Commonwealth Consolidated Acts

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Extension of product intervention orders

             (1)  ASIC may, in accordance with an approval under subsection (4), by legislative instrument, declare that a product intervention order that is in force:

                     (a)  remains in force until it is revoked; or

                     (b)  remains in force for a specified period, unless it is revoked earlier.

Note:          A declaration under this subsection has the effect of overriding any provisions in a product intervention order about the duration of the order: see subsection 1023G(3).

             (2)  ASIC may make more than one declaration under subsection (1) in relation to a product intervention order that is in force.

Approval of Minister

             (3)  ASIC may, at any time before the order ceases to be in force, give the Minister a report on whether the declaration should be made.

             (4)  After considering the report, the Minister may give an approval in writing for the purposes of subsection (1).

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