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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