Opening of registry account
55 Opening of registry account
If a person makes an application in accordance with section 53, the Secretary must decide to:
open an account in the Registry in the person’s name; or
refuse to open such an account.
The Secretary must not decide to open an account in the Registry in the person’s name unless the Secretary is satisfied that:
there is a covered vehicle for the person for 2025 or a later year; and
the person does not have another registry account; and
the person is a fit and proper person, having regard to:
whether the Secretary has previously closed a registry account of the person under section 57; and
the matters (if any) prescribed by the rules; and
any other matter the Secretary considers relevant.
If the Secretary decides to refuse to open an account in the Registry in a person’s name, the Secretary must give the person written notice of the decision and the reasons for the decision.
Paragraph (2)(a) does not apply in relation to an application accompanying a declaration of transmission made in accordance with section 68 (transmission of units by operation of law etc.).
An account opened in a person’s name under paragraph (1)(a) is the person’s registry account.
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