Cooling-off period to apply to acceptance
32V Cooling-off period to apply to acceptance
A cooling-off period, for accepting an offer, is a period of 5 business days—
starting on the day the eligible person gives notice about accepting the offer to the trustee; and
ending at 5p.m. on the fifth business day after the day mentioned in paragraph (a).
An eligible person who accepts, or proposes to accept, an offer may give written notice to the trustee—
waiving the cooling-off period for accepting the offer; or
shortening the cooling-off period for accepting the offer.
An eligible person who has not waived the cooling-off period for accepting an offer may rescind or revoke the acceptance by giving a signed notice of rescission or revocation to the trustee at any time during—
the cooling-off period; or
if the period has been shortened under subsection (2)(b), the shortened period.
If the acceptance is rescinded or revoked under subsection (3), the trustee must, within 14 days, refund any deposit paid under the acceptance to the eligible person.
An amount payable to the eligible person under subsection (4) is recoverable from the trustee as a debt.
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