Part XVII

Collective Investment Schemes
Chapter III

Authorised Unit Trust Schemes

Applications for authorisation

Determination of applications
244
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.