Commonwealth Consolidated Acts

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Extension of period of automatic disqualification under section 206B

  (1)   This section applies if:

  (a)   under subsection   206B(1); or

  (b)   as a result of the operation of subsection   279 - 5(1) of the Corporations (Aboriginal and Torres Strait Islander) Act 2006 and subsection   206B(5) of this Act;

a person is disqualified from managing corporations on being convicted of an offence.

  (2)   On application by ASIC, the Court may extend by up to an additional 15 years the period of disqualification.

  (3)   ASIC must apply:

  (a)   before the period of disqualification begins; or

  (b)   before the end of the first year of the disqualification.

  (4)   ASIC may apply only once in relation to the disqualification.

  (5)   In determining whether an extension is justified (and if so, for how long), the Court may have regard to any matters that the Court considers appropriate.

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