Commonwealth Consolidated Regulations(1) For paragraph 8 (6) (b) of the Act, this regulation establishes rules under which a nomination of a responsible entity (the nominated member ) made for the purposes of subsection 8 (5) of the Act may be revoked by the partners in a partnership.
(2) The nomination of the nominated member is revoked if:
(a) all of the partners in the partnership (other than the nominated member) decide in writing to revoke the nomination; and
(b) one of the partners gives to the Regulator a notice that:
(i) states the name, postal address and identifying details of the nominated member; and
(ii) states the name, position, telephone number, email address and postal address of a contact person for the nominated member; and
(iii) states the name, postal address and identifying details of the controlling corporation for the nominated member; and
(iv) states the name, position, telephone number, email address and postal address of a contact person for the controlling corporation for the nominated member; and
(v) states the name, postal address and identifying details of the partnership; and
(vi) states the name, postal address and identifying details of each partner in the partnership (other than the nominated member); and
(vii) states the name, position, telephone number, email address and postal address of a contact person for each partner in the partnership (other than the nominated member); and
(viii) includes a copy of the decision mentioned in paragraph (a) or a statement that a decision has been made to revoke the nomination; and
(ix) is in a form approved by the Regulator and published in the Gazett e.
(3) A revocation takes effect on the later of the day on which the Regulator receives the notice and the day (if any) on which the revocation is expressed to take effect.
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