Commonwealth Consolidated Acts

[Index] [Table] [Search] [Search this Act] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

CORPORATIONS ACT 2001 - SECT 1296

Notice of Board's decision

             (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) with ASIC and the Registrar; and

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

The lodgement with the Registrar must meet any requirements of the data standards.

          (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.



AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback