Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) This section applies if:
(a) a partnership is a servicing licensee; and
(b) there is or is proposed to be a change to the membership of the partnership (the change ) with at least one partner before the change continuing as a partner after the change.
(2) The partnership may apply to the Secretary to amend the servicing licence to state the partners who are or will be the partners after the change.
(3) The application:
(a) must be in writing in the form approved by the Secretary; and
(b) must include information about how the partnership has changed or is proposed to change; and
(c) must include information about any new partner that the new partner would have to have given to the Secretary if the new partner were applying to be a servicing licensee; and
(d) must be accompanied by the application fee prescribed for the purposes of this paragraph.
(4) To the extent the change involves a person ceasing to be a partner, the Secretary must grant the application and amend the servicing licence to remove the name of the partner from the licence.
(5) To the extent the change involves a new partner being admitted to the partnership, the Secretary must, after considering the application:
(a) grant the application and amend the servicing licence to include the name of the new partner; or
(b) refuse the application.
The Secretary must notify the partnership in writing of the decision.
(6) The Secretary must refuse an application under subsection (2) if the Secretary would have had to refuse an application under section 18NC if the new partner were applying to be a servicing licensee.
(7) From the day on which the amendment of the servicing licence takes effect, the licence is taken to be held by the partnership as it exists on that day.
(8) The amendment of the servicing licence takes effect:
(a) if the partnership changed more than 28 days before the application for amendment of the licence was made--at the start of that 28th day; or
(b) if the partnership is changed on or after that 28th day but before the end of the day on which the application is decided--on the day on which the partnership was changed; or
(c) if the partnership changes on a later day--on that later day.