Document ID: chunk:federal_register_of_legislation:C2025C00185:section:601vbf
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 601VBF
Character Range: 2392811–2394315

601VBF  Revoking an approval
 (1) The Minister may, by written notice given to a person who holds an approval under section 601VBB in relation to a licensed trustee company or proposed licensed trustee company, revoke the approval if:
 (a) the Minister is satisfied that:
 (i) in the case of a licensed trustee company—it would be in the interests of that company and its clients for the approval to be revoked; or
 (ii) in the case of a proposed licensed trustee company—it would be in the interests of that company and its clients for the approval to be revoked were that company a licensed trustee company.
 (b) the Minister is satisfied that an unacceptable control situation exists in relation to the company and in relation to the person; or
 (c) the Minister is satisfied that there has been a contravention of a condition to which the approval is subject.
 (2) The revocation takes effect on the day specified in the notice of revocation. The specified day must be a day at least 90 days after the day on which the notice is given.
 (3) If a person who holds an approval under section 601VBB applies to the Minister for revocation of the approval, the Minister must, by written notice given to the person, revoke the approval. The revocation takes effect on the day specified in the notice of revocation.
 (4) As soon as practicable, the Minister must arrange for a copy of a notice of revocation under this section to be:
 (a) published in the Gazette; and
 (b) given to the company concerned.