Corporations Act 2001
ASIC may make an interim stop order, if ASIC is of the opinion that:
(a) any delay in making a stop order under section 1215 or 1215A would be prejudicial to the public interest; and
(i) in the case of an order that is to be made in relation to an Australian passport fund - one or more of the circumstances mentioned in subsection 1215(3) exists; or
(ii) in the case of an order that is to be made in relation to a notified foreign passport fund - one or more of the circumstances mentioned in subsection 1215A(3) exists.
An interim stop order under subsection (1) :
(a) may be made without holding a hearing, or during a hearing; and
(b) must be in writing; and
(i) if the stop order is made during a hearing - until ASIC makes a stop order after the conclusion of the hearing, or the interim stop order is revoked; and
(ii) otherwise - for 21 days after the day on which it is made, unless sooner revoked.
If ASIC makes an interim stop order, ASIC must give the operator of the fund a copy of the order as soon as reasonably practicable after it is made.
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