Part XVII Collective Investment Schemes

Chapter III Authorised Unit Trust Schemes

Applications for authorisation

244 Determination of applications.

(1)

An application under section 242 must be determined by the Authority before the end of the period of six months beginning with the date on which it receives the completed application.

(2)

The Authority may determine an incomplete application if it considers it appropriate to do so; and it must in any event determine such an application within twelve months beginning with the date on which it first receives the application.

(3)

The applicant may withdraw his application, by giving the Authority written notice, at any time before the Authority determines it.