Acting on regulator’s own initiative—general
174 Acting on regulator’s own initiative—general
Subject to section 175, the regulator must not act, to amend the conditions by varying them or imposing new conditions, on the regulator’s own initiative without first giving the declaration holder a notice—
stating details of the proposed amendment; and
inviting the declaration holder to make written submissions about the proposal within a stated time of at least 7 days.
The regulator must consider all submissions received from the declaration holder under subsection (1)(b).
If, after considering the submissions (if any), the regulator is of the opinion that the conditions of the declared scheme should be amended as mentioned in subsection (1)(a), the regulator may amend the conditions by written notice given to the declaration holder.
The amendment has effect when the notice is given to the declaration holder.
If the regulator amends the conditions, the regulator must give the declaration holder an information notice for the decision to amend.
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.