Corporations Act 2001

CHAPTER 2M - FINANCIAL REPORTS AND AUDIT  

PART 2M.6 - EXEMPTIONS AND MODIFICATIONS  

SECTION 340   EXEMPTION ORDERS - COMPANIES, REGISTERED SCHEMES, REGISTRABLE SUPERANNUATION ENTITIES AND DISCLOSING ENTITIES  

340(1)    

On an application made in accordance with subsection (3) in relation to a company, registered scheme, registrable superannuation entity or disclosing entity, ASIC may make an order in writing relieving any of the following from all or specified requirements of Parts 2M.2 , 2M.3 and 2M.4 (other than Division 4 ):

(a)    the directors;

(b)    the company, scheme or entity;

(c)    the auditor.

Note: For the criteria for making orders under this section, see section 342 .

340(2)    
The order may:

(a)    be expressed to be subject to conditions; and

(b)    be indefinite or limited to a specified period.

340(3)    
The application must be:

(a)    authorised by a resolution of the directors; and

(b)    in writing and signed by a director; and

(c)    lodged with ASIC.

340(4)    
ASIC must give the applicant written notice of the making, revocation or suspension of the order.