12CPermit for assets and controlled assets—grant—permissible dealings

12C Permit for assets and controlled assets—grant—permissible dealings

(1) This regulation applies if a person has made an application under regulation 12B. (2) If the application is for a basic expense dealing, the Minister: (a) must give the Committee notice of the application; and (b) may grant the permit only if the Committee does not advise against granting the permit within 5 working days after the notice is given. (3) If the application is for a legally required dealing, the Minister may grant the permit only after giving the Committee notice of the application. (4) If the application is for a contractual dealing, the Minister may grant the permit. (5) If the application is for a required payment dealing, the Minister may grant the permit only after giving the Committee notice at least 10 working days in advance. (6) If the application is for an extraordinary expense dealing, the Minister may grant the permit only if the Committee approves the application. (7) The permit is subject to any conditions specified in the permit.

Note: Section 13A of the Act applies to a permit granted by the Minister under this regulation.