Tribunal authorisation or approval
152 Tribunal authorisation or approval
The tribunal may, before an administrator enters into a conflict transaction, authorise the administrator to enter into—
the conflict transaction; or
conflict transactions of that type; or
conflict transactions generally.
Note—Under section 37 an administrator for an adult may enter into a conflict transaction only if the tribunal has authorised the conflict transaction.
Despite subsection (1), if an administrator enters into a conflict transaction that has not been authorised under subsection (1), the tribunal may retrospectively authorise the transaction.
A conflict transaction authorised under subsection (2) is taken to be, and always to have been, as valid as if it had been entered into under an authorisation given by the tribunal before the administrator entered into the transaction.
To remove any doubt, it is declared that, until the tribunal retrospectively authorises a conflict transaction under subsection (2), an administrator who entered into the conflict transaction without the tribunal’s authorisation under subsection (1) has acted contrary to section 37(1).
The tribunal may approve an investment as an authorised investment.
This Act’s bill:Explanatory memorandum
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