41ABChange of control: certain permit operators and permit and licence participants

1. This section and sections 41AC to 41AE apply if a body corporate that is any of the following undergoes a change of control:

2. a permit participant of an exploration or a mining permit or a licence holder or holder of a participating interest in a licence for petroleum:
3. a permit operator of a Tier 1 permit for minerals other than petroleum:
4. a permit operator of a prospecting permit for petroleum.

5. If this section applies,—

6. every incoming person contravenes this subsection if the change of control is made without the prior consent of the Minister (see sections 41AC to 41AE, which relate to obtaining consent), in a case where subsection (1)(a), (b), or (c) applies:
7. every outgoing person contravenes this subsection if the change of control is made without the prior consent of the Minister (see sections 41AC to 41AE, which relate to obtaining consent), in the case of—
   1. an exploration or mining permit for petroleum; or
   2. a licence for petroleum.

Guidance note

A contravention may result in the revocation of a permit under section 41AF.

A contravention by an incoming person may constitute an offence under section 100(2A) if, before the incoming person obtains the controlling interest, they know, or ought reasonably to know, that they will obtain that interest.

A contravention by an outgoing person in the case of an exploration or mining permit or a licence for petroleum may result in civil pecuniary penalties under section 89ZZV(1A).

8. The body corporate undergoing a change of control must notify the Minister in accordance with subsection (5) if—

9. subsection (2) is contravened; and
10. the body corporate knows, or ought reasonably to know, that it has undergone a change of control.

Guidance note

A contravention may constitute an offence under section 100(2B).

11. Subsection (3) does not apply in the case of a contravention referred to in section 41AC(3)(c).

12. For the purposes of subsection (3), the notification must—

13. be given as soon as is reasonably practicable, but in any event not later than 3 months after the body corporate undergoing the change of control becomes aware, or ought reasonably to have become aware, that it has undergone a change of control; and
14. be accompanied by a copy of any agreement or other document that specifies the change of control.