CORPORATIONS ACT 2001 - SECT 962V When consent ceases to have effect

CORPORATIONS ACT 2001 - SECT 962V

  (1)   A consent given in relation to an ongoing fee arrangement for the purposes of this Subdivision ceases to have effect:

  (a)   unless paragraph   (b) or (c) applies--at the end of the period of 150 days after the anniversary day for the ongoing fee arrangement; or

  (b)   if the ongoing fee arrangement is terminated--at the time the ongoing fee arrangement terminates; or

  (c)   if a new consent is given in relation to the ongoing fee arrangement for the purposes of this Subdivision--at the time that new consent is given.

  (2)   If:

  (a)   a consent given in relation to an ongoing fee arrangement for the purposes of this Subdivision ceases to have effect under subsection   (1); and

  (b)   a fee recipient gave a copy of the consent to an account provider under paragraph   962S(3)(c);

the fee recipient must give written notice of the cessation to the account provider within 10 business days of the cessation.

  (3)   A person contravenes this subsection if the person contravenes subsection   (2).

Note:   This subsection is a civil penalty provision (see section   1317E).