Full legislation
s.64ZU
Permission to carry on business operations on revocation or suspension of licence
(1) If the licence of a person is revoked under section 64ZH , 64ZI , 64ZJ , 64ZK , 64ZN or 64ZO , the Authority may, by notice in writing, permit the person, subject to the conditions specified in the notice, to carry on business operations for closing down the business connected with the revocation. (2) If the licence of a person is suspended under section 64ZH , 64ZI , 64ZJ , 64ZK , 64ZN or 64ZO , the Authority may, by notice in writing, permit the person, subject to the conditions specified in the notice, to carry on only essential business operations for the protection of the interests of the policy holders concerned during the period of suspension. (3) If the Authority has granted a permission to a person under subsection (1) or (2), the person must not, because of its carrying on business operations in compliance with the permission, be regarded as having contravened section 64G or 120 . (4) A permission under subsection (1) or (2), and the imposition of conditions under any of those subsections, take effect at the time of the service of the notice or at the time specified in the notice, whichever is the later.