Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) If a reviewable decision is made by ASIC other than as a delegate of the Minister, an entity on whose application the decision is reviewable may lodge an application with ASIC (the review body ) for review of the decision.
(2) If a reviewable decision is made by an ASIC member or staff member as a delegate of the Minister, an entity on whose application the decision is reviewable may lodge an application with the Minister (the review body ) for review of the decision.
(3) An application for review of a decision:
(a) must set out the reasons for making the application; and
(b) must be in the prescribed form; and
(c) must be lodged in the prescribed manner.
(4) An application for review of a decision must be lodged:
(a) in the case of a decision of the kind specified in item 1 of the table in section 56--within 15 months after the day on which the business name is registered to the entity; or
(b) in any other case--within 28 days after the entity is notified of the decision.
(5) Despite subsection (4), an application for review of a decision may be lodged within such longer period as the review body allows.
(6) After an application for review of a decision is lodged with a review body, the review body must review the decision and:
(a) affirm the decision under review; or
(b) vary the decision under review; or
(c) set aside the decision under review and make a decision in substitution for it.
(7) A decision of the review body under subsection (6) takes effect:
(a) on a day, provided in the decision, that is after the decision is made; or
(b) if a day is not so provided--on the day on which the decision is made.
(8) If the review body has not decided an application by an entity for review of a decision:
(a) where the review body is ASIC--within 28 days after the application is lodged; and
(b) where the review body is the Minister--within 60 days after the application is lodged;
the entity may, at any time, give the review body written notice that the entity wishes to treat the decision as having been affirmed.
(9) For the purposes of section 58, if an entity gives notice under subsection (8), the review body is taken to have refused the entity's application on the day on which the notice is given.