Commonwealth Numbered Acts

SECURITIES INDUSTRY ACT 1980 No. 66, 1980 - SECT 14

14. (1) Where-

   (a)  on the application of the Commission, it appears to the Court that a
        person has committed an offence under this Act, or under any other law
        in force in the Territory relating to trading or dealing in
        securities, or has contravened the conditions or restrictions of a
        licence or the business rules or listing rules of a stock exchange or
        is about to do an act with respect to trading or dealing in securities
        that, if done, would be such an offence or contravention; or

   (b)  on the application of a stock exchange, it appears to the Court that a
        person has contravened the business rules or listing rules of the
        stock exchange, the Court may, without prejudice to any orders it
        would be entitled to make otherwise than pursuant to this section,
        make one or more of the following orders, namely:

   (c)  in the case of persistent or continuing breaches of this Act, or of
        any other law in force in the Territory relating to trading or dealing
        in securities, of the conditions or restrictions of a licence, or of
        the business rules or listing rules of a stock exchange-an order
        restraining a person from carrying on a business of dealing in
        securities, acting as an investment adviser or as a dealer's
        representative or investment representative, or from holding himself
        out as so carrying on business or so acting;

   (d)  an order restraining a person from acquiring, disposing of or
        otherwise dealing with any securities that are specified in the order;

   (e)  an order appointing a receiver of the property of a dealer or of
        property that is held by a dealer for or on behalf of another person,
        whether on trust or otherwise;

   (f)  an order declaring a contract relating to securities 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 provisions of this
        sub-section.

(2) The Court shall, before making an order under sub-section (1), satisfy
itself, so far as it can reasonably do so, that the order would not unfairly
prejudice a person.

(3) The Court may, before making an order under sub-section (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.

(4) A person appointed by order of the Court under sub-section (1) as a
receiver of the property of a dealer-

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

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

   (c)  may deal with any property that he has acquired or of which he has
        taken possession in any manner in which the dealer 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.
(5) In paragraph (1) (e) and sub-section (4), "property", in relation to a
dealer, includes money, securities and documents of title to securities or
other property entrusted to or received on behalf of any other person by the
dealer or another person in the course of or in connection with a business of
dealing in securities carried on by the dealer.

(6) A person shall not, without reasonable excuse, contravene or fail to
comply with-

   (a)  an order under sub-section (1) that is applicable to him; or

   (b)  a requirement of a receiver appointed by order of the Court under
        sub-section (1). Penalty: $10,000 or imprisonment for 2 years, or
        both.

(7) Sub-section (6) does not affect the powers of the Court in relation to the
punishment of contempts of the Court.

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