CORPORATIONS ACT 2001
CHAPTER 9
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MISCELLANEOUS
PART 9.4B
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CIVIL CONSEQUENCES OF CONTRAVENING CIVIL PENALTY PROVISIONS
Division 1
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The Court may make declarations of contravention, pecuniary penalty orders, relinquishment orders, refund orders and compensation orders
A Court may order a person (the liable person ) to compensate another person (including a corporation), or a registered scheme, for damage suffered by the person or scheme if:
(a) the liable person has contravened subsection 908CF(1) (complying with rules about financial benchmarks); and
(b) the damage resulted from the contravention.
In determining the damage suffered by a person or scheme for the purposes of making a compensation order, include profits made by any person resulting from the contravention. Damage to scheme includes diminution of value of scheme property 1317HC(3)
In determining the damage suffered by a registered scheme for the purposes of making a compensation order, include any diminution in the value of the property of the scheme. Recovery of damage 1317HC(4)
A compensation order may be enforced as if it were a judgment of the Court.
SECTION 1317HC
COMPENSATION ORDERS
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FINANCIAL BENCHMARK RULES OR COMPELLED FINANCIAL BENCHMARK RULES
Compensation for damage suffered
1317HC(1)
A Court may order a person (the liable person ) to compensate another person (including a corporation), or a registered scheme, for damage suffered by the person or scheme if:
(a) the liable person has contravened subsection 908CF(1) (complying with rules about financial benchmarks); and
(b) the damage resulted from the contravention.
The order must specify the amount of compensation.
Note: An order may be made under this subsection whether or not a declaration of contravention has been made under section 1317E .
Damage includes profits 1317HC(2)In determining the damage suffered by a person or scheme for the purposes of making a compensation order, include profits made by any person resulting from the contravention. Damage to scheme includes diminution of value of scheme property 1317HC(3)
In determining the damage suffered by a registered scheme for the purposes of making a compensation order, include any diminution in the value of the property of the scheme. Recovery of damage 1317HC(4)
A compensation order may be enforced as if it were a judgment of the Court.
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