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CORPORATIONS ACT 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS    View history reference

PART 7.6 - LICENSING OF PROVIDERS OF FINANCIAL SERVICES    View history reference

Division 11 - Agreements with unlicensed persons relating to the provision of financial services    View history reference

Subdivision B - Effect on agreements    View history reference

SECTION 925C  CLIENT MAY APPLY TO COURT FOR PARTIAL RESCISSION  

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925C(1)  [Client may apply to Court]  


If the client gives a notice under section 925A but the notice does not rescind the agreement because rescission of it would prejudice a right or estate of the kind referred to in section 925B, the client may, within a reasonable period after giving the notice, apply to the Court for an order under subsection (4) of this section.

925C(2)  [Extension of application period]  


The Court may extend the period for making an application under subsection (1).

925C(3)  [Court's powers]  


If an application is made under subsection (1), the Court may make such orders expressed to have effect until the determination of the application as it would have power to make if the notice had rescinded the agreement under section 925B and the application were for orders under section 925D.

925C(4)  [Orders]  


On an application under subsection (1), the Court may make an order:


(a) varying the agreement in such a way as to put the client in the same position, as nearly as can be done without prejudicing such a right or estate acquired before the order is made, as if the agreement had not been entered into; and


(b) declaring the agreement to have had effect as so varied at and after the time when it was originally made.

925C(5)  [Effect of order]  


If the Court makes an order under subsection (4), the agreement is to be taken for the purposes of section 925D to have been rescinded under section 925B.

925C(6)  [No limitation]  


An order under subsection (4) does not affect the application of section 925F or 925H in relation to the agreement as originally made or as varied by the order.


 



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