Document ID: chunk:federal_register_of_legislation:C2016A00011:schedule:2:p9
Version: federal_register_of_legislation:C2016A00011
Segment Type: schedule
Provision Reference: sch 2 (pt 9/71)
Character Range: 242590–245377

limiting the kinds of activity in which a liquidator may engage, either for the duration of the registration or for a shorter period.

Subdivision C—Varying etc. conditions of registration

20‑40  Application to vary etc. conditions of registration
 (1) If a committee has decided under this Schedule that a person's registration as a liquidator is to be subject to a condition, the person may apply to ASIC for the condition to be varied or removed.
 (2) However, an application cannot be made:
 (a) if the person's registration as a liquidator is suspended; or
 (b) if the condition is of a prescribed kind; or
 (c) in prescribed circumstances.
 (3) The application must be lodged with ASIC in the approved form.
 (4) The application is properly made if:
 (a) an application can be made; and
 (b) subsection (3) is complied with.
 (5) A single application by a registered liquidator may deal with more than one condition.

20‑45  ASIC may convene a committee to consider applications
 (1) ASIC may convene a committee for the purposes of considering an application, or applications, made under section 20‑40.
 (2) The committee must consist of:
 (a) ASIC; and
 (b) a registered liquidator chosen by a prescribed body; and
 (c) a person appointed by the Minister.
Note 1: Section 50‑5 sets out the knowledge and experience that a prescribed body must be satisfied a person has before making an appointment under paragraph (2)(b).
Note 2: Section 50‑10 sets out the matters of which the Minister must be satisfied before making an appointment under paragraph (2)(c).

20‑50  ASIC must refer applications to a committee
 (1) ASIC must refer an application that is properly made under section 20‑40 to a committee convened under section 20‑45 for consideration.
 (2) ASIC must do so within 2 months after receiving the application.

20‑55  Committee to consider applications
 (1) If an application to vary or remove a condition of registration is referred to a committee, the committee must consider the application.
 (2) Unless the applicant otherwise agrees, the committee must, for the purposes of considering the application, interview the applicant.
 (3) The committee must, within 20 business days after interviewing the applicant or obtaining the agreement of the applicant as referred to in subsection (2):
 (a) decide whether the condition to which the application relates should be varied or removed; and
 (b) if a condition is to be varied—specify the way in which it is to be varied.

20‑60  Committee to report
  The committee must give the applicant and ASIC a report setting out:
 (a) the committee's decision on the application; and
 (b) the committee's reasons for that decision; and
 (c) if the committee decides that a condition should be varied—the variation that is to