Corporations Act 2001

CHAPTER 8A - ASIA REGION FUNDS PASSPORT  

PART 8A.7 - DEREGISTRATION AND DENOTIFICATION  

Division 3 - Continued application of the Corporations legislation  

SECTION 1216K   ASIC ' S POWER TO CONTINUE THE APPLICATION OF THE CORPORATIONS LEGISLATION  

Declarations on continued application of the Corporations legislation

1216K(1)    
ASIC may:

(a) declare that the Corporations legislation continues to apply:

(i) in relation to a fund that has been deregistered as an Australian passport fund or removed as a notified foreign passport fund; and

(ii) to an entity in relation to a fund that has been deregistered as an Australian passport fund or removed as a notified foreign passport fund; and

(b) declare that the Corporations legislation continues to apply:

(i) in relation to a fund that has been deregistered as an Australian passport fund or removed as a notified foreign passport fund; and

(ii) to an entity in relation to a fund that has been deregistered as an Australian passport fund or removed as a notified foreign passport fund;

as if specified provisions were omitted, modified or varied as specified in the declaration.

1216K(2)    
The continued application of the Corporations legislation may:

(a) apply to all or specified provisions of the Corporations legislation; and

(b) apply to all entities, a specified class of entities or a specified entity; and

(c) apply to all former passport funds, a specified class of former passport funds or a specified former passport fund; and

(d) relate to any other matter generally or as specified.

Declarations relating to all or a class of entities or passport funds

1216K(3)    
A declaration that relates to all entities, a specified class of entities, all former passport funds or a specified class of former passport funds, must be made by legislative instrument.

Declarations relating to specified entities or passport funds

1216K(4)    
A declaration that relates to a specified entity or a specified former passport fund must be made by notifiable instrument.

1216K(5)    
ASIC must also:

(a) give a copy of a declaration that relates to a specified entity to the entity; and

(b) give a copy of a declaration that relates to a specified former passport fund to the most recent operator of the fund.

ASIC must do so as soon as is reasonably practicable after the declaration is made.