31BRevocation of approval of appointment

31B Revocation of approval of appointment (1) The Minister may, by written notice, revoke the approval of a person's appointment as a trustee for an approved scheme if satisfied the person has contravened: (a) the Act, a regulation or another law in force in the Territory in relation to the scheme; or (b) the prudential standards. (2) The revocation takes effect immediately. (3) The Minister must give the notice of revocation to the person whose approval is revoked and a copy of the notice to all other trustees of the scheme. (4) A notice under subregulation (3) must specify the reasons for the revocation.