Commonwealth Numbered Acts

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CORPORATIONS ACT 2001 No. 50, 2001 - SECT 1153

Licensee to notify breach of licence condition

(1) Within one business day after the happening of an event constituting a contravention of a condition of a licence held by a corporation, the licensee must give to:

ASIC; and

each futures organisation of which the licensee is a member;

a written notice setting out particulars of the event.

(2) It is a defence to a prosecution for failing to give a particular notice to a person as required by this section if it is proved that:

when the requirement arose, the defendant was unaware of the event that gave rise to the requirement; and

the defendant:

did not become aware of the event before the date of the information; or
did become so aware before that date but gave the notice to that person as soon as reasonably practicable after becoming so aware.

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