Superannuation Industry (Supervision) Act 1993

PART 15 - STANDARDS FOR TRUSTEES, CUSTODIANS AND INVESTMENT MANAGERS OF SUPERANNUATION ENTITIES  

Division 3 - Disqualified persons  

Subdivision A - Disqualification by the Commissioner of Taxation  

SECTION 126C   APPLICATION MUST BE DECIDED WITHIN A PERIOD OF TIME  

126C(1)   [Period for deciding application]  

Subject to this section, the Regulator must decide an application made under section 126B within 60 days after receiving it.

126C(2)   [Extension of period]  

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

126C(3)   [Notification of extension]  

The extension must be notified in writing to the applicant within 60 days after the Regulator receives the application.

126C(4)   [Application to be decided within extended period]  

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

126C(5)   [Application deemed refused]  

If the Regulator has not decided the application by the end of the day by which the Regulator is required to decide it, the Regulator is taken to have decided, at the end of that day, to refuse the application under subsection 126D(3) .