Corporations Act 2001

CHAPTER 2D - OFFICERS AND EMPLOYEES  

PART 2D.6 - DISQUALIFICATION FROM MANAGING CORPORATIONS  

Note: This Part does not apply to a CCIV: see section 1224E .

SECTION 206FA   ASIC ' S POWER OF DISQUALIFICATION - FAILING TO COMPLY WITH DIRECTOR IDENTIFICATION NUMBER REQUIREMENTS  

206FA(1)    
ASIC may disqualify a person from managing corporations for up to 3 years if:

(a)    within 7 years immediately before ASIC gives a notice under subparagraph (b)(i) , ASIC reasonably believes that the person has contravened subsection 1272D(1) ; and

(b)    ASIC has given the person:

(i) a notice in the prescribed form requiring them to demonstrate why they should not be disqualified; and

(ii) an opportunity to be heard on the question; and

(c)    ASIC is satisfied that the disqualification is justified, after having had regard to the following:

(i) the person ' s conduct in dealing with the Registrar under Part 9.1A (about director identification numbers);

(ii) whether the disqualification would be in the public interest;

(iii) any other matters that ASIC considers appropriate.

206FA(2)    
If ASIC disqualifies a person from managing corporations under this section, ASIC must serve a notice on the person advising them of the disqualification. The notice must be in the prescribed form.

206FA(3)    
The disqualification takes effect from the time when a notice referred to in subsection (2) is served on the person.