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CORPORATIONS ACT 2001

CHAPTER 6 - TAKEOVERS  

PART 6.10 - REVIEW AND INTERVENTION  

Division 2 - The Takeovers Panel    View history reference

Subdivision B - Unacceptable circumstances  

SECTION 657EA  INTERNAL PANEL REVIEWS  

657EA(1)  [Who may apply]  


The following may apply under this section for review by the Panel of a decision of the Panel made on an application under section 657C:


(a) a party to the proceedings in which the decision was made; or


(b) ASIC.

For these purposes, decision has the same meaning as in the Administrative Appeals Tribunal Act 1975.

657EA(2)  [President's consent]  


If the decision is not:


(a) a decision to make a declaration under section 657A; or


(b) a decision to make an order under section 657D or 657E;

the person may apply for review only with the consent of the President of the Panel.

657EA(3)  [Time limits]  


The regulations may provide for the time limits within which an application may be made for review of a decision.

Note: Regulations made under the ASIC Act deal with the constitution of the Panel for the purposes of conducting a review under this section and the procedures to be followed in conducting the review.

657EA(4)  [Panel's powers]  


After conducting a review under this section, the Panel may:


(a) vary the decision reviewed; or


(b) set aside the decision reviewed; or


(c) set aside the decision reviewed and substitute a new decision.

In conducting the review, the Panel has the same power to make a declaration under section 657A, or an order under section 657D or 657E, as it has when it is considering an application under section 657C.

657EA(5)  [Time limit for s 657A declaration]  

 View history reference

Despite section 657B, the Panel can only make a declaration under section 657A after conducting a review under this section if the declaration is made within:


(a) 3 months after the circumstances in relation to which the declaration is made occur; or


(b) 1 month after the application for review was made;

whichever ends last. The Court may extend the period on application by the Panel.


 



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