Section 962U — Corporations Act 2001 (Cth)

(1) If a person (the account holder) who holds an account gives consent to a fee recipient under section 962R or 962S for the purposes of this Subdivision, the account holder may:

(a) withdraw the consent at any time, by notice in writing to the fee recipient; and

(b) vary the consent at any time, by notice in writing to the fee recipient.

(2) If the fee recipient receives a notice from the account holder under subsection (1), the fee recipient must within 10 business days of receipt:

(a) give written confirmation to the account holder that the notice was received; and

(b) if the fee recipient gave a copy of the account holder’s consent to an account provider under paragraph 962S(3)(c)—give the account provider a copy of the notice.

Related sections

• s 962R — Fee recipient must not deduct ongoing fees without consent
• s 962S — Fee recipient must not arrange for deduction of ongoing fees without consent or accept such deductions
• s 962T — Requirements for consent—deduction of fees from accounts
• s 962V — When consent ceases to have effect
• s 962W — Conditions requiring consent to be given are void
• s 962WA — Ongoing fee arrangement terminates if fee deducted without consent

Research how courts apply s 962U

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