Commonwealth Consolidated Acts

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CORPORATIONS ACT 2001 - SECT 962U

Variation or withdrawal of consent

             (1)  If a person (the account holder ) who holds an account gives consent to a fee recipient under section 962R or 962S for the purposes of this Subdivision, the account holder may:

                     (a)  withdraw the consent at any time, by notice in writing to the fee recipient; and

                     (b)  vary the consent at any time, by notice in writing to the fee recipient.

             (2)  If the fee recipient receives a notice from the account holder under subsection (1), the fee recipient must within 10 business days of receipt:

                     (a)  give written confirmation to the account holder that the notice was received; and

                     (b)  if the fee recipient gave a copy of the account holder's consent to an account provider under paragraph 962S(3)(c)--give the account provider a copy of the notice.

             (3)  A person contravenes this subsection if the person contravenes subsection (2).

Note:          This subsection is a civil penalty provision (see section 1317E).



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