CORPORATIONS ACT 2001 - SECT 340A Exemption orders--notified foreign passport funds

CORPORATIONS ACT 2001 - SECT 340A

  (1)   On an application made in accordance with subsection   (3) in relation to a notified foreign passport fund, ASIC may make an order, in writing, relieving any of the following from all or specified requirements of Part   2M.3:

  (a)   a notified foreign passport fund;

  (b)   the operator of a notified foreign passport fund;

  (c)   directors of the operator of a notified foreign passport fund.

Note:   For the criteria for making orders under this section, see section   342.

  (2)   The order may:

  (a)   be expressed to be subject to conditions; and

  (b)   be indefinite or limited to a specified period.

  (3)   The application must be:

  (a)   authorised by the operator of the notified foreign passport fund; and

  (b)   in writing; and

  (c)   lodged with ASIC.

  (4)   ASIC must give the applicant written notice of the making, revocation or suspension of the order.