Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .

PART 7.7A - BEST INTERESTS OBLIGATIONS AND REMUNERATION  

Division 3 - Charging ongoing fees to clients  

Subdivision B - Client consent required for ongoing fee arrangements  

SECTION 962H   WHEN CONSENT CEASES TO HAVE EFFECT  

962H(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) applies - at the end of the period of 150 days after the day determined under subsection (2) ; or

(b)    

if a new consent that complies with the requirements in section 962G is given in relation to the arrangement in the period that starts 60 days before the day determined under subsection (2) and ends 150 days after that day - at the time that new consent is given.

Reference date for determining renewal period and cessation of consent

962H(2)    

The day determined under this subsection for a consent (the current consent ) given in relation to an ongoing fee arrangement is the earlier of:

(a)    

if the current consent specifies a day - that day; and

(b)    the anniversary of:

(i) if the current consent is the first consent given in relation to the arrangement - the day on which the ongoing fee arrangement was entered into; or

(ii) if the current consent is not the first consent given in relation to the arrangement - the day determined under this subsection for the previous consent.