THE CORPORATIONS LAW

CHAPTER 6 - TAKEOVERS

PART 6.10 - REVIEW AND INTERVENTION

Division 2 - The Corporations and Securities Panel

Subdivision C - General provisions

SECTION 658C   PANEL'S POWER TO MAKE RULES  

658C(1)  [President's powers]  

The President of the Panel may, after consultation with members of the Panel, make rules, not inconsistent with the Law or the Regulations, to clarify or supplement the operation of the provisions of this Chapter.

658C(2)  [Matters to be considered]  

In making rules under this section, the President of the Panel must consider the purposes of this Chapter set out in section 602.

658C(3)  [Writing and publication]  

A rule under this section must be in writing and the President of the Panel must:

(a)  publish notice of it in the Gazette; and

(b)  give the Minister, and ASIC, a copy of the rule as soon as practicable after it is published in the Gazette.

658C(4)  [Minister's power to disallow]  

Within 28 days after receiving the copy, the Minister may disallow the whole or a specified part of the rule.

658C(5)  [Contravention]  

If a person contravenes a rule made under this section, the Court may give directions for compliance with the rule to:

(a)  that person; or

(b)  if that person is a body corporate - the directors of the body corporate.

The Court must give the person against whom the order is sought, and any person aggrieved by the contravention, an opportunity to be heard before giving directions under this subsection.

658C(6)  [Permitted applicants]  

The Court may give a direction under subsection (5) only on application by:

(a)  ASIC; or

(b)  the President of the Panel; or

(c)  a person aggrieved by the contravention.