Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) If the person (the former holder ) who was the holder of an approved arrangement ceases:
(a) to operate the business that carries out export operations covered by the approved arrangement; or
(b) to manage or control export operations covered by the approved arrangement;
the former holder must, as soon as practicable after so ceasing, notify the Secretary, in writing, of that fact. The notice must also include contact details for the former holder.
(2) The approved arrangement is taken to have been revoked at the earlier of the following:
(a) the end of the day a notice under subsection (1) is received by the Secretary;
(b) the end of the seventh day after the day the former holder ceased:
(i) to operate the business that carries out export operations covered by the approved arrangement; or
(ii) to manage or control export operations covered by the approved arrangement.
(3) A person is liable to a civil penalty if:
(a) the person is required to notify the Secretary under subsection (1); and
(b) the person fails to comply with the requirement.
Civil penalty: 60 penalty units.