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CORPORATIONS ACT 2001

CHAPTER 6 - TAKEOVERS  

PART 6.10 - REVIEW AND INTERVENTION  

Division 1 - ASIC's power to exempt and modify  

SECTION 655B  NOTICE OF DECISION AND REVIEW RIGHTS  

655B(1)  [Obligation to notify]  


Subject to subsection (2), ASIC must take such steps as are reasonable in the circumstances to give to each person whose interests are affected by a decision under section 655A a notice, in writing or otherwise:


(a) of the making of the decision; and


(b) of the person's right to have the decision reviewed by the Panel under section 656A.

655B(2)  [Exceptions]  


Subsection (1) does not require ASIC to give notice to a person affected by the decision or to the persons in a class of persons affected by the decision, if ASIC determines that giving notice to the person or persons is not warranted, having regard to:


(a) the cost of giving notice to the person or persons; and


(b) the way in which the interests of the person or persons are affected by the decision.

655B(3)  [Validity of decision]  


A failure to comply with this section does not affect the validity of the decision.

 



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