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s 79AB

Review and certification of by-laws

In force
Part VAAReview and lodgement of by-laws

79AB Review and certification of by-laws

(1) A corporation must, in accordance with the directions of the schemes supervisor, submit the following for review by the schemes supervisor:

(a)

any by-law it makes;

(b)

any amendment it makes to a by-law.

(2) A corporation may also submit a by-law, or an amendment to a by‑law, that it proposes to make for review by the schemes supervisor.

(3) A consolidation of a by-law that includes an amendment may be submitted for review instead of the amendment or proposed amendment.

(4) The schemes supervisor must review the by-law, amendment or consolidation, on receipt of it and the prescribed fee, to ensure that it complies with the following criteria:

(a)

it is authorised under this Act;

(b) it does not constitute an unusual or unexpected use of the authority under which it is made;

(c)

its form and style are in accordance with established standards;

(d) its content is logically consistent within itself and, in the case of an amendment, with any by-law being amended.

(5) The schemes supervisor must, within 28 days of receipt of the by‑law, amendment or consolidation:

(a) certify that it complies with the criteria in subsection (4); or

(b) refuse to certify it and give the corporation written reasons why it does not comply with those criteria.

(6) If the schemes supervisor refuses to certify the by-law, amendment or consolidation:

(a) it may be modified to comply with the criteria and a new by‑law, amendment or consolidation submitted to the schemes supervisor for review in accordance with subsection (4); or

(b) the corporation may apply to have the decision of the schemes supervisor reviewed by the Tribunal under section 79AD.

(7) In the absence of evidence to the contrary, the schemes supervisor is taken to have refused to certify the by-law, amendment or consolidation if the schemes supervisor has not responded within the time allowed under subsection (5).

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