Commonwealth Numbered Acts

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CORPORATIONS ACT 2001 No. 50, 2001 - SECT 928

ASIC to be notified of amendments to business rules

(1) Where an amendment is made, by way of rescission, alteration or addition, to its business rules, SEGC must, as soon as practicable after the making of the amendment, give written notice of the amendment to ASIC. (2) A notice under subsection (1) must:

set out the text of the amendment; and

specify the date on which the amendment was made; and

contain an explanation of the purpose of the amendment.

(3) If the notice required to be given by subsection (1) is not given within 21 days after the making of the amendment, the amendment ceases to have effect. (4) Where ASIC receives a notice under this section, it must as soon as practicable send a copy of the notice to the Minister. (5) The Minister may, within 28 days after the receipt by ASIC of a notice under this section, disallow the whole or a specified part of the amendment to which the notice relates. (6) Where the Minister disallows the whole or a part of an amendment to which a notice under this section relates, ASIC must as soon as practicable give notice of the disallowance to SEGC and, upon receipt by SEGC of the notice of disallowance, the amendment, to the extent of the disallowance, ceases to have effect.

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