Corporations Act 2001

CHAPTER 6C - INFORMATION ABOUT OWNERSHIP OF LISTED COMPANIES, LISTED REGISTERED SCHEMES AND LISTED NOTIFIED FOREIGN PASSPORT FUNDS  

PART 6C.3 - ASIC POWERS  

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 Chapter 6 set out in section 602.

673(3)   [ Application 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)   [ ``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.


 

Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited

CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.

The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.