CCH Note:
Part 13 of the
Corporations Act 1989, inserted
by sec 6 of No 110 of 1990, Sch 1 (effective 1 January 1991), begins as
follows:
PART 13 - THE CORPORATIONS LAW
THE CORPORATIONS LAW
82
The Corporations Law is as follows:...
CHAPTER 6D - FUNDRAISING
History
Chapter 6D inserted by No 156 of 1999, Sch 1 (effective 13 March 2000).
PART 6D.4 - ASIC'S POWERS
History
Part 6D.4 inserted by No 156 of 1999, Sch 1 (effective 13 March 2000).
SECTION 739
ASIC STOP ORDERS
739(1)
(Power to make order)
If ASIC is satisfied that an offer of securities under a disclosure document lodged with ASIC would contravene section
728, ASIC may order that no offers, issues, sales or transfers of the securities be made while the order is in force.
739(2)
[Obligation to hold hearing]
Before making an order under subsection
(1), ASIC must:
(a)
hold a hearing; and
(b)
give a reasonable opportunity to any interested people to make oral or written submissions to ASIC on whether an order should be made.
739(3)
[Interim orders]
If ASIC considers that any delay in making an order under subsection
(1) pending the holding of a hearing would be prejudicial to the public interest, ASIC may make an interim order that no offers, issues, sales or transfers of the securities be made while the interim order is in force. The interim order may be made without holding a hearing and lasts for 21 days after the day on which it is made unless revoked before then.
739(4)
[Interim orders during hearing]
At any time during the hearing, ASIC may make an interim order that no offers, issues, sales or transfers of the securities be made while the interim order is in force. The interim order lasts until:
(a)
ASIC makes an order under subsection
(1) after the conclusion of the hearing; or
(b)
the interim order is revoked;
whichever happens first.
739(5)
[Orders in writing]
An order under subsection
(1),
(3) or
(4) must be in writing and must be served on the person who is ordered not to offer, issue, sell or transfer securities under the disclosure document.
History
S 739 substituted by No 156 of 1999, Sch 1 (effective 13 March 2000).