"securities" includes marketable securities, and marketable rights, within the meaning of Division 3.

(2) The power of ASIC to grant an exemption or make a declaration under this section may be exercised in relation to securities or a class of securities only where ASIC is satisfied that:

(a)

if the exemption were granted or the declaration were made, the interests of the holders of those securities or of securities in that class would continue to have adequate protection; and

(b)

the granting of the exemption or the making of the declaration would make transfer of those securities, or of securities in that class, more efficient.

(3) ASIC may, by writing, exempt particular securities, or a particular class of securities, either generally or as otherwise provided in the exemption, and either unconditionally or subject to such conditions (if any) as are specified in the exemption, from the operation of all or any of the provisions of:

(a)

the Divisions of this Part to which this section applies; and

(b)

regulations made for the purposes of the provisions of those Divisions or any of them.

(4) A person must not contravene a condition to which an exemption under subsection (3) is subject. (5) Where a person has contravened a condition to which an exemption under subsection (3) is subject, the Court may, on the application of ASIC, order the person to comply with the condition. (6) ASIC may, by writing, declare that a Division to which this section applies, and regulations made for the purposes of the provisions of that Division or any of them, have effect in their application in relation to particular securities, or a particular class of securities, either generally or otherwise as provided in the declaration, as if a specified provision or provisions of that Division or of those regulations were omitted, modified or varied in a manner specified in the declaration, and, where such a declaration is made, that Division and those regulations have effect accordingly. (6A) Subsection (6) applies in relation to Division 3 as if the forms in Schedule 2 were provisions of that Division.