Commonwealth Consolidated Acts

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CORPORATIONS ACT 2001 - SECT 908AD

Emergency declarations: consultation and consent not required

             (1)  Despite subsection 908AC(3), ASIC may make a declaration under subsection 908AC(2) without the consent of the Minister if ASIC is of the opinion that it is necessary, or in the public interest, to do so in order to protect:

                     (a)  the Australian economy; or

                     (b)  the efficiency, integrity and stability of the Australian financial system.

             (2)  If ASIC makes a declaration under subsection 908AC(2) without the consent of the Minister, ASIC must:

                     (a)  provide the Minister, on the following day, with a written explanation of the need for the declaration; and

                     (b)  revoke the declaration in accordance with any direction under subsection (3).

             (3)  The Minister may give ASIC a written direction to revoke a declaration made as described in subsection (1).

             (4)  A direction under subsection (3) is not a legislative instrument.



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