177UVariation or withdrawal of undertaking

177U Variation or withdrawal of undertaking

177U Variation or withdrawal of undertaking

(1) An association that enters into an undertaking may, with the written agreement of the Secretary—

(a) vary the undertaking, or

(b) withdraw the undertaking.

(2) Before varying or withdrawing an undertaking under subsection (1), the association must approve the variation or withdrawal by special resolution.

(3) The Secretary may—

(a) vary an undertaking, with the written agreement of the association, or

(b) withdraw the Secretary’s acceptance of an undertaking, by written notice served on the association.

(4) Before agreeing to vary an undertaking under subsection (3)(a), the association must approve the variation by special resolution.

(5) The provisions of an undertaking may not be varied to provide for a different subject matter.

(6) An undertaking ceases to have effect if—

(a) the undertaking is withdrawn by the association, or

(b) the acceptance of the undertaking is withdrawn by the Secretary.

(7) In this section—

undertaking means an undertaking under section 177T.

s 177U: Ins 2025 No 14, Sch 2[49].