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 7 - SECURITIES
PART 7.2 - SECURITIES EXCHANGES AND STOCK MARKETS
History
Heading amended by No 104 of 1994, Sch 8 (effective 1 January
1995).
SECTION 779
QUALIFIED PRIVILEGE
History
Heading to s 779 amended by No 31 of 1994 (effective 4 September 1994).
779(1)
[Definitions]
In this section:
``delisting or suspension decision''
means a decision by a securities exchange:
(a)
whether or not to remove an entity from an official list of the
exchange; or
(b)
whether or not to stop or suspend quotation of securities on a stock
market of the exchange;
History
Definition of ``delisting or suspension decision'' inserted by No 31 of
1994, Sch 1, Pt 1 (effective 4 September 1994).
CCH Note:
See s 1395(2).
``disciplinary proceeding''
, in relation to a securities exchange, means:
(a)
a proceeding under the business rules of the securities exchange that
may result in the disciplining of a member of the securities exchange; or
(b)
an appeal under the business rules of the securities exchange from a
proceeding of a kind referred to in paragraph (a);
``disciplining''
, in relation to a member of a securities exchange, includes expulsion
from, or suspension of, membership of the securities exchange;
``information''
means information given orally, in a document or otherwise;
History
Definition of ``information'' inserted by No 31 of 1994, Sch 1, Pt 1
(effective 4 September 1994).
``listed entity''
, in relation to a securities exchange, means an entity included in an
official list of the exchange;
History
Definition of ``listed entity'' inserted by No 31 of 1994, Sch 1, Pt 1
(effective 4 September 1994).
``member''
, in relation to a securities exchange, includes a person who is under
an obligation to comply with or enforce the business rules of the securities
exchange;
``rules''
, in relation to a securities exchange, means the exchange's business
rules or listing rules.
History
Definition of ``rules'' inserted by No 31 of 1994, Sch 1, Pt 1
(effective 4 September 1994).
779(2)
[Qualified privilege of securities exchange in disciplinary proceedings]
A securities exchange, or a member, officer or employee of a securities exchange, has qualified privilege in respect of a statement made by a person, orally or in writing, in the course of, or otherwise for the purposes of or in connection with, a disciplinary proceeding of the securities exchange.
779(3)
[Qualified privilege of exchange subsidiary]
Where:
(a)
an Exchange subsidiary is acting on behalf of the Exchange; or
(b)
an officer or employee of an Exchange subsidiary is acting on behalf of the Exchange or of a member, officer or employee of the Exchange;
in connection with a disciplinary proceeding of the Exchange, the Exchange subsidiary and an officer or employee of the Exchange subsidiary have qualified privilege in respect of a statement made by a person, orally or in writing, in the course of, or otherwise for the purposes of or in connection with, the disciplinary proceeding.
779(4)
[Qualified privilege of a person]
A person has qualified privilege in respect of the publication of:
(a)
a statement made by a person, orally or in writing, in the course of, or otherwise for the purposes of or in connection with; or
(b)
a document prepared, given or produced by a person, in the course of, or otherwise for the purposes of or in connection with;
a disciplinary proceeding of a securities exchange.
779(5)
[Exchange's privilege for published information]
A securities exchange has qualified privilege in respect of the publication of information, or a document, given to the exchange by a listed entity under a provision of this Law or of the exchange's rules.
History
S 779(5) inserted by No 31 of 1994, Sch 1, Pt 1 (effective 4 September 1994).
CCH Note:
See s 1395(1).
779(6)
[Limitation of privilege]
Subsection
(5) does not apply if:
(a)
this Law, or the exchange's rules, as the case may be, expressly or impliedly authorised the entity to limit the purposes for which it gave the information or document to the exchange; and
(b)
when giving the information or document, the entity limited those purposes as so authorised; and
(c)
the publication is not solely for one or more of the limited purposes.
History
S 779(6) inserted by No 31 of 1994, Sch 1, Pt 1 (effective 4 September 1994).
CCH Note:
See s 1395(1).
779(7)
[Exchange's privilege for requests for information]
A securities exchange has qualified privilege in respect of the publication of:
(a)
information about a request by the exchange to a listed entity for information in relation to compliance by the entity with, or a contravention by the entity of, this Law or the exchange's rules; or
(b)
information, or a document, given to the exchange by a listed entity in response to such a request.
History
S 779(7) inserted by No 31 of 1994, Sch 1, Pt 1 (effective 4 September 1994).
CCH Note:
See s 1395(1).
779(8)
[Exchange's privilege for information re delisting, etc]
A securities exchange has qualified privilege in respect of the publication of:
(a)
an oral or written statement describing a delisting or suspension decision or the reasons for, or action taken because of, such a decision; or
(b)
an oral or written statement to the effect that the exchange is considering whether to make such a decision; or
(c)
information given, or a document prepared, given or produced, by a person (whether an officer of the exchange or not) in the course of, for the purposes of, or otherwise in connection with, the exchange making such a decision.
History
S 779(8) inserted by No 31 of 1994, Sch 1, Pt 1 (effective 4 September 1994).
CCH Note:
See s 1395(1).
779(9)
[Exchange officer's privilege]
An officer of a securities exchange has qualified privilege in respect of an act:
(a)
that is done in the course of performing functions or exercising powers as an officer of the exchange; and
(b)
in respect of which the exchange would have qualified privilege under subsection
(5),
(7) or
(8) if it had done the act.
History
S 779(9) inserted by No 31 of 1994, Sch 1, Pt 1 (effective 4 September 1994).
CCH Note:
See s 1395(1).
779(10)
[Generality not limited]
Nothing in this section limits the generality of anything else in it.
History
S 779(10) inserted by No 31 of 1994, Sch 1, Pt 1 (effective 4 September 1994).