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CORPORATIONS ACT 2001 - SECT 1100ZK

ASIC's power to make exemptions and declare modifications etc. in relation to this Division

Application

  (1)   This section applies in relation to Chapters   2L, 5, 5C, 6D and 7 (the covered Chapters ) and this Division.

Exemptions and declarations on application of this Division

  (2)   ASIC may do either or both of the following:

  (a)   exempt a person from all or specified provisions of the covered Chapters or this Division;

  (b)   declare that the covered Chapters or this Division apply in relation to a person, as if specified provisions were omitted, modified or varied as specified in the declaration.

  (3)   The exemption or declaration may do all or any of the following:

  (a)   relate to all persons, specified persons or a specified class of persons;

  (b)   relate to any other matter generally or as specified.

Imposition of conditions on exemption

  (4)   An exemption may apply unconditionally or subject to specified conditions.

  (5)   An entity to whom a condition specified in an exemption applies must comply with the condition.

  (6)   The Court may order the entity to comply with the condition in a specified way. Only ASIC may apply to the Court for the order.

Exemptions and declarations relating to all or a class of persons

  (7)   An exemption or declaration that relates to all persons, or a specified class of persons, must be made by legislative instrument.

Exemptions and declarations relating to specified persons

  (8)   An exemption or declaration that relates to a specified person must be made by notifiable instrument.

  (9)   ASIC must give a copy of an exemption or declaration that relates to a specified person to the person as soon as is reasonably practicable after the exemption or declaration is made.


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