THE CORPORATIONS LAW

CHAPTER 2L - DEBENTURES

PART 2L.7 - ASIC POWERS

SECTION 260MA   ASIC'S POWER TO EXEMPT AND MODIFY  

260MA(1)  (Power to exempt and modify)  

ASIC may:

(a)  exempt a person from a provision of this Chapter; or

(b)  declare that this Chapter applies to a person as if specified provisions were omitted, modified or varied as specified in the declaration.

260MA(2)  [Extent of exemption or declaration]  

The exemption or declaration may do all or any of the following:

(a)  apply to all or specified provisions of this Chapter

(b)  apply to all persons, specified persons, or a specified class of persons

(c)  relate to all debentures, specified debentures or a specified class of debentures

(d)  relate to any other matter generally or as specified.

260MA(3)  [Conditions on exemption]  

An exemption may apply unconditionally or subject to specified conditions. A person to whom a condition specified in an exemption applies must comply with the condition. The Court may order the person to comply with the condition in a specified way. Only ASIC may apply to the Court for the order.

260MA(4)  [Publication in the Gazette ]  

The exemption or declaration must be in writing and ASIC must publish notice of it in the Gazette.

260MA(5)  [Definition of provisions]  

For the purposes of this section, the provisions of this Chapter include:

(a)  regulations made for the purposes of this Chapter; and

(b)  definitions in this Law or the regulations as they apply to references in:

(i) this Chapter; or

(ii) regulations made for the purposes of this Chapter; and

(c)  Division 12 of Part 11.2.