Commonwealth Consolidated Acts

POOLED DEVELOPMENT FUNDS ACT 1992 - SECT 47

  (1)   Subject to this section, the Board may revoke a PDF's registration declaration if:

  (a)   the Board is satisfied that a provision of this Act has been contravened by, or in relation to, the PDF; or

  (b)   the Board is no longer satisfied that the PDF's constitution satisfies the PDF constitution requirements; or

  (c)   the Board is satisfied that a provision of the PDF's constitution that prohibits as mentioned in subsection   4(3) has been contravened; or

  (d)   the Board is satisfied that a condition of the PDF's registration has been contravened by, or in relation to, the PDF.

  (2)   As soon as practicable after revoking a company's registration declaration, the Board must give the company a notice that advises of the revocation and sets out the Board's reasons for deciding to revoke the declaration.

  (3)   The Board must not revoke a registration declaration unless the Board:

  (a)   by notice in writing given to the PDF, allows the PDF at least 14 days after the notice is given in which to make written submissions to the Board about the matters specified in the notice that, in the opinion of the Board, may constitute grounds for revoking the declaration; and

  (b)   considers any such submissions.

  (4)   The reference in subsection   (1) to a provision of this Act includes a reference to section   136.1, 137.1 or 137.2 of the Criminal Code , in so far as that section relates to this Act.