(1) This section applies where ASIC considers that:
- (a)
- it may be necessary
to exercise, in relation to securities of a body corporate, a power under
section 775 of the Corporations Act; or
- (b)
- a contravention of section 845, or Division 2 of Part 7.11,
of the Corporations Act may have been committed in relation to securities of a
body corporate; or
- (c)
- a contravention of Chapter 6C of the Corporations Act may have been
committed in relation to shares in a body corporate; or
- (d)
- a contravention of a law of the Commonwealth, or of a State or Territory
in this jurisdiction, may have been committed, being a contravention that
involves fraud or dishonesty and relates to securities of a body corporate; or
- (e)
- unacceptable circumstances within the meaning of Part 6.9 of the
Corporations Act have, or may have, occurred:
- (i)
- in relation to an acquisition of shares in a body corporate; or
- (ii)
- as a result of conduct engaged in by a person in relation to shares in,
or the affairs of, a body corporate; or
- (f)
- a person has, or may have, contravened section 657F of the
Corporations Act.
(2) ASIC may require a director, secretary or executive officer of the body to
disclose to ASIC information of which he or she is aware and that:
- (a)
- may
have affected a dealing that has taken place; or
- (b)
- may affect a dealing that may take place;
in securities of the body.
(3) If ASIC believes on reasonable grounds that a person can give, information
about particular matters, being any or all of the following:
- (a)
- a dealing
in securities of the body;
- (b)
- advice, or an analysis or report, that a dealer, an investment adviser, or
a securities representative of a person, has given, issued or published about
such securities;
- (c)
- the financial position of a business carried on by a person who:
- (i)
- is or has been (either alone or together with any other person or persons)
a dealer or investment adviser; and
- (ii)
- has dealt in, has given advice about, or has issued or published an
analysis or report about, such securities;
- (d)
- the financial position of a business carried on by a nominee controlled by
a person of a kind referred to in paragraph (c) or jointly controlled by
2 or more persons at least one of whom is such a person;
- (e)
- an audit of, or a report of an auditor about, accounts or records of a
dealer or investment adviser, being accounts or records relating to dealings
in such securities;
ASIC may require the person to disclose to it the information that the person
has about those particular matters.
(4) ASIC must not exercise a power conferred by subsection (2) or (3)
except:
- (a)
- if paragraph (1)(a) applies—for the purpose of
determining whether or not to exercise a power as mentioned in that paragraph;
or
- (b)
- if paragraph (1)(b), (c) or (d) applies—for the purpose of
investigating the possible contravention; or
- (c)
- if paragraph (1)(e) or (f) applies—for the purpose of
determining whether or not to make an application under section 657C or
657G of the Corporations Act.
Commonwealth Numbered Acts