S 27B repealed by No 53 of 2004, s 3 and Sch 1 item 71, effective 1 July 2006. S 27B formerly read:
SECTION 27B AN APPLICATION MUST BE DECIDED WITHIN A PERIOD OF TIME
27B(1)
Subject to this section, APRA must decide an application for variation of the approval of a trustee within 60 days after receiving it.
History
S 27B(1) amended by No 54 of 1998.
27B(2)
APRA is not required to vary the approval of a trustee in the terms requested by the trustee.
History
S 27B(2) amended by No 54 of 1998.
27B(3)
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.
History
S 27B(3) amended by No 54 of 1998.
27B(4)
An extension must be notified in writing to the trustee within 60 days after APRA receives the application.
History
S 27B(4) amended by No 54 of 1998.
27B(5)
If APRA makes an extension, APRA must decide the application within the extended period.
History
S 27B(5) amended by No 54 of 1998.
27B(6)
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.
History
S 27B(6) amended by No 54 of 1998.
S 27B inserted by No 144 of 1995.
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