s 11ZPA

Directions to governing body of a scheme

In force

(1)

The Authority may, by notice in writing to the governing body of a scheme, give directions as to —

(a)

the provision of information or reports, or the making of periodical returns, to the Authority by the governing body;

(b)

the attendance of a nominee of the Authority as an observer at meetings of the governing body;

(c)

the provision of meeting papers and related material to the Authority in advance of meetings; or

(d)

any other prescribed matter.

(2)

A direction may only be given under this section so far as the Authority considers it is necessary or expedient —

(a)

to achieve any of the purposes set out in section 11ZOB;

(b)

for monitoring the operation of a retail market scheme; or

(c)

for keeping the Authority informed as to —

(i)

the affairs of a formal entity, including its financial affairs; or

(ii)

proposals that will affect the conduct of its affairs.

(3)

The Authority must consult with the governing body concerned before giving a direction under subsection (1).

(4)

The Authority is to cause —

(a)

notice of the giving of a direction under this section; and

(b)

a description of the nature of the direction,

to be published in the Gazette within 14 days after the direction is given.

(5)

A governing body must comply with a direction given to it under this section.

(6)

The Authority may, in writing, revoke or amend a direction given under this section.

(7)

In this section —

governing body of a scheme means the governing body of the formal entity mentioned in section 11ZOF(1)(b) for a retail market scheme.

[Section 11ZPA inserted: No. 53 of 2003 s. 15; amended: No. 53 of 2003 s. 19(1).]

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