33Revocation of licence

33 Revocation of licence

(1) The revocation of a licence takes effect on a day specified in writing by the Minister. (2) The day specified by the Minister must not be a day earlier than the seventh day after the day on which the Minister makes a decision under section 32 to revoke the licence. (3) If:

(a) the Minister decides to revoke a FLIC’s licence under section 32; and

(b) the FLIC has, at the day of the revocation, raised an amount of concessional capital;

the revocation of the licence does not of itself remove the concessional status of shares issued by the FLIC before the revocation.