Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) The holder of an export licence must notify the Minister, in writing, as soon as practicable after any of the following events occurs:
(a) there is a change in the holder's business structure;
(b) if the holder is an individual--the individual enters into a personal insolvency agreement under Part X of the Bankruptcy Act 1966 ;
(c) if the holder is a corporation--the corporation:
(i) enters into administration (within the meaning of section 435C of the Corporations Act 2001 ); or
(ii) is to be wound up (whether by a court or voluntarily);
(d) there is a change in the trading name, business address or contact details of the holder;
(e) an event prescribed by the rules.
(2) A person contravenes this subsection if:
(a) the person is required by subsection (1) to notify the Minister of an event; and
(b) the person fails to comply with the requirement.
Strict liability offence
(3) A person commits an offence of strict liability if the person contravenes subsection (2).
Penalty: 60 penalty units.
Civil penalty provision
(4) A person is liable to a civil penalty if the person contravenes subsection (2).
Civil penalty: 250 penalty units.