Corporations Act 2001

CHAPTER 6A - COMPULSORY ACQUISITIONS AND BUY-OUTS  

PART 6A.6 - ASIC POWERS  

SECTION 669   ASIC'S POWER TO EXEMPT AND MODIFY  

669(1)   [ Power to exempt and modify]  

ASIC may:


(a) exempt a person from a provision of this Chapter; or


(b) declare that this Chapter applies to a person as if specified provisions were omitted, modified or varied as specified in the declaration.

669(2)   [ Application of exemption or declaration]  

The exemption or declaration may:


(a) apply to all or specified provisions of this Chapter; and


(b) apply to all persons, specified persons, or a specified class of persons; and


(c) relate to all securities, specified securities or a specified class of securities; and


(d) relate to any other matter generally or as specified.

669(3)   [ Conditions]  

An exemption may apply unconditionally or subject to specified conditions. A person to whom a condition specified in an exemption applies must comply with the condition. The Court may order the person to comply with the condition in a specified way. Only ASIC may apply to the Court for the order.

669(4)   [ Publication in the Gazette ]  

The exemption or declaration must be in writing and ASIC must publish notice of it in the Gazette .

669(5)   [ ``provisions of this Chapter'']  

For the purposes of this section, the provisions of this Chapter include:


(a) regulations made for the purposes of this Chapter; and


(b) definitions in this Act or the regulations as they apply to references in:


(i) this Chapter; or

(ii) regulations made for the purposes of this Chapter; and


(c) the old Division 12 of Part 11.2 transitionals.


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