Victorian Numbered Acts Victorian Numbered Acts(1) A proprietor must give notice to the Secretary in accordance with this section of any reportable transaction to which the proprietor is a party within the reporting period.
Penalty: 120 penalty units, in the case of a natural person;
600 penalty units, in the case of a body corporate.
(2) A close associate of a proprietor must give notice to the Secretary in accordance with this section of any reportable transaction to which the close associate is a party within the reporting period.
Penalty: 120 penalty units, in the case of a natural person;
600 penalty units, in the case of a body corporate.
(3) A notice under subsection (1) or (2) must be in writing and include—
(a) if there is one, a copy of the written agreement for the reportable transaction; or
(b) if the reportable transaction involves property the value of which exceeds the amount prescribed for the purposes of the definition of reportable transaction in section 3(1), evidence of—
(i) the market value of the property involved in the reportable transaction; and
(ii) the independent financial or legal advice obtained by the resident or the resident's administrator in respect of the reportable transaction.
(4) In this section, "reporting period" means—
(a) the period of 14 days after the entering into of a reportable transaction; or
(b) if a different period is prescribed as the reporting period, that period.