(1) The Commissioner, shall, on application in a form approved by the Commissioner by the body approved as the securities clearing house under section 779B of the Corporations Law, register the body under this Division.

(2) The registration is subject to conditions determined by the Commissioner from time to time and notified to SCH in writing.

(3) Subject to subsection (5), the Commissioner may by order in writing suspend the registration for a specified period if SCH contravenes, or fails to comply with, a provision of this Division or a condition of registration.

(4) Before suspending the registration, the Commissioner shall give SCH 7 days written notice specifying the grounds on which the Commissioner proposes to suspend the registration and the proposed period of suspension.

(5) SCH may within 7 days of the receipt of a notice under subsection (4) apply to the Commissioner for a review of the proposed decision.

(6) The Commissioner shall not suspend the registration unless ¾

(a) the period of 7 days notice referred to in subsection (4) has elapsed; and

(b) SCH has been given an opportunity to make submissions on the matter.

(7) The registration continues in force ¾

(a) until cancelled on the application of the body registered; and

(b) subject to an order for suspension made under subsection (3).

[Section 112FO inserted by No. 39 of 1994 s.10.]