Commentary on Sections Summary Board’s duties Section 125: Binding notices confirming status of scheme
396.This section sets out when a notice under section 122 (confirming a scheme’s status) becomes binding.
397.Subsection (1) states that a notice issued under section 122 is not binding until the Board issues a determination notice under section 123 approving the notice. In addition the notice is not binding until the period within which the issue of the notice may be reviewed has expired, and the review, any reconsideration, any reference to the PPF Ombudsman and any subsequent appeal to the court against his determination has been disposed of and the notice has not been revoked, varied or substituted.
398.If a notice becomes binding the Board must give a notice to that effect together with a copy of the binding notice, to the parties listed in subsection (3).
399.Subsection (4) provides for regulations to prescribe the format of the notice given under subsection (3) and the information it must contain. Where a withdrawal notice under section 122 (2)(b) becomes binding, the subsection (3) notice must also state the time from which the Board ceases to be involved with the scheme (see section 149) (circumstances in which Board ceases to be involved with an eligible scheme).