Superannuation Industry (Supervision) Legislation Amendment Act 1995 (144 of 1995)

Schedule 4   AMENDMENTS OF THE SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993

15   Section 24

Repeal the section, substitute:

Further information may be requested

"24.(1) If the Commissioner needs further information to decide the application for approval, the Commissioner may request the applicant, in writing, to supply the Commissioner with such further information as is specified in the request within such time as is specified in the request.

"(2) If, without reasonable excuse, the applicant refuses or fails to comply with the request, the Commissioner may decide to treat the application as having been withdrawn.

"(3) If the Commissioner decides, under subsection (2), to treat the application as having been withdrawn, the Commissioner must, as soon as practicable after so deciding, inform the applicant in writing to that effect.".