Corporations Act 2001
Subject to this section, the client may, whether before or after completion of the agreement, give to the non-licensee a written notice stating that the client wishes to rescind the agreement.
925A(2) [ Reasonable period]The client may only give a notice under this section within a reasonable period after becoming aware of the facts entitling the client to give the notice.
925A(3) [ Conduct disentitling right to rescission]The client is not entitled to give a notice under this section if the client engages in conduct by engaging in which the client would, if the entitlement so to give a notice were a right to rescind the agreement for misrepresentation by the non-licensee, be taken to have affirmed the agreement.
925A(4) [ Where client informed non-licensee not licensed]The client is not entitled to give a notice under this section if, within a reasonable period before the agreement was entered into, the non-licensee informed the client (whether or not in writing) that the non-licensee did not hold an Australian financial services licence.
925A(5) [ Suspension of Australian financial services licence]If, at a time when an Australian financial services licence held by the non-licensee was suspended, the non-licensee informed the client that the licence was suspended, the non-licensee is to be taken for the purposes of subsection (4) to have informed the client at that time that the non-licensee did not hold the licence.
925A(6) [ No limitation]None of subsections (2), (3) and (4) limits the generality of either of the others.
925A(7) [ Scope]Subject to this section, the client may give a notice under this section whether or not:
(a) the notice will result under section 925B in rescission of the agreement; or
(b) the Court will, if the notice so results, be empowered to make a particular order, or any order at all, under section 925D .
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