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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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