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

(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.