Superannuation Industry (Supervision) Act 1993
View history note
Hide history notePt 2 repealed by No 53 of 2004, s 3 and Sch 1 item 71, effective 1 July 2006.
(Repealed by No 53 of 2004)
S 28 repealed by No 53 of 2004, s 3 and Sch 1 item 71, effective 1 July 2006. S 28 formerly read:
S 28(1) amended by No 54 of 1998. S 28(2) amended by No 38 of 1999, No 54 of 1998, No 169 of 1995 and No 144 of 1995. [
CCH Note:
No 38 of 1999, s 3 and Sch 2 item 3, provided for the substitution of ``Except in a case covered by paragraph (2)(aa), the Commissioner
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for ``The Commissioner
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, effective 31 May 1999. This amendment could not be consolidated because of the amendment effected by Sch 16 items 31 and 45 of No 54 of 1998, but a similar effect was achieved by the amendment made by Sch 16 item 223 of No 54 of 1998.] S 28(3) substituted by No 54 of 1998 (as amended by the
Financial Sector Reform (Amendment and Transitional Provisions) Act (No 1) 1999
, s 3 and Sch 6 items 8 and 11), s 3 and Sch 16 item 223, effective 31 May 1999. For transitional provisions, see history note under s 3(1). S 28(3) formerly read: S 28(3) amended by No 54 of 1998.
SECTION 28 REVOCATION OF APPROVAL
28(1)
APRA may revoke the approval of an approved trustee by written notice given to the trustee.
28(2)
Without limiting subsection (1), APRA may revoke an approval under that subsection if APRA is satisfied, on reasonable grounds, that:
(aa)
the trustee has requested in writing that the approval be revoked; or
(a)
there has been a contravention of any condition to which the approval is subject; or
(b)
the trustee can no longer be relied on to perform, in a proper manner, the duties of trustee of each relevant entity of which the trustee is the trustee; or
(c)
if subparagraph
26(1)(b)(i)
is designated as the subparagraph on the basis of which the trustee is approved
-
that subparagraph has ceased to apply to the trustee; or
(d)
if subparagraph
26(1)(b)(ii)
is designated as the subparagraph on the basis of which the trustee is approved
-
that subparagraph has ceased to apply to the trustee; or
(da)
if subparagraph
26(1)(b)(iia)
is designated as the subparagraph on the basis of which the trustee is approved
-
that subparagraph has ceased to apply to the trustee; or
(e)
if subparagraph
26(1)(b)(iii)
is designated as the subparagraph on the basis of which the trustee is approved
-
the trustee has failed to comply with a requirement of APRA under that subparagraph.
28(3)
Except in a case covered by paragraph (2)(aa), APRA must not make a decision under subsection (1) without the written consent of the Minister.
28(3)
APRA must not make a decision under subsection (1) without the written consent of the Minister.
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