Section 4 – Duration of final designation
21.Subsection (1) specifies that a final designation expires after one year unless renewed. Subsection (2) gives the Treasury the power to renew a final designation at any time before it expires provided that the requirements of section 2(1) continue to be met. Such renewed final designations also expire after one year following the date of renewal (subsection (3)) and a renewal of a final designation must be notified and publicised in accordance with the provisions of section 3 (subsection (4)). A final designation may be renewed more than once. Upon the expiry of a final designation, the Treasury must give written notice of the fact to the designated person and take reasonable steps to bring that fact to the attention of those informed of the designation (subsection (5)).
