Section 1233N — Corporations Act 2001: Variations of proportional allocation of liabilities

(1) The corporate director may vary a determination made under section 1233M if it is necessary to do so to ensure that the determination remains operative for the purposes of subsection 1233M(4). (2) If, as a result of a change in circumstances, a determination has or will become inoperative, the corporate director must vary the determination as soon as is practicable. Note: The variation may take effect retrospectively to make operative a determination that has become inoperative: see paragraph (3)(b). (3) The variation: (a) must be fair and reasonable in the circumstances and having regard to: (i) the matters referred to in paragraph 1233L(1)(b); and (ii) the time at which it starts to apply; and (b) must specify the time at which it starts to apply, which may be earlier or later than the time at which the variation is made; and (c) must result in the liability being wholly allocated; and (d) must be made in writing. Effect of variation (4) The variation takes effect from the time at which it starts to apply. Fault-based offences (5) A person commits an offence if: (a) the person is subject to a requirement under subsection (2); and (b) the person fails to comply with the requirement.