Commonwealth Numbered Acts

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CORPORATIONS ACT 2001 No. 50, 2001 - SECT 1192

Power to suspend licence instead of revoking it

(1) Subject to section 1200, where:

section 1189A or 1190 empowers ASIC to revoke a licence otherwise than because the licensee has asked for the revocation; or

ASIC is empowered by virtue of paragraph 1191(1)(c), (d), (e), (f), (g),
or (j) to revoke a licence;

ASIC may, if it considers it desirable to do so, instead:

by written order, suspend the licence for a specified period; or

by written order, prohibit the licensee, either permanently or for a specified period, from doing specified acts, being acts that section 1142 or 1143 would prohibit the licensee from doing if the licensee did not hold the licence.

(2) ASIC may at any time, by written order, vary or revoke an order in force under this section. (3) For the purposes of sections 1142, 1143, 1172 and 1173 a licensee is taken not to hold the licence at any time during a period for which the licence is suspended. (4) Where an order in force under this section prohibits the licensee as mentioned in paragraph (1)(d):

the licensee must not contravene the order; and

in relation to the doing by a person, as a representative of the licensee, of an act specified in the order, sections 1172 and 1173 apply, or apply during the period specified in the order, as the case requires, as if the licensee did not hold the licence.

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