Northern Territory Consolidated Acts Northern Territory Consolidated Acts(1) Subject to subsection (2), a corporation registered in the category of building contractor must within 7 days notify the Practitioners Board if:
(a) a nominee of the corporation ceases to act for the corporation or his or her registration as a building contractor is cancelled or suspended or is not renewed;
(b) a director of the corporation registered in the category of building contractor ceases to be a director or his or her registration is cancelled or suspended or is not renewed; or
(c) a nominee referred to in paragraph (a) or a director referred to in paragraph (b) ceases to reside in the Territory.
Penalty: $50 000.
(2) If a corporation registered in the category of building contractor ceases to comply with the registration requirements of this Part because:
(a) the nominee of the corporation, or each such nominee, ceases to act for the corporation or his or her registration as a building contractor is cancelled or suspended or is not renewed;
(b) the director of the corporation registered in the category of building contractor, or each such director, ceases to be a director or his or her registration is cancelled or suspended or is not renewed; or
(c) the nominee referred to in paragraph (a) or the director referred to in paragraph (b), or each such nominee or director, ceases to reside in the Territory,
notification under subsection (1) must be given immediately.
(3) Notification under this section must be in the approved form.