THE CORPORATIONS LAW

CHAPTER 6 - TAKEOVERS

PART 6.10 - REVIEW AND INTERVENTION

Division 1 - ASIC's power to exempt and modify

SECTION 655B   NOTICE OF DECISION AND REVIEW RIGHTS  

655B(1)  [Obligation to notify]  

Subject to subsection (3), ASIC must take such steps as are reasonable in the circumstances to give to each person whose interests are affected by a decision under a section 655A notice, in writing or otherwise:

(a)  of the making of the decision; and

(b)  of the person's right to have the decision reviewed by the Panel under section 656A.

655B(2)  [Exceptions]  

Subsection (1) does not require ASIC to give notice to a person affected by the decision or to the persons in a class of persons affected by the decision, if ASIC determines that giving notice to the person or persons is not warranted, having regard to:

(a)  the cost of giving notice to the person or persons; and

(b)  the way in which the interests of the person or persons are affected by the decision.

655B(3)  [Validity of decision]  

A failure to comply with this section does not affect the validity of the decision.