153UNo Treasurer action notice

153U No Treasurer action notice

(1) The Commission must give the Treasurer a notice in writing (a no Treasurer action notice) in respect of the prohibited conduct notice mentioned in section 153R if the Commission considers that it is not appropriate to give the Treasurer a prohibited conduct recommendation in respect of the prohibited conduct notice.

(2) The notice must:

(a) be expressed to be given under this section; and

(b) state the day on which the notice is given; and

(c) explain the reasons why the Commission considers that it is not appropriate to give the Treasurer a prohibited conduct recommendation in respect of the prohibited conduct notice.

(3) The Commission must give a copy of the notice to the corporation:

(a) unless paragraph (b) applies—45 days after issuing it; or

(b) if the Commission and the Treasurer agree that it is appropriate to give a copy of the notice to the corporation at an earlier time—at that earlier time.

(4) A no Treasurer action notice is not a legislative instrument.