Commonwealth Numbered Acts

RETIREMENT SAVINGS ACCOUNTS ACT 1997 No. 61, 1997 - SECT 29

(1) Subject to this section, the Commissioner must decide an application for
variation of the approval of an RSA institution within 60 days after receiving
it.

(2) The Commissioner is not required to vary the approval of an RSA
institution in the terms requested by the RSA institution.

(3) If the Commissioner thinks that it will take longer than 60 days to decide
the application, the Commissioner may extend the period for deciding it by no
more than 60 days.

(4) An extension must be notified in writing to the RSA institution within 60
days after the Commissioner receives the application.

(5) If the Commissioner makes an extension, the Commissioner must decide the
application within the extended period.

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