Notice to be given of proposal to exercise power under s. 19B(1)
19A Notice to be given of proposal to exercise power under s. 19B(1)
If the Minister is of the opinion that the power conferred on the Minister under section 19B(1) should be exercised in respect of a person, the Minister shall cause to be served on the person and on any other person who is considered by the Minister to be likely to be affected by the exercise of that power a notice in writing —
specifying the reasons for the Minister’s opinion and that the Minister proposes to exercise the power; and
requiring each person served with the notice to show cause in writing within a period of 14 days after the date of that service why that power should not be exercised.
A person served with a notice under subsection (1) may, within the period referred to in that subsection, serve on the Minister submissions in writing showing cause why the power conferred on the Minister under section 19B(1) should not be exercised.
After receiving and considering any submissions served under subsection (2) within the period referred to in subsection (1) or, if no submission is so served, within a period of 21 days after having caused the relevant notice, or the later or last of the relevant notices, as the case requires, to be served under subsection (1), the Minister may exercise the power conferred on the Minister under section 19B(1).
[Section 19A inserted: No. 24 of 1998 s. 14.]
19B. Close associate of public company may be required to dispose of shares etc.
If the Minister determines, on the advice of the Commission, that a person that is a close associate of a public company —
with which the Minister has entered into a casino complex agreement; or
that is a casino licensee,
is not, or is no longer, a suitable person to be concerned in or associated with the gaming operations of a licensed casino, the Minister may cause to be served on the person a notice in writing requiring the person to dispose of any shares, units or other interest, as specified in the notice and within the period so specified, by virtue of which the person is a close associate of the public company.
A person served with a notice under subsection (1) shall comply with the notice.
Penalty for this subsection: a fine of $100 000.
A report of a determination by the Minister under subsection (1) shall be included in the annual report submitted by the accountable authority of the Commission under Part 5 of the Financial Management Act 2006.
[Section 19B inserted: No. 24 of 1998 s. 14; amended: No. 77 of 2006 Sch. 1 cl. 20; No. 53 of 2024 s. 41.]
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