CORPORATIONS ACT 2001
REVIEW AND INTERVENTION
Div 2 heading substituted by No 122 of 2001, s 3, Sch 3, Pt 1
23] (effective 27 September 2001).
SECTION 657D ORDERS THAT PANEL MAY MAKE FOLLOWING DECLARATION
The Panel may make an order under subsection (2) if it has declared circumstances to be unacceptable under section
. It must not make an order if it is satisfied that the order would unfairly prejudice any person. Before making the order, the Panel must give:
(b) each party to the proceedings; and
an opportunity to make submissions to the Panel about the matter.
S 657D(1) amended by No 64 of 2007, Sch 1.
The Panel may make any order (including a remedial order but not including an order directing a person to comply with a requirement of Chapter
) that it thinks appropriate to:
(a) if the Panel is satisfied that the rights or interests of any person, or group of persons, have been or are being affected, or will be or are likely to be affected, by the circumstances
protect those rights or interests, or any other rights or interests, of that person or group of persons; or
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(b) ensure that a takeover bid or proposed takeover bid in relation to securities proceeds (as far as possible) in a way that it would have proceeded if the circumstances had not occurred; or
(c) specify in greater detail the requirements of an order made under this subsection; or
(d) determine who is to bear the costs of the parties to the proceedings before the Panel;
regardless of whether it has previously made an order under this subsection or section
in relation to the declaration. The Panel may also make any ancillary or consequential orders that it thinks appropriate.
S 657D(2) amended by No 64 of 2007, Sch 1.
The Panel may vary, revoke or suspend an order made under this section. Before doing so, it must give an opportunity to make submissions in relation to the matter to:
(a) each person to whom the order is directed; and
(b) each party to the proceedings in which the order was made; and
If the Panel makes an order under this section, the Panel must give a copy of the order, and a written statement of its reasons for making the order, to:
(a) each party to the proceedings before the Panel; and
(b) each person to whom the order is directed if they are not a party to the proceedings; and
(c) for an order relating to specified securities of a company
the company; and
The Panel must also publish the order in the
. The order takes effect as soon as it is made and not when all the requirements of this subsection are met.
If the Panel makes an order of the kind referred to in paragraph (j) of the definition of
, the exercise of rights attached to shares is to be disregarded as provided in the order.
If the Panel makes an order of the kind referred to in paragraph (k) of the definition of
, then, by force of this subsection, the agreement or offer specified in the order is cancelled, or becomes voidable, as from the making of the order or any later time that is specified in the order.