WASTE AVOIDANCE AND RESOURCE RECOVERY ACT 2007 - SECT 47ZM

WASTE AVOIDANCE AND RESOURCE RECOVERY ACT 2007 - SECT 47ZM

47ZM .         Governance plan for Scheme Account

        (1)         The Coordinator must prepare a draft governance plan for a Scheme Account and give it to the CEO at each time directed by the CEO.

        (2)         A draft governance plan must be prepared and given in accordance with any requirements prescribed by the regulations and must —

            (a)         in the case of the first draft governance plan given by a particular Coordinator — set out the Coordinator’s proposed governance arrangements for a Scheme Account, including details of —

                  (i)         how the funds in the Scheme Account will be controlled and accounted for during the Coordinator’s appointment; and

                  (ii)         how the funds in the Scheme Account will be transferred to the person who replaces the Coordinator as Coordinator following any expiry, revocation or other termination of the Coordinator’s appointment;

                and

            (b)         in the case of any subsequent plan — consist of an update of the original governance plan.

        (3)         Subsection (1) does not apply to an Interim Coordinator.

        (4)         If the Coordinator gives the CEO a draft governance plan under subsection (1) or (5), the CEO may, by written notice —

            (a)         approve the draft governance plan; or

            (b)         direct the Coordinator to, within the period specified in the notice —

                  (i)         take specified steps in relation to the draft governance plan or make specified modifications to the draft governance plan; and

                  (ii)         submit a revised draft governance plan.

        (5)         The Coordinator must comply with a direction under subsection (4)(b) as soon as is practicable and in any event within the period specified in the notice.

        (6)         If the Coordinator wishes to amend the governance plan, the Coordinator must give the amended governance plan to the CEO within 10 business days after making the amendment.

        (7)         The CEO may, by written notice, approve the amended governance plan.

        (8)         An amendment to a governance plan, other than a minor amendment that does not materially change the plan, has no effect until the amended governance plan has been approved by the CEO.

        [Section 47ZM inserted: No. 5 of 2019 s. 6.]