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CORPORATIONS ACT 2001 - SECT 920D Variation or cancellation of banning orders

CORPORATIONS ACT 2001 - SECT 920D

Variation or cancellation of banning orders

  (1)   ASIC may vary or cancel a banning order, by giving written notice to the person against whom the order was made, if ASIC is satisfied that it is appropriate to do so because of a change in any of the circumstances based on which ASIC made the order.

  (2)   ASIC may do so:

  (a)   on its own initiative; or

  (b)   if the person against whom the order was made lodges with ASIC in a prescribed form an application for ASIC to do so, which is accompanied by the documents, if any, required by regulations made for the purposes of this paragraph.

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

  (3)   If ASIC proposes not to vary or cancel a banning order in accordance with an application lodged by a person under paragraph   (2)(b), ASIC must give the person an opportunity:

  (a)   to appear, or be represented, at a hearing before ASIC that takes place in private; and

  (b)   to make submissions to ASIC on the matter.

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