Cap. 450 Art. 13Notification of proposed refusal, variation, cancellation or suspension of a registration.

(1) Where the Authority proposes -

(a) to vary any condition to which a registration is subject or to impose a condition thereon; or

(b) to refuse an application for registration or to cancel or to suspend a registration, it shall give the retirement scheme administrator or retirement fund administrator notice in writing of its intention to do so, such notice setting out the reasons for its proposed action.

(2) Every notice given under subarticle (1) shall state that the recipient of the notice may, within such reasonable period after the service thereof as may be stated in the notice (being a period of not less than forty-eight hours and not longer than thirty days), make representations in writing to the Authority giving reasons why the proposed decision should not be taken, and the Authority shall consider any representation so made before arriving at a final decision.

(3) The Authority shall as soon as practicable notify its final decision in writing to any of the persons to whom notice is to be given under subarticle (1). directly or through an asset manager to invest all money and other assets received by the retirement fund in accordance with its memorandum of association.