Commonwealth Consolidated Acts

AGED CARE (BOND SECURITY) ACT 2006 - SECT 9

             (1)  If:

                     (a)  a person is an approved provider; and

                     (b)  any of the events mentioned in paragraph (a), (b), (c), (d), (e) or (f) of the definition of insolvency event occur in relation to the person;

the person must notify the Secretary the first time that the event occurs.

             (2)  If:

                     (a)  a person has been, but is no longer, an approved provider; and

                     (b)  any of the events mentioned in paragraph (a), (b), (c), (d), (e) or (f) of the definition of insolvency event occur in relation to the person; and

                     (c)  there was at least one outstanding bond balance of the person at the time the event occurs;

the person must notify the Secretary the first time that the event occurs.

             (3)  The notification under subsection (1) or (2) must be given in writing by the end of the first business day after the day on which the event occurs.

             (4)  A person commits an offence if the person refuses or fails to comply with a requirement under this section.

Penalty:  30 penalty units.