364.The Authority is obliged by this section to notify the applicant without delay if it gives its approval.
365.If the Authority fails to indicate its approval or to issue a warning notice within three months, subsection (2) provides that the applicant is to be treated for the purposes of the Part as having been approved.
366.As a result of subsection (3), the approval is valid for a year, unless the Authority notifies the person intending to acquire control of a another time period.  If the person does not acquire the control in that period, a fresh application is required.
Commentary on Sections Part Xii: Control Over Authorised Persons Section 184: Approval of acquisition of control