334Varying or revoking asset determination on System Governor’s initiative

334  Varying or revoking asset determination on System Governor’s initiative

Notice before variation or revocation

 (1) Before the System Governor varies or revokes an asset determination under section 331 in relation to an individual on the System Governor’s own initiative, the System Governor must give the individual written notice that the System Governor is considering varying or revoking the determination.

 (a) set out the reasons why the System Governor is considering varying or revoking the asset determination, and what the effect of the variation or revocation would be; and

 (b) invite the individual to make a submission, in writing, to the System Governor in relation to the matter within the period specified in the notice (which must not be less than 28 days after giving the notice); and

 (c) inform the individual that the System Governor may decide to vary or revoke the asset determination:

 (i) if no submission is made within the specified period; or

 (ii) after considering any submission made by the individual within the specified period.

Request for further information

 (3) The System Governor may also request, in the notice given under subsection (1), that the individual give the System Governor the information specified in the notice, within the period specified in the notice for the purposes of paragraph (2)(b), to assist the System Governor to decide whether to vary or revoke the asset determination.

 (4) If the individual makes a submission in accordance with the invitation under paragraph (2)(b), the System Governor may, by written notice, request the individual to give the System Governor further information, within the period specified in the notice (which must not be less than 28 days after giving the notice), to assist the System Governor to decide whether to vary or revoke the asset determination.

Note 1: The System Governor may request further information under this subsection regardless of whether information was requested or given under subsection (3).

Note 2: The individual is not obliged to give the information.

 (5) The System‑Governor may, at the request of the individual, extend the period specified for paragraph (2)(b) or subsection (4).

Deciding whether to vary or revoke asset determination

 (6) The System Governor must:

 (a) consider any submission made in accordance with the invitation under paragraph (2)(b) and any further information given in accordance with a request under subsection (3) or (4); and

 (b) make a decision whether to vary or revoke the asset determination within the period specified in the rules.