Retirement Savings Accounts Act 1997

PART 3 - APPROVAL OF RSA INSTITUTIONS  

SECTION 29   AN APPLICATION MUST BE DECIDED WITHIN A PERIOD OF TIME  

29(1)   [Decision within 60 days]  

Subject to this section, APRA must decide an application for variation of the approval of an RSA institution within 60 days after receiving it.

29(2)   [Variation not as requested]  

APRA is not required to vary the approval of an RSA institution in the terms requested by the RSA institution.

29(3)   [Extension of period]  

If APRA thinks that it will take longer than 60 days to decide the application, APRA may extend the period for deciding it by no more than 60 days.

29(4)   [Notice of extension]  

An extension must be notified in writing to the RSA institution within 60 days after APRA receives the application.

29(5)   [Decision within extension period]  

If APRA makes an extension, APRA must decide the application within the extended period.

29(6)   [Application deemed withdrawn]  

If APRA has not decided the application by the end of the day by which APRA is required to decide it, APRA is taken to have decided, at the end of that day, to refuse the application.