Corporations Act 2001
An approval under section 601VBB remains in force:
(a) if the notice of approval specifies a period during which the approval remains in force - until the end of that period, or if the Minister extends that period, until the end of that extended period; or
(b) otherwise - indefinitely. 601VBC(2) Extension of approval.
A person who holds an approval under section 601VBB that is in force for a specified period may apply to extend that period by lodging with ASIC an application that sets out the person's reasons for making the application.
Note: For fees in respect of lodging applications, see Part 9.10 .601VBC(3) [ Application to be given to Minister]
ASIC must give the application to the Minister as soon as possible.601VBC(4) [ Minister may grant approval]
The Minister may grant the application if the Minister is satisfied that it would be in the interests of the licensed trustee company and its clients for the application to be granted.601VBC(5) [ Notice of approval]
(a) give written notice of the extension to the applicant; and
(b) specify the extended period during which the approval remains in force (which may or may not be the period the applicant applied for). 601VBC(6) [ Notice of refusal]
If the Minister refuses the application, the Minister must give written notice of the refusal to the applicant.601VBC(7) [ Notice to be published and given to company]
(a) published in the Gazette; and
(b) given to the licensed trustee company concerned.