Commonwealth Consolidated Acts

RETIREMENT SAVINGS ACCOUNTS ACT 1997 - SECT 25

             (1)  Subject to this section, APRA must decide an application for approval within 60 days after receiving it.

             (2)  If APRA thinks that it will take longer to decide the application, APRA may extend, by up to 60 days, the period for deciding it.

             (3)  An extension must be made by written notice given to the applicant within 60 days after APRA receives the application.

             (4)  If APRA makes an extension, APRA must decide the application within the extended period.

             (5)  If APRA has not decided the application by the end of the day by which APRA is required to decide it, APRA is taken to have decided, at the end of that day, to approve the application.