Commonwealth Consolidated Acts

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Duration of approval

  (1)   An approval under section   851B remains in force:

  (a)   if the notice of approval specifies a period during which the approval remains in force--until the end of that period, or if the Minister extends that period, until the end of that extended period; or

  (b)   otherwise--indefinitely.

Extension of approval

  (2)   A person who holds an approval under section   851B that is in force for a specified period may apply to extend that period by lodging with ASIC an application that sets out the person's reasons for making the application.

Note:   For fees in respect of lodging applications, see Part   9.10.

  (3)   ASIC must give the application to the Minister as soon as possible.

  (4)   If the Minister is satisfied that it is in the national interest to grant the extension, the Minister may grant the application.

  (5)   If the Minister grants the application, the Minister must:

  (a)   give written notice of the extension to the applicant; and

  (b)   specify the extended period during which the approval remains in force (which may or may not be the period the applicant applied for).

  (6)   If the Minister refuses the application, the Minister must give written notice of the refusal to the applicant.

  (7)   As soon as practicable, the Minister must arrange for a copy of a notice of extension under this section to be:

  (a)   published in the Gazette ; and

  (b)   given to the widely held market body concerned.

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