Queensland Consolidated Acts

AGENTS FINANCIAL ADMINISTRATION ACT 2014 - SECT 133

133 Variation and withdrawal of undertakings

(1) If the chief executive accepts the undertaking, it may be varied or withdrawn at any time by—

(a) the person who gave it, but only if the chief executive agrees to the variation or withdrawal; or

(b) the chief executive, if the chief executive believes, on reasonable grounds—

(i) that, before it was accepted, the person who gave it contravened this Act in a way unknown to the chief executive; and

(ii) had the chief executive known about the contravention, the chief executive would not have accepted the undertaking or would not have accepted it unless its terms were changed.

(2) The chief executive may also withdraw the undertaking if the chief executive believes, on reasonable grounds, it is no longer necessary.

(3) If the chief executive varies or withdraws, or agrees to the variation or withdrawal of, the undertaking, the chief executive must give the person who gave it written notice of its variation or withdrawal.

(4) The variation or withdrawal takes effect when written notice of the variation or withdrawal is given to the person.