencement day; or
comes into operation during the period that:
starts on the day after the commencement day; and
ends on the day before Part 2 of this Act commences.
The core State/Territory entity must give a notice to the Minister:
in accordance with subclause (4); and
in accordance with subclause (5);
before the end of the period that:
starts on the commencement day; and
ends 3 months, or such longer period (if any) prescribed by the rules, after the commencement day.
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.
The notice must:
be in writing; and
specify the arrangement; and
be accompanied by a copy of the arrangement.
The notice must also:
be in the approved form (if any); and
if the core State/Territory entity knows that there is another arrangement that is a subsidiary arrangement of the arrangement:
include details about the subsidiary arrangement; and
if the core State/Territory entity has a copy of the subsidiary arrangement—be accompanied by a copy of the subsidiary arrangement; and
include any information prescribed by the rules; and
be accompanied by any documents prescribed by the rules; and
be given in the approved way (if any).
Subclause (3) does not apply to an exempt arrangement.
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