New South Wales Consolidated Acts

LOAN FUND COMPANIES ACT 1976 - SECT 58

58 Powers with respect to advertising

(1) If with respect to any loan fund company the Supervisor considers that it is desirable to do so in the interests of persons who may become members of, or who may be granted options to acquire loan entitlement shares in, the company, the Supervisor may, by notice in writing served on the company or on any person acting or appearing to act on behalf of the company, direct the company or that person:

(a) not to issue or publish:

(i) any advertisement relating to the company’s affairs or activities,

(ii) such advertisements relating to the company’s affairs or activities as may be specified in the notice, or

(iii) advertisements relating to the company’s affairs or activities of such description as may be so specified, or

(b) to remove or cause to be removed from all public places, or from any public place specified in the notice or of a description so specified:

(i) all advertisements thereon or therein relating to the company’s affairs or activities,

(ii) such advertisements thereon or therein relating to the company’s affairs or activities as may be so specified, or

(iii) advertisements thereon or therein relating to the company’s affairs or activities of such description as may be so specified.

(2) The Supervisor may at any time revoke a direction under subsection (1).

(3) The Supervisor may at any time vary a direction under subsection (1) by notice in writing served on the loan fund company on which, or the person on whom, the direction was served under that subsection.

(4) A direction under subsection (1) may be made notwithstanding that any advertisement to which the direction applies otherwise complies with or does not contravene the provisions of any other Act.

(5) A loan fund company on which, or a person on whom, a direction has been served under subsection (1) shall, while the direction remains in force, take all reasonable steps to comply with the direction, notwithstanding that representations may have been made in respect of the direction under subsection (7).

Maximum penalty: 5 penalty units.

(6) In any proceedings under subsection (5), the onus of proving that all reasonable steps have been taken to comply with the direction shall be on the defendant.

(7) Where notice of a direction under subsection (1) has been served on a loan fund company or a person in accordance with that subsection, that company or, as the case may be, that person may, not later than 14 days after the date of that service, make representations in writing with respect to the direction to the Minister, and the Supervisor shall, if the Minister requires the Supervisor to do so after considering those representations, revoke the direction.

(8) On the revocation of a direction under subsection (2) or (7), the Supervisor shall notify the loan fund company or person concerned in writing that the direction has been revoked.