Commonwealth Numbered Acts

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CORPORATIONS ACT 2001 No. 50, 2001 - SECT 1193

Power to make banning order against unlicensed person

Subject to section 1200, ASIC may make a banning order against a natural person (other than a licensee) if:

(a)
he or she becomes an insolvent under administration; or

(b)
he or she is convicted of serious fraud; or

(c)
he or she becomes incapable, through mental or physical incapacity, of managing his or her affairs; or

(d)
he or she contravenes a futures law; or

(e)
ASIC has reason to believe that he or she is not of good fame and character; or

(f)
ASIC has reason to believe that he or she has not performed efficiently, honestly and fairly the duties of:

(i)
a representative of a futures broker; or
(ii)
a representative of a futures adviser; or
(g)
ASIC has reason to believe that he or she will not perform efficiently, honestly and fairly the duties of:

(i)
a representative of a futures broker; or
(ii)
a representative of a futures adviser.


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