Corporations Act 2001

CHAPTER 8A - ASIA REGION FUNDS PASSPORT  

PART 8A.6 - STOP ORDERS  

SECTION 1215B   INTERIM STOP ORDERS  

1215B(1)    
ASIC may make an interim stop order, if ASIC is of the opinion that:

(a) any delay in making a stop order under section 1215 or 1215A would be prejudicial to the public interest; and

(b) either:

(i) in the case of an order that is to be made in relation to an Australian passport fund - one or more of the circumstances mentioned in subsection 1215(3) exists; or

(ii) in the case of an order that is to be made in relation to a notified foreign passport fund - one or more of the circumstances mentioned in subsection 1215A(3) exists.

1215B(2)    
An interim stop order under subsection (1) :

(a) may be made without holding a hearing, or during a hearing; and

(b) must be in writing; and

(c) lasts:

(i) if the stop order is made during a hearing - until ASIC makes a stop order after the conclusion of the hearing, or the interim stop order is revoked; and

(ii) otherwise - for 21 days after the day on which it is made, unless sooner revoked.

1215B(3)    
If ASIC makes an interim stop order, ASIC must give the operator of the fund a copy of the order as soon as reasonably practicable after it is made.