Commonwealth Consolidated Acts

AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION ACT 2001 - SECT 12DC

             (1)  A person must not, in trade or commerce, in connection with the sale or grant, or the possible sale or grant, of a financial product that consists of, or includes, an interest in land, or in connection with the promotion by any means of a financial product that consists of, or includes, an interest in land:

                     (a)  represent that the person has a sponsorship, approval or affiliation it does not have; or

                     (b)  make a false or misleading representation concerning the nature of the interest in the land, the price payable for the financial product, the location of the land, the characteristics of the land, the use to which the land is capable of being put or may lawfully be put or the existence or availability of facilities associated with the land.

Note:          Failure to comply with this subsection is an offence (see section 12GB).

          (1A)  An offence under subsection 12GB(1) relating to subsection (1) of this section is an offence of strict liability.

Note:          For strict liability , see section 6.1 of the Criminal Code .

             (2)  A person contravenes this subsection if:

                     (a)  the person offers gifts, prizes or other free items; and

                     (b)  the person offers the gifts, prizes or other free items, in trade or commerce, in connection with the sale or grant, or the possible sale or grant, of a financial product, mentioned in subsection (1), or in connection with the promotion by any means of the sale or grant of such a financial product; and

                     (c)  when the person so offers the gifts, prizes or other free items the person intends not to provide them, or not to provide them as offered.

Note:          Failure to comply with this subsection is an offence (see section 12GB).

          (2A)  A person contravenes this subsection if:

                     (a)  a person uses physical force or undue harassment or coercion; and

                     (b)  the person uses such force, harassment or coercion in connection with the sale or grant, or the possible sale or grant, of a financial product mentioned in subsection (1), or the payment for such a financial product.

Note:          Failure to comply with this subsection is an offence (see section 12GB).

          (2B)  For the purposes of the application of the Criminal Code in relation to an offence under subsection 12GB(1) relating to subsection (2) of this section, paragraphs (2)(b) and (c) of this section are taken to be circumstances in which the conduct described in paragraph (2)(a) of this section occurs.

          (2C)  For the purposes of the application of the Criminal Code in relation to an offence under subsection 12GB(1), strict liability applies to paragraphs (2)(b) and (2A)(b) of this section.

Note:          For strict liability , see section 6.1 of the Criminal Code .

          (2D)  Nothing in this section is to be taken as implying that other provisions in this Subdivision do not apply in relation to the supply or acquisition, or the possible supply or acquisition, of a financial product mentioned in subsection (1).

             (3)  In this section:

"interest" , in relation to land, means:

                     (a)  a legal or equitable estate or interest in the land; or

                     (b)  a right of occupancy of the land, or of a building or part of a building erected on the land, arising by virtue of the holding of shares, or by virtue of a contract to purchase shares, in an incorporated company that owns the land or building; or

                     (c)  a right, power or privilege over, or in connection with, the land.