Commonwealth Consolidated Acts

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CORPORATIONS ACT 2001 - SECT 962V

When consent ceases to have effect

             (1)  A consent given in relation to an ongoing fee arrangement for the purposes of this Subdivision ceases to have effect:

                     (a)  unless paragraph (b) or (c) applies--at the end of the period of 150 days after the anniversary day for the ongoing fee arrangement; or

                     (b)  if the ongoing fee arrangement is terminated--at the time the ongoing fee arrangement terminates; or

                     (c)  if a new consent is given in relation to the ongoing fee arrangement for the purposes of this Subdivision--at the time that new consent is given.

             (2)  If:

                     (a)  a consent given in relation to an ongoing fee arrangement for the purposes of this Subdivision ceases to have effect under subsection (1); and

                     (b)  a fee recipient gave a copy of the consent to an account provider under paragraph 962S(3)(c);

the fee recipient must give written notice of the cessation to the account provider within 10 business days of the cessation.

             (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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