CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 1268 Power of Court to make certain orders

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 1268

1268. (1) Where:

   (a)  on the application of the Commission, it appears to the Court that a
        person has contravened this Act, or any other law in force in a
        Territory relating to dealing in futures contracts, or has contravened
        the conditions of a licence, the business rules of a futures exchange,
        a clearing house or a futures association or is about to do an act
        with respect to dealing in futures contracts that, if done, would be
        such a contravention; or

   (b)  on the application of a futures exchange, clearing house or futures
        association, it appears to the Court that a person has contravened the
        business rules of the futures exchange, clearing house or futures
        association, as the case may be; the Court may make such order or
        orders as it thinks fit including, but without limiting the generality
        of the foregoing, one or more of the following orders:

   (c)  in the case of persistent or continuing breaches of this Act, or of
        any other law in force in a Territory relating to dealing in futures
        contracts, or the conditions or restrictions of a licence, or of the
        business rules of a futures exchange, clearing house or futures
        association-an order restraining a person from carrying on a business
        of dealing in futures contracts, acting as a futures adviser, holding
        himself, herself or itself out as so carrying on business or so
        acting, or from doing an act as a representative of a futures broker
        or of a futures adviser;

   (d)  an order restraining a person from acquiring, disposing of or
        otherwise dealing in any class of futures contracts that is specified
        in the order;

   (e)  an order appointing a receiver of property of a futures broker or of
        property that is held by a futures broker for or on behalf of another
        person, whether as trustee or otherwise;

   (f)  an order declaring a futures contract to be void or voidable;

   (g)  for the purpose of securing compliance with any other order under this
        section, an order directing a person to do or refrain from doing a
        specified act;

   (h)  any ancillary order deemed to be desirable in consequence of the
        making of an order under any of the preceding paragraphs.

(2) Where an application is made to the Court for an order under subsection
(1), the Court may, if in the opinion of the Court it is desirable to do so,
before considering the application, grant an interim order, being an order of
the kind applied for that is expressed to have effect pending the
determination of the application.

(3) Where the Commission makes an application to the Court for the making of
an order under subsection (1), the Court shall not require the Commission or
any other person, as a condition of granting an interim order under subsection
(2), to give any undertaking as to damages.

(4) The Court shall not make an order under subsection (1) if it is satisfied
that the order would unfairly prejudice a person.

(5) The Court may, before making an order under subsection (1), direct that
notice of the application be given to such persons as it thinks fit or direct
that notice of the application be published in such manner as it thinks fit,
or both.

(6) A person appointed by order of the Court under subsection (1) as a
receiver of property of a futures broker:

   (a)  may require the broker to deliver to the person any property of which
        the person has been appointed receiver or to give to the person all
        information concerning that property that may reasonably be required;

   (b)  may acquire and take possession of any property of which the person
        has been appointed receiver;

   (c)  may deal with any property that the person has acquired or of which
        the person has taken possession in any manner in which the broker
        might lawfully have dealt with the property; and

   (d)  has such other powers in respect of the property as the Court
        specifies in the order.
(7) In paragraph (1) (e) and subsection (6), "property", in relation to a
futures broker, includes money or other property entrusted to or received on
behalf of any other person by the broker or another person in the course of or
in connection with a business of dealing in futures contracts carried on by
the futures broker.

(8) A person shall not, without reasonable excuse, contravene:

   (a)  an order under this section that is applicable to the person; or

   (b)  a requirement of a receiver appointed by order of the Court under
        subsection (1).

(9) The Court may rescind, vary or discharge an order made by it under this
section or suspend the operation of such an order.