CORPORATIONS LAW- SECT 601QA ASIC's power to make exemption and modification orders
This legislation has been repealed.
CORPORATIONS LAW- SECT 601QA
ASIC's power to make exemption and modification orders- (1)
- ASIC may:
- (a)
- exempt a person from a provision of this Chapter; or
- (b)
- declare that this Chapter applies to a person as if specified provisions were omitted, modified or varied as specified in the declaration.
Without limiting this, ASIC may declare that this Chapter applies to a person as if section 601HA included a requirement for scheme property to be held by a person other than the responsible entity as the responsible entity's agent.
- (2)
- The exemption or declaration may:
- (a)
- apply to all or specified provisions of this Chapter; and
- (b)
- apply to all persons, specified persons, or a specified class of persons; and
- (c)
- relate to all securities, specified securities or a specified class of securities; and
- (d)
- relate to any other matter generally or as specified.
- (3)
- An exemption may apply unconditionally or subject to specified conditions. A person to whom a condition specified in an exemption applies must comply with the condition. The Court may order the person to comply with the condition in a specified way. Only ASIC may apply to the Court for the order.
- (4)
- The exemption or declaration must be in writing and ASIC must publish notice of it in the Gazette.
- (5)
- For the purposes of this section, the provisions of this Chapter include:
- (a)
- regulations made for the purposes of this Chapter; and
- (b)
- definitions in this Law or the regulations as they apply to references in:
- (i)
- this Chapter; or
- (ii)
- regulations made for the purposes of this Chapter; and
- (c)
- Division 11 of Part 11.2.