§ 20 — Duty of designated entity to report changes of equity and control of certain persons

20.—(1) A designated entity that becomes aware that —(a)

a person has, on or after the designation date, become a Level A controller, Level B controller, Level C controller or Level D controller of the designated entity;

(b)

a Level Y controller or Level Z controller of the designated entity has, on or after the designation date, ceased to be a Level Y controller or Level Z controller (as the case may be) of the designated entity;

(c)

a person has, on or after the designation date, become an indirect controller of the designated entity; or

(d)

a person has, on or after the designation date, acquired, as a going concern, the business or undertaking or any part of the business or undertaking of the designated entity,

must inform the Minister in writing within 7 days after becoming aware of that fact.

(2) A designated entity that contravenes subsection (1) shall be guilty of an offence.

—(1) A designated entity that becomes aware that —(a)

a person has, on or after the designation date, become a Level A controller, Level B controller, Level C controller or Level D controller of the designated entity;

(b)

a Level Y controller or Level Z controller of the designated entity has, on or after the designation date, ceased to be a Level Y controller or Level Z controller (as the case may be) of the designated entity;

(c)

a person has, on or after the designation date, become an indirect controller of the designated entity; or

(d)

a person has, on or after the designation date, acquired, as a going concern, the business or undertaking or any part of the business or undertaking of the designated entity,

must inform the Minister in writing within 7 days after becoming aware of that fact.

(2) A designated entity that contravenes subsection (1) shall be guilty of an offence.