98I   Registration

(1)  A designated person (not being a member of a group) who, and each designated person who is a member of a group which:

(a)  during the year ending 30 November 1982, had receipts of not less than $5,000,000, which, if this Division had been in force at the time those receipts were received, would have been designated receipts, or

(b)  during the month of November 1982, had receipts of not less than $416,666 which, if this Division had been in force at the time those receipts were received, would have been designated receipts,

      shall, before 1 January 1983, apply to the Commissioner for registration under this Division.

(2)  A designated person (who is not a registered person or a member of a group) and each designated person (who is not a registered person) who is a member of a group, being a person who or group which:

(a)  in the preceding period of 12 months had receipts of not less than $5,000,000 (or, where some other amount is prescribed, the prescribed amount), or

(b)  in the preceding month had receipts of not less than $416,666 (or, where some other amount is prescribed, the prescribed amount),

      which are (or, in so far as this Division was not in force at the time those receipts were received, would, if this Division had been so in force, have been) designated receipts, shall, within 15 days after the end of that period of 12 months or that month, as the case may require, apply to the Chief Commissioner for registration under this Division.

(2A)  Subsection (2), in its application to a designated person who is a broker, applies only to a New South Wales broker.

(3)  A person, not being a person to whom subsection (1) or (2) applies, may, at any time, apply to the Chief Commissioner for registration under this Division.

(4)  The Chief Commissioner:

(a)  shall, upon receipt of an application under subsection (1) or (2), register the applicant, and

(b)  may, upon receipt of an application under subsection (3), register the applicant.

(5)  The Chief Commissioner, at his discretion, or upon an application being made to him by a registered person who is registered pursuant to subsection (4) (a), may cancel the registration under this Division of the person:

(a)  if:

(i)  in the preceding month, the person (not being a member of a group) or the group of which the person is a member had designated receipts of less than $416,666 (or, where some other amount is prescribed, the prescribed amount), or

(ii)  in the preceding period of 12 months, the person (not being a member of a group) or the group of which the person is a member had designated receipts of less than $5,000,000 (or, where some other amount is prescribed, the prescribed amount), and

(b)  if the Chief Commissioner is satisfied, from a consideration of such matters as he thinks relevant, that the receipts of the designated person, at any time during the succeeding period of 12 months, are likely to be such that the person will not be required to re-apply to the Chief Commissioner for registration under this Division during that period.

(6)  The Chief Commissioner, at his discretion, may, at any time, cancel the registration of a registered person who is registered pursuant to subsection (4) (b).

(7)  A person who fails to comply with this section is guilty of an offence and liable to a fine not exceeding 50 penalty units.

(8)  Nothing in this section requires a designated person to apply to the Chief Commissioner for registration under this Division in respect of receipts received:

(a)  in a period of 12 months ending on or after 30 June 2001, or

(b)  in a month ending on or after 30 June 2001.