CORPORATIONS ACT 2001 - SECT 851D Conditions of approval

CORPORATIONS ACT 2001 - SECT 851D

  (1)   An approval under section   851B is subject to such conditions (if any) as are specified in the notice of approval.

  (2)   The Minister may, by written notice given to a person who holds an approval under section   851B:

  (a)   impose one or more conditions or further conditions to which the approval is subject; or

  (b)   revoke or vary any condition:

  (i)   imposed under paragraph   (a); or

  (ii)   specified in the notice of approval.

  (3)   The Minister's power under subsection   (2) may be exercised:

  (a)   on the Minister's own initiative; or

  (b)   on application by the person who holds the approval.

  (4)   An application made by a person under paragraph   (3)(b) must be lodged with ASIC in a prescribed form and must set out the person's reasons for making the application.

Note:   For fees in respect of lodging applications, see Part   9.10.

  (5)   ASIC must give the application to the Minister as soon as possible.

  (6)   If the Minister refuses an application under paragraph   (3)(b), the Minister must give written notice of the refusal to the applicant.

  (7)   As soon as practicable, the Minister must arrange for a copy of a notice under subsection   (2) to be:

  (a)   published in the Gazette ; and

  (b)   given to the widely held market body concerned.

  (8)   A person who holds an approval under section   851B must give written notice to ASIC if they become aware that they have breached a condition to which the approval is subject.

Note:   Failure to comply with this subsection is an offence (see subsection   1311(1)).