THE CORPORATIONS LAW

CHAPTER 6 - TAKEOVERS

PART 6.10 - REVIEW AND INTERVENTION

Division 2 - The Corporations and Securities Panel

Subdivision A - Review of ASIC's exercise of its exemption or modification powers

SECTION 656B   OPERATION AND IMPLEMENTATION OF A DECISION THAT IS SUBJECT TO REVIEW  

656B(1)  [Effect of application]  

Subject to this section, applying to the Panel under section 656A for review of an ASIC decision does not:

(a)  affect the operation of the decision; or

(b)  prevent the taking of action to implement the decision.

656B(2)  [Power of Panel on application]  

On application by a party to the proceedings before the Panel, the Panel may:

(a)  make an order staying, or otherwise affecting the operation or implementation of, the whole or a part of the decision if the Panel considers that:

(i) it is desirable to make the order after taking into account the interests of any person who may be affected by the review; and

(ii) the order is appropriate for the purpose of securing the effectiveness of the hearing and determination of the application for review; or

(b)  make an order varying or revoking an order made under paragraph (a) (including an order that has previously been varied on one or more occasions under this paragraph).

656B(3)  [Obligations in making order]  

Subject to subsection (4), the Panel must not:

(a)  make an order under paragraph (2)(a) unless ASIC has been given a reasonable opportunity to make a submission to the Panel in relation to the matter; or

(b)  make an order under paragraph (2)(b) unless:

(i) ASIC; and

(ii) the person who requested the making of the order under paragraph (2)(a); and

(iii) if the order under paragraph (2)(a) has previously been varied by an order or orders under paragraph (2)(b) - the person or persons who applied for the last-mentioned order or orders;

have been given a reasonable opportunity to make submissions to the Panel in relation to the matter.

656B(4)  [Urgent situations]  

Subsection (3) does not prohibit the Panel from making an order without giving to a person referred to in that subsection a reasonable opportunity to make a submission to the Panel in relation to a matter if the Panel is satisfied that, by reason of the urgency of the case or otherwise, it is not practicable to give that person such an opportunity. If an order is so made without giving such an opportunity to ASIC, the order does not come into operation until a notice setting out the terms of the order is served on ASIC.

656B(5)  [Effect of order]  

An order in force under paragraph (2)(a) (including an order that has previously been varied on one or more occasions under paragraph (2)(b)):

(a)  is subject to the conditions that are specified in the order; and

(b)  has effect until:

(i) if a period for the operation of the order is specified in the order - the end of that period or, if the application for review is decided by the Panel before the end of that period, the decision of the Panel on the application for review comes into operation; or

(ii) if a period for the operation of the order is not specified in the order - the decision of the Panel on the application for review comes into operation.