Corporations Act 2001
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
601VBD(3) [ When power may be exercised]
(ii) specified in the notice of approval.
(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]
(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) ).