Commonwealth Consolidated Acts

CORPORATIONS ACT 2001 - SECT 1296

  (1)   Where the Board decides to exercise any of its powers under section   1292 in relation to a person, or decides that it is required to make an order under subsection   1292(7) in relation to a person, the Board must, within 14 days after the decision:

  (a)   give to the person a notice in writing setting out the decision and the reasons for it; and

  (b)   lodge a copy of the notice referred to in paragraph   (a); and

  (c)   cause to be published in the Gazette a notice in writing setting out the decision.

  (1A)   If:

  (a)   the Board decides to exercise the power, or makes the order, on the basis of particular conduct engaged in by the person; and

  (b)   the person engaged in that conduct in the course of participating in the conduct of an audit on behalf of an audit firm or audit company;

the notice under paragraph   (1)(c) may identify the audit firm or audit company.

  (1B)   If the Board:

  (a)   decides to exercise any of its powers under section   1292 in relation to a person; or

  (b)   decides that it is required to make an order under subsection   1292(7) in relation to a person;

then, in addition to meeting the requirements of subsection   (1), the Board may take such steps as it considers reasonable and appropriate to publicise:

  (c)   the decision; and

  (d)   the reasons for the decision.

Without limiting this, the Board may make the decision and reasons available on the internet.

  (1C)   If:

  (a)   the Board decides to exercise the power under section   1292, or makes the order under subsection   1292(7), on the basis of particular conduct engaged in by the person; and

  (b)   the person engaged in that conduct in the course of participating in the conduct of an audit on behalf of an audit firm or audit company;

a publication under subsection   (1B) may identify the audit firm or audit company.

  (2)   Where the Board decides to refuse to exercise its powers under section   1292 in relation to a person, or decides that it is not required to make an order under subsection   1292(7) in relation to a person, the Board must, within 14 days after the decision:

  (a)   give to the person a notice in writing setting out the decision and the reasons for it; and

  (b)   lodge a copy of the notice referred to in paragraph   (a).

  (3)   The validity of a decision of the Board is not affected by failure of the Board to comply with subsection   (1) or (2), as the case requires, in relation to the decision.