Surrenders
73 Surrenders
A distributor may surrender its authority only if the regulator has, on the distributor’s application, approved the surrender.
The application must be in the approved form and accompanied by the fee prescribed under a regulation.
The regulator—
may impose conditions on giving the approval; and
must fix a time, no later than 6 months after deciding the application, for the surrender to take effect.
If the regulator decides to refuse the application or impose a condition on the surrender, the regulator must, as soon as practicable, give the applicant an information notice about the decision.
Subsection (4) does not apply for a condition that is the same, or is to the same effect, as a condition agreed to or requested by the applicant.
This provision refers to the regulations (a regulation
). Made under this Act:
This Act’s bill:Explanatory memorandum
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