I think part of the reason that the time limit is in the legislation is to provide certainty to the private sector. When they are looking for an approval, they will receive it within a certain time limit. The time limit is really in the legislation to provide certainty. In practice, as Diane was saying, it is always the case that the minister explicitly looks at every approval that comes in, with the recommendation from the superintendent, and makes a decision.
On March 15th, 2012. See this statement in context.