Senator O’BRIEN (1:41 PM) —In relation to schedule 3, my reading of 3AA is that the minister is given permission, if not required, to declare a specified company as a designated company for the purposes of the act. There are certain requirements, such that it cannot be retrospective, that it must be a company registered under the Corporations Act, that the minister must cause a copy of the declaration to be published on the internet and that it is not disallowable. That deals with proposed subsections (1) to (5). Proposed subsections (6) to (10) talk about the revocation of such a declaration. Again, I do not think it can be retrospective, it has to be published and it is not disallowable. Proposed subsection (11) deals with the circumstances of a company ceasing to be registered under the Corporations Act. Proposed subsection (13) limits the time in which the minister can exercise the power to either designate a company or to revoke such a designation. That power would commence with the commencement of this schedule, which I think is to be in March 2008, and would cease to have effect from 30 June 2008. My question is: given subsection (12) reads, ‘Until the first declaration under subsection (1) takes effect, nominated company B is the designated company for the purposes of this act,’ isn’t it the case that, if the minister makes no designation for the period between 1 March 2008 and 30 June 2008, nominated company B remains the holder of the single desk power and will be able to export without permit? The only difference from the previous circumstances will be that it will not have the power of veto. Is that a correct understanding of the legislation?