29An application must be decided within a period of time

#### 29 An application must be decided within a period of time (1) Subject to this section, APRA must decide an application for variation of the approval of an RSA institution within 60 days after receiving it. (2) APRA is not required to vary the approval of an RSA institution in the terms requested by the RSA institution. (3) If APRA thinks that it will take longer than 60 days to decide the application, APRA may extend the period for deciding it by no more than 60 days. (4) An extension must be notified in writing to the RSA institution within 60 days after APRA receives the application. (5) If APRA makes an extension, APRA must decide the application within the extended period. (6) If APRA has not decided the application by the end of the day by which APRA is required to decide it, APRA is taken to have decided, at the end of that day, to refuse the application.