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 6C - INFORMATION ABOUT OWNERSHIP OF LISTED COMPANIES AND MANAGED INVESTMENT SCHEMES
History
Chapter 6C inserted by No 156 of 1999, Sch 1 (effective 13 March 2000).
PART 6C.3 - ASIC POWERS
History
Part 6C.3 inserted by No 156 of 1999, Sch 1 (effective 13 March 2000).
SECTION 673
ASIC'S POWER TO EXEMPT AND MODIFY
673(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.
673(2)
[Relevant purposes]
In deciding whether to give the exemption or declaration, ASIC must consider the purposes of this Chapter set out in section
602.
673(3)
[Content 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.
673(4)
[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.
673(5)
[Publication in the Gazette]
The exemption or declaration must be in writing and ASIC must publish notice of it in the
Gazette.
673(6)
[Definition of provisions]
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 Law or the regulations as they apply to references in:
(i) this Chapter; or
(ii) regulations made for the purposes of this Chapter; and
(c)
Division 12 of Part 11.2.
History
S 673 substituted by No 156 of 1999, Sch 1 (effective 13 March 2000).