49Delegation

49 Delegation

(1)  The Commissioner may delegate functions related to the administration of a grant under this Act.

(2)  Without limiting subsection (1) , the Commissioner may enter into an agreement (an administration agreement) with a financial institution or other person under which –

(a) the Commissioner delegates functions related to the administration of a grant under this Act; and

(b) the financial institution or other person is required to carry out the delegated functions in accordance with specified conditions.

(3)  The conditions of an administration agreement may include prescribed conditions.

(4)  A financial institution or other person, who enters into an administration agreement with the Commissioner, must comply with the terms and conditions of the agreement.

Penalty:  Fine not exceeding 500 penalty units.

(5)  The Commissioner may, at any time, at the Commissioner’s discretion, revoke an administration agreement or any other delegation granted under this section.