Clause 44

in subsection (1), after “(3)”, insert “, (3A)”;

in subsection (2), after “section 63B(3)” wherever it appears, insert “or (3A)”;

after subsection (3), insert —“(3A) Where a person is charged with an offence in respect of a contravention of section 63B(3A), it is also a defence for the person to prove that, even though the person was aware of the contravention —

the contravention occurred as a result of a decrease in the holding of equity interests or in the voting power controlled by any of the person’s associates;

the person has no agreement or arrangement, whether oral or in writing and whether express or implied, with that associate with respect to the acquisition, holding or disposal of equity interests in, or under which they act together in exercising their voting power in relation to, the designated gas licensee, the designated entity or the designated business trust; and

the person has, within 14 days of the date of the contravention, notified the Authority of the contravention and, within such time as may be determined by the Authority, taken such actions in relation to the person’s holding of equity interests or control of voting power in the designated gas licensee, the designated entity or the designated business trust as the Authority may direct.”;

in subsection (4), replace “and (3)” with “, (3) and (3A)”; and

in subsection (4), replace “or (3)” wherever it appears with “, (3) or (3A)”.