An approval under section 601VBB is subject to such conditions (if any) as are specified in the notice of approval.
601VBD(2)[Minister may impose, vary or revoke conditions]
The Minister may, by written notice given to a person who holds an approval under section 601VBB:
(a) impose one or more conditions or further conditions to which the approval is subject; or
(b) revoke or vary any condition:
(i) imposed under paragraph (a); or
(ii) specified in the notice of approval.
601VBD(3)[When power may be exercised]
The Minister's power under subsection (2) may be exercised:
(a) on the Minister's own initiative; or
(b) on application by the person who holds the approval.
601VBD(4)[Application to be lodged with ASIC]
An application made by a person under paragraph (3)(b) must be lodged with ASIC and must set out the person's reasons for making the application.
Note: For fees in respect of lodging applications, see Part 9.10.
601VBD(5)[Application to be given to Minister]
ASIC must give the application to the Minister as soon as possible.
601VBD(6)[Notice of refusal]
If the Minister refuses an application under paragraph (3)(b), the Minister must give written notice of the refusal to the applicant.
601VBD(7)[Notice of approval to be published and given to company]
As soon as practicable, the Minister must arrange for a copy of a notice under subsection (2) to be:
(a) published in the Gazette; and
(b) given to the licensed trustee company concerned.
601VBD(8)[Notice of breach by holder]
A person who holds an approval under section 601VBB must give written notice to ASIC as soon as practicable after they become aware that they have breached a condition to which the approval is subject.
Note: Failure to comply with this subsection is an offence (see subsection 1311(1)).