Revoking and amending permits and certain approvals
60 Revoking and amending permits and certain approvals
Where the Commission is satisfied that the circumstances so require, the Commission, subject to section 62, may in its discretion —
revoke its approval as to the eligibility of any person to hold a permit; or
revoke its approval of a person as a nominee permit holder; or
where a permit holder is a corporation and —
a dealing with shares or any other interest in the corporation takes place; or
the corporation or its directors enter into a transaction or arrangement,
and in the opinion of the Commission the dealing, transaction or arrangement substantially affects the control of the corporation, revoke the permit; or
revoke a permit or a certificate; or
amend any such approval or permit or certificate.
The revocation or amendment of an approval or a permit or a certificate pursuant to subsection (1) takes effect —
on the day on which a notice of the revocation or amendment is given by the Commission to the holder of that approval or permit or certificate; or
on such later day as is specified in the notice of revocation or amendment,
and the register shall be noted accordingly.
Where notice is to be given pursuant to subsection (2) and service can not be effected within 7 days, a notice published for information in the Gazette setting out the relevant particulars of the notice to be given and of the day on which it was dated shall be taken to be sufficient service of a notice pursuant to subsection (2) for the purpose of any revocation or amendment of an approval or a permit or a certificate to which this section applies.
The revocation or amendment of an approval or a permit or a certificate to which this section applies shall not be effected unless the Commission has taken reasonable steps to afford the holder of that approval or permit or certificate, and any other person or body likely to be affected, an opportunity to make submissions to the Commission in relation to the matter, unless the ground of revocation or amendment is a suspected offence under this Act.
The Commission may by notice in writing require the holder of an approval or a permit or a certificate to which this section applies to return it to the Commission for the purpose of amendment.
Where the Commission by notice requires that an approval or a permit or a certificate be returned to the Commission under subsection (5) and the approval or permit or certificate is not so returned within the time limited by the Commission in the notice, that approval or permit or certificate shall be deemed to have been revoked with effect from the day on which the notice was dated.
The application of this section to the revocation of a certificate is subject to sections 88 and 92.
[Section 60 amended: No. 16 of 1990 s. 33; No. 24 of 1998 s. 52.]
[61. Deleted: No. 16 of 1990 s. 33.]
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