(1)  A licensed provider must –

(a) notify the Commission in writing that a person is likely to become an associate as soon as practicable after the licensed provider becomes aware of the likelihood; and

(b) ensure that a person does not become an associate except with the prior written approval of the Commission.

Penalty:  Fine not exceeding 10 000 penalty units.

(2)  Before giving an approval for the purposes of subsection (1)(b) , the Commission may –

(a) investigate the proposed associate under section 112O as if the proposed associate were an associate; and

(b) by written notice provided to the licensed provider, require the provider to pay the whole or a part of the reasonable costs of the Commission in conducting the investigation.

(3)  The Commission may refuse to give an approval for the purposes of subsection (1)(b) if the licensed provider does not pay costs as required under subsection (2)(b) .