Clause 69

by deleting subsection (1) and substituting the following subsections:“(1) The Authority may, upon an application made to the Authority in such form and manner as may be prescribed by regulations made under section 341, approve a public company to act as a trustee for collective investment schemes which are authorised under section 286 and constituted as unit trusts (referred to in this Subdivision as an approved trustee), subject to such conditions or restrictions as the Authority may think fit to impose by notice in writing.(1A) The Authority may, at any time, by notice in writing to the approved trustee, vary or revoke any condition or restriction imposed by the Authority under subsection (1) or impose such further condition or restriction as the Authority may think fit.”;

by inserting, immediately after the words “subsection (2)” in subsection (3), the words “and every condition or restriction imposed by the Authority under subsection (1) or (1A)”;

by inserting, immediately after the words “subsection (2)” in subsection (4)(a), the words “, or any condition or restriction imposed by the Authority under subsection (1) or (1A)”; and

by deleting subsection (6) and substituting the following subsection:“(6) It shall not be necessary to publish any direction issued under subsection (4) in the Gazette.”.