sec.177Procedure before cancellation

sec.177 Procedure before cancellation

If the regulator considers a ground exists under section 176 to cancel the declaration of a declared scheme, the regulator must, before taking the action, give the declaration holder written notice— stating that the regulator is considering cancelling the declaration; and stating each ground for the proposed cancellation; and outlining the facts and circumstances forming the basis for each ground; and inviting the declaration holder to make written submissions, within a stated time of at least 7 days, as to why the declaration should not be cancelled. The regulator must consider all submissions received from the declaration holder under subsection (1) (d) . If, after considering the submissions (if any) the regulator still considers a ground exists to cancel the declaration, the regulator may cancel the declaration by written notice given to the declaration holder. The cancellation takes effect on the day the notice is given to the declaration holder. If the regulator cancels the declaration, the regulator must give the declaration holder an information notice for the decision to cancel. (sec.177-ssec.1) If the regulator considers a ground exists under section 176 to cancel the declaration of a declared scheme, the regulator must, before taking the action, give the declaration holder written notice— stating that the regulator is considering cancelling the declaration; and stating each ground for the proposed cancellation; and outlining the facts and circumstances forming the basis for each ground; and inviting the declaration holder to make written submissions, within a stated time of at least 7 days, as to why the declaration should not be cancelled. (sec.177-ssec.2) The regulator must consider all submissions received from the declaration holder under subsection (1) (d) . (sec.177-ssec.3) If, after considering the submissions (if any) the regulator still considers a ground exists to cancel the declaration, the regulator may cancel the declaration by written notice given to the declaration holder. (sec.177-ssec.4) The cancellation takes effect on the day the notice is given to the declaration holder. (sec.177-ssec.5) If the regulator cancels the declaration, the regulator must give the declaration holder an information notice for the decision to cancel.

• (a) stating that the regulator is considering cancelling the declaration; and
• (b) stating each ground for the proposed cancellation; and
• (c) outlining the facts and circumstances forming the basis for each ground; and
• (d) inviting the declaration holder to make written submissions, within a stated time of at least 7 days, as to why the declaration should not be cancelled.