Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .

PART 7.4 - LIMITS ON INVOLVEMENT WITH LICENSEES  

Division 1A - Limit on control of certain Australian licensees that are not widely held market bodies  

Subdivision B - 20% voting power limit  

SECTION 852DE   REMEDIAL ORDERS  

852DE(1)    
If an unacceptable control situation exists in relation to a controlled Australian financial body and a person, any of the following courts may make such orders as the court considers appropriate for the purpose of ensuring that the unacceptable control situation ceases to exist:

(a)    the Federal Court;

(b)    the Federal Circuit and Family Court of Australia (Division 2);

(c)    a court of a State or Territory that has jurisdiction in relation to the matter.

852DE(2)    
However, the court may only make orders under this section on application by:

(a)    ASIC; or

(b)    the body; or

(c)    a person who has any voting power in the body.

852DE(3)    
Without limiting subsection (1) , the court ' s orders may include:

(a)    an order directing the disposal of shares; or

(b)    an order restraining the exercise of any rights attached to shares; or

(c)    an order prohibiting or deferring the payment of any sums due to a person in respect of shares held by the person; or

(d)    an order that any exercise of rights attached to shares be disregarded; or

(e)    an order directing any person to do or refrain from doing a specified act, for the purpose of securing compliance with any other order made under this section; or

(f)    an order containing such ancillary or consequential provisions as the court thinks just.

852DE(4)    
Before making an order under this section, the court may direct that notice of the application:

(a)    be given to such persons as the court thinks fit; or

(b)    be published in such manner as the court thinks fit.

852DE(5)    
The court may, by order:

(a)    rescind, vary or discharge an order made by the court under this section; or

(b)    suspend the operation of such an order.