Retirement Savings Accounts Act 1997

PART 3 - APPROVAL OF RSA INSTITUTIONS  

SECTION 25   PERIOD WITHIN WHICH APPLICATION FOR APPROVAL IS TO BE DECIDED  

25(1)   [Decision within 60 days]  

Subject to this section, APRA must decide an application for approval within 60 days after receiving it.

25(2)   [Extension of period]  

If APRA thinks that it will take longer to decide the application, APRA may extend, by up to 60 days, the period for deciding it.

25(3)   [Notice of extension]  

An extension must be made by written notice given to the applicant within 60 days after APRA receives the application.

25(4)   [Decision within extension period]  

If APRA makes an extension, APRA must decide the application within the extended period.

25(5)   [Application deemed approved]  

If APRA has not decided the application by the end of the day by which APRA is required to decide it, APRA is taken to have decided, at the end of that day, to approve the application.