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CORPORATIONS ACT 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS    View history reference

PART 7.6 - LICENSING OF PROVIDERS OF FINANCIAL SERVICES    View history reference

Division 8C - The standards body    View history reference

Subdivision B - Declaration of the standards body    View history reference

SECTION 921Y  MINISTER MAY REVOKE DECLARATION UNDER SECTION 921X  

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921Y(1)  

The Minister may, at any time, by notifiable instrument, revoke a declaration under section 921X.

921Y(2)  

The revocation must specify:


(a) the time at which it takes effect; and


(b) which legislative instruments made by the standards body under subsection 921U(2), (3) or (5) continue in force, and which are taken to be revoked at that time; and


(c) which approvals (if any) given by the standards body under paragraph 921V(3)(a) continue in force (or are to come into and continue in force), and which are taken to be revoked at that time.

921Y(3)  

A revocation under subsection (1) that specifies that a legislative instrument, or an approval, is taken to be revoked at a particular time has effect according to its terms.

Tabling of revocation

921Y(4)  

The Minister must table the revocation in each House of the Parliament as soon as practicable.

Performance by Minister of certain functions of standards body when no declaration is in force

921Y(5)  

If no declaration under section 921X is in force at a particular time, the Minister may make a legislative instrument or decision as if the Minister were performing the functions of the standards body under paragraph 921U(1)(a) or (c).

Instruments and decisions made by Minister etc.

921Y(6)  

If a declaration under section 921X comes into force after the Minister has made a legislative instrument or decision for the purposes of subsection (5) of this section, the standards body may vary or revoke the legislative instrument or decision.

Relationship with Acts Interpretation Act 1901

921Y(7)  

This section does not limit the operation of subsection 33(3) of the Acts Interpretation Act 1901.


 



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