THE CORPORATIONS LAW

CHAPTER 8 - THE FUTURES INDUSTRY

PART 8.2 - FUTURES EXCHANGES, CLEARING HOUSES AND FUTURES ASSOCIATIONS

Division 3 - Futures associations

SECTION 1133   SUSPENSION OR CANCELLATION OF APPROVAL  

1133(1)  [Notice to show cause]  

The Minister may cause to be served on a body corporate a written notice requiring the body to show cause, at a hearing before a specified person, why the body's approval as a futures association should not be suspended or cancelled on specified grounds.

1133(2)  [Time and place of hearing]  

A notice under subsection (1) shall specify, and give reasonable notice of, the time and place at which the hearing is to occur, but the specified person may, with the body's consent, fix a different time, a different place, or both, for the hearing.

1133(3)  [Report and recommendation]  

Where a notice is served under subsection (1), the specified person shall, after giving the body an opportunity to be heard at the hearing, submit to the Minister a report about the hearing and a recommendation about the matters to which the notice related.

1133(4)  [Powers of Minister]  

After considering a report and recommendation under subsection (3), the Minister may:

(a)  decide to take no further action in relation to the matter; or

(b)  by writing, suspend for a specified period, or cancel, the body's approval as a futures association.

1133(5)  [Effect of suspension]  

A body corporate shall be deemed not to be a futures association at any time during a period for which the body's approval as a futures association is suspended.

1133(6)  [Restriction on suspension]  

A body corporate's approval as a futures association shall not be suspended or cancelled except under this section.