sec.56Approval may be general in nature

sec.56 Approval may be general in nature

The Minister may approve foundations to enter into a special financial arrangement or derivative transaction. The approval must be published on the department’s website. The approval may— apply generally to all foundations, special financial arrangements or derivative transactions or be limited in its application to— particular foundations, special financial arrangements or derivative transactions; or particular classes of special financial arrangements or derivative transactions; or otherwise apply generally or be limited in its application by reference to stated exceptions or factors. Also, the approval may— make different provision for different foundations, special financial arrangements or derivative transactions, or different classes of arrangements or transactions; or apply differently to stated exceptions or factors. The approval may be on conditions the Minister considers necessary or desirable. To remove any doubt, it is declared that an approval may apply to a foundation even though the foundation was not established when the approval was given. (sec.56-ssec.1) The Minister may approve foundations to enter into a special financial arrangement or derivative transaction. (sec.56-ssec.2) The approval must be published on the department’s website. (sec.56-ssec.3) The approval may— apply generally to all foundations, special financial arrangements or derivative transactions or be limited in its application to— particular foundations, special financial arrangements or derivative transactions; or particular classes of special financial arrangements or derivative transactions; or otherwise apply generally or be limited in its application by reference to stated exceptions or factors. (sec.56-ssec.4) Also, the approval may— make different provision for different foundations, special financial arrangements or derivative transactions, or different classes of arrangements or transactions; or apply differently to stated exceptions or factors. (sec.56-ssec.5) The approval may be on conditions the Minister considers necessary or desirable. (sec.56-ssec.6) To remove any doubt, it is declared that an approval may apply to a foundation even though the foundation was not established when the approval was given.

• (a) apply generally to all foundations, special financial arrangements or derivative transactions or be limited in its application to— (i) particular foundations, special financial arrangements or derivative transactions; or (ii) particular classes of special financial arrangements or derivative transactions; or
• (i) particular foundations, special financial arrangements or derivative transactions; or
• (ii) particular classes of special financial arrangements or derivative transactions; or
• (b) otherwise apply generally or be limited in its application by reference to stated exceptions or factors.