7Permit for assets and controlled assets

7 Permit for assets and controlled assets

(1) The Minister may, on application, grant a person a permit authorising: (a) the making available of an asset to a person or entity that would otherwise contravene subsection 5(1); or (b) a use of, or dealing with, a controlled asset that would otherwise contravene subsection 6(1).

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

(2) The application must be for a basic expense dealing, legally required dealing, contractual dealing, required payment dealing or extraordinary expense dealing as defined in regulation 5 of the Charter of the United Nations (Dealing with Assets) Regulations 2008. (3) The application must specify which kind of dealing mentioned in subsection (2) the application is for. (4) If the application is for a basic expense dealing, the Minister: (a) must notify the Committee of the application; and (b) may grant a permit only if 5 business days have passed since the notice was given, and the Committee has not advised against granting a permit to the applicant. (5) If the application is for a legally required dealing, the Minister must notify the Committee of the application. (6) If the application is for a required payment dealing, the Minister: (a) must notify the Committee of the application; and (b) may grant a permit only if 10 business days have passed since the notice was given. (7) If the application is for an extraordinary expense dealing, the Minister: (a) must notify the Committee of the application; and (b) may grant a permit only with the approval of the Committee. (8) The permit is subject to any conditions specified in the permit.

Note: Part 2 of the Charter of the United Nations (Dealing with Assets) Regulations 2008 applies to this section.