Document ID: chunk:federal_register_of_legislation:C2025C00189:section:153r
Version: federal_register_of_legislation:C2025C00189
Segment Type: section
Provision Reference: s 153R
Character Range: 2054199–2055707

153R  Commission must give Treasurer prohibited conduct recommendation or no Treasurer action notice
 (1) If the Commission has given a corporation a prohibited conduct notice, the Commission must, within 45 days after the end of the period mentioned in subsection (3), give the Treasurer:
 (a) a prohibited conduct recommendation in respect of the prohibited conduct notice; or
 (b) a no Treasurer action notice in respect of the prohibited conduct notice.
 (2) Subsection (1) does not apply if the prohibited conduct notice has been revoked under section 153Q.
 (3) The period is:
 (a) unless paragraph (b) applies—the period mentioned in subsection 153P(3) for the prohibited conduct notice; or
 (b) if there has been a variation of the prohibited conduct notice under section 153Q—the period mentioned in subsection 153Q(3) for the variation.
 (4) Subsection (5) applies if:
 (a) the Commission has given the Treasurer a no Treasurer action notice in respect of the prohibited conduct notice, in accordance with paragraph (1)(b); and
 (b) the Commission has made a revocation of the no Treasurer action notice under subsection 153V(1).
 (5) The Commission must, within 45 days after making the revocation:
 (a) give the Treasurer a prohibited conduct recommendation in respect of the prohibited conduct notice; or
 (b) give the corporation a new prohibited conduct notice in respect of the prohibited conduct identified in the prohibited conduct notice (in accordance with subparagraph 153P(2)(c)(ii)).