Document ID: chunk:federal_register_of_legislation:C2024A00087:clause:1_848b
Version: federal_register_of_legislation:C2024A00087
Segment Type: clause
Provision Reference: sch 1 cl 848B
Character Range: 125580–127257

848B  Variation or revocation of determinations
 (1) The Reserve Bank may, in writing, vary a determination made under subsection 848A(1) if paragraphs 848A(1)(a) and (b) would apply in relation to the direction as varied.
 (2) The Reserve Bank may, in writing, revoke a determination made under subsection 848A(1).
 (3) As soon as practicable after making the variation or revocation, the Reserve Bank must give the body corporate to which the determination relates a copy of the variation or revocation.
 (4) As soon as practicable after the Reserve Bank gives the body corporate a copy of the variation or revocation under subsection (3), the body corporate must:
 (a) if it is practical to do so—give a copy of the variation or revocation to each person to whom the body corporate gave:
 (i) a copy of the determination under paragraph 848A(4)(b); or
 (ii) a copy of an earlier variation of the determination (if any) under this paragraph; or
 (iii) a copy of the determination as previously varied (if applicable) under paragraph (b) of this subsection; and
 (b) in the case of a variation that results in additional information being specified in the determination:
 (i) take reasonable steps to discover who is covered by paragraphs 848C(2)(a) and (b) in relation to the additional information (and is not covered by paragraph (a) of this subsection); and
 (ii) if it is practicable to do so—give a copy of the determination, as varied, to each person who the body corporate believes to be so covered.
Note: Failure to comply with this subsection is an offence: see subsection 1311(1).
 (5) A variation or revocation under this section is not a legislative instrument.