Section 962V — Corporations Act 2001 (Cth)

(1) A consent given in relation to an ongoing fee arrangement for the purposes of this Subdivision ceases to have effect:

(a) unless paragraph (b) or (c) applies—at the end of the period of 150 days after the anniversary of the day on which the ongoing fee arrangement was entered into; or

(b) if the ongoing fee arrangement is terminated—at the time the ongoing fee arrangement terminates; or

(c) if a new consent is given in relation to the ongoing fee arrangement for the purposes of this Subdivision—at the time that new consent is given.

(2) If:

(a) a consent given in relation to an ongoing fee arrangement for the purposes of this Subdivision ceases to have effect under subsection (1); and

(b) a fee recipient gave a copy of the consent to an account provider under paragraph 962S(3)(c);

the fee recipient must give written notice of the cessation to the account provider within 10 business days of the cessation.

Related sections

• 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 962U — Variation or withdrawal of consent
• s 962W — Conditions requiring consent to be given are void
• s 962WA — Ongoing fee arrangement terminates if fee deducted without consent
• s 962X — Obligation to keep records of compliance

Research how courts apply s 962V

BriefBridge searches Australian caselaw by meaning — every answer cited to the paragraph.