THE CORPORATIONS LAW

CHAPTER 6 - TAKEOVERS

PART 6.10 - REVIEW AND INTERVENTION

Division 1 - ASIC's power to exempt and modify

SECTION 655A   ASIC'S POWER TO EXEMPT AND MODIFY  

655A(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.

Note:

Under section 656A, the Panel has power to review the exercise by ASIC of its powers under this section.

655A(2)  (Obligation to consider purpose of Chapter)  

In deciding whether to give the exemption or declaration, ASIC must consider the purposes of this Chapter set out in section 602.

655A(3)  [Content of exemption or declaration]  

The exemption or declaration may:

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

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

(c)  relate to all securities, specified securities or a specified class of securities; and

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

655A(4)  [Conditions]  

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.

655A(5)  [Publication in the Gazette]  

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

655A(6)  [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.