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s 34

Duration of scheme

In force
Part 2Limitation of liability
Division 3Effect of schemes

34 Duration of scheme

(1)

A scheme must specify the period (not exceeding 5 years) for which it is to remain in force after its commencement.

(1a)

Subject to subsection (2)—

(a)

a scheme that is an interstate scheme remains in force in this jurisdiction until—

(i)

the period specified under subsection (1) ends; or

(ii)

the scheme's operation in relation to this jurisdiction is terminated under section 18B; or

(iii)

the scheme ceases to have effect in the jurisdiction in which it was prepared; or

(iv)

the scheme is disallowed under section 10 of the Subordinate Legislation Act 1978; and

(b)

any other scheme remains in force until—

(i)

the period specified under subsection (1) ends; or

(ii)

the scheme is revoked; or

(iii)

the scheme's operation ceases because of the operation of another Act; or

(iv)

the scheme is declared void, either by an order made by the Supreme Court under section 16 or by an order made by the Supreme Court of another jurisdiction under the corresponding law of that jurisdiction; or

(v)

the scheme is disallowed under section 10 of the Subordinate Legislation Act 1978.

(2)

The Minister may, by notice published in the Gazette, extend the period for which a scheme is in force.

(3)

A notice under subsection (2) must be published on or before the day when the original period ends.

(4)

Only 1 extension may be effected under subsection (2) in respect of any particular scheme, and the maximum period of such an extension is 12 months.

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