Corporations Act 2001
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View history noteCh 8 inserted by No 85 of 2007, s 3, Sch 1 [ 18] (effective 21 December 2007).
Pt 8.2 inserted by No 85 of 2007, s 3, Sch 1 [ 18] (effective 21 December 2007).
Div 5 inserted by No 85 of 2007, s 3, Sch 1 [ 18] (effective 21 December 2007).
ASIC may declare in writing that a person is, for the time specified in the declaration (which must be no longer than 5 years from the day the declaration takes effect), banned from making a recognised offer if:
(a) the person, or an associate of the person, has been convicted (whether or not in this jurisdiction) of an offence constituted by conduct engaged in in relation to a recognised offer; or
(b) a court in this jurisdiction has made a civil penalty order against the person, or an associate of the person, for a contravention in relation to a recognised offer; or
(c) a court in a recognised jurisdiction has made an order against the person, or an associate of the person, for a contravention of the law of the recognised jurisdiction (other than an offence) in relation to an offer that is a recognised offer in this jurisdiction. 1200P(2) [ Procedure before declaration of ban]
Before making the declaration, ASIC must give the person an opportunity:
(a) to appear, or be represented, at a hearing before ASIC that takes place in private; or
(b) to make submissions to ASIC on the matter.
This subsection does not apply if the person does not have an address for service in this jurisdiction.
1200P(3) [ ASIC may vary or cancel ban]ASIC may, in writing, vary or cancel the declaration, on ASIC ' s own initiative or on application lodged by the person in the prescribed form (if any) together with any prescribed documents, if ASIC is satisfied that a circumstance on which ASIC based the declaration has changed.
1200P(4) [ Procedure if ASIC proposes to reject application to vary or cancel ban]If ASIC proposes to reject an application by the person to vary or cancel the declaration, ASIC must give the person an opportunity:
(a) to appear, or be represented, at a hearing before ASIC that takes place in private; or
(b) to make submissions to ASIC on the matter. 1200P(5) [ Time that declaration takes effect]
The declaration, and any variation or cancellation of the declaration, takes effect:
(a) if the person to whom the declaration applies has an address for service in this jurisdiction - when it is served on the person at that address; or
(b) if the person to whom the declaration applies does not have an address for service in this jurisdiction - when it is published in the Gazette under subsection (7). 1200P(6) [ Declaration must include statement of reasons]
A declaration that is served on a person under paragraph (5)(a) must be accompanied by a statement of ASIC ' s reasons for the declaration.
1200P(7) [ Notice in the Gazette ]ASIC must publish a notice in the Gazette as soon as practicable after making, varying or cancelling the declaration. The notice:
(a) must state when the action takes or took effect; and
(b) in the case of the making of a declaration - set out a copy of the declaration; and
(c) in the case of the varying of a declaration - set out a copy of the declaration as varied. 1200P(8) [ Declaration not a legislative instrument]
A declaration under this section is not a legislative instrument.
S 1200P inserted by No 85 of 2007, s 3, Sch 1 [ 18] (effective 21 December 2007).
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