CHAPTER 2L
-
DEBENTURES
PART 2L.7
-
ASIC POWERS
SECTION 283GA
ASIC'S POWER TO EXEMPT AND MODIFY
283GA(1)
[
Power]
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.
283GA(2)
[
Scope of exemption or modification]
The exemption or declaration may do all or any of the following:
(a)
apply to all or specified provisions of this Chapter;
(b)
apply to all persons, specified persons, or a specified class of persons;
(c)
relate to all debentures, specified debentures or a specified class of debentures;
(d)
relate to any other matter generally or as specified.
283GA(3)
[
Exemption with or without 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.
283GA(4)
[
Publication in the
Gazette
]
The exemption or declaration must be in writing and ASIC must publish notice of it in the
Gazette
.
283GA(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.
SECTION 283GB
ASIC MAY APPROVE BODY CORPORATE TO BE TRUSTEE
283GB(1)
[
Approval]
ASIC may approve a body corporate in writing to be a trustee for the purposes of paragraph 283AC(1)(f). The approval may allow the body corporate to act as trustee:
(a)
in any circumstances; or
(b)
in relation to a particular borrower or particular class of borrower; or
(c)
in relation to a particular trust deed;
and may be given subject to conditions.
283GB(2)
[
Publication in the
Gazette
]
ASIC must publish notice of the approval in the
Gazette
.