CCH Note:
Part 13 of the
Corporations Act 1989, inserted
by sec 6 of No 110 of 1990, Sch 1 (effective 1 January 1991), begins as
follows:
PART 13 - THE CORPORATIONS LAW
THE CORPORATIONS LAW
82
The Corporations Law is as follows:...
CHAPTER 2M - FINANCIAL REPORTS AND AUDIT
History
Chapter 2M inserted by No 61 of 1998, Sch 1 (effective 1 July 1998).
PART 2M.6 - EXEMPTIONS AND MODIFICATIONS
History
Part 2M.6 inserted by No 61 of 1998, Sch 1 (effective 1 July 1998).
SECTION 340
ASIC'S POWER TO MAKE SPECIFIC EXEMPTION ORDERS
History
Heading amended by No 54 of 1998, Sch 5, Pt 2 (effective 1 July 1998).
340(1)
(Application in relation to a company)
On an application made in accordance with subsection
(3) in relation to a company, registered scheme or disclosing entity, ASIC may make an order in writing relieving any of the following from all or specified requirements of Parts
2M.2,
2M.3 and
2M.4:
(a)
the directors
(b)
the company, scheme or entity
(c)
the auditor.
Note:
For the criteria for making orders under this section, see section
342.
History
S 340(1) amended by 156 of 1999, Sch 6 (effective 1 January 2000).
340(2)
(Order)
The order may:
(a)
be expressed to be subject to conditions; and
(b)
be indefinite or limited to a specified period.
340(3)
(Application)
The application must be:
(a)
authorised by a resolution of the directors; and
(b)
in writing and signed by a director; and
(c)
lodged with ASIC.
340(4)
(Written notice)
ASIC must give the applicant written notice of the making, revocation or suspension of the order.
History
S 340 amended by No 54 of 1998, Sch 5, Pt 2 (effective 1 July 1998).
S 340 substituted by No 61 of 1998, Sch 1 (effective 1 July 1998).
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