Corporations Act 2001

CHAPTER 2L - DEBENTURES  

PART 2L.7 - ASIC POWERS  

SECTION 283GA   ASIC'S POWER TO EXEMPT AND MODIFY  

283GA(1)   [ Power]  

ASIC may:

(a) exempt a person from a provision of this Chapter; or

(b) declare that this Chapter applies to a person as if specified provisions were omitted, modified or varied as specified in the declaration.

283GA(2)   [ Scope of exemption or modification]  

The exemption or declaration may do all or any of the following:

(a) apply to all or specified provisions of this Chapter;

(b) apply to all persons, specified persons, or a specified class of persons;

(c) relate to all debentures, specified debentures or a specified class of debentures;

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

283GA(3)   [ Exemption with or without conditions]  

An exemption may apply unconditionally or subject to specified conditions. A person to whom a condition specified in an exemption applies must comply with the condition. The Court may order the person to comply with the condition in a specified way. Only ASIC may apply to the Court for the order.

283GA(4)   [ Publication in the Gazette ]  

The exemption or declaration must be in writing and ASIC must publish notice of it in the Gazette .

283GA(5)   [ ``provisions of this Chapter'']  

For the purposes of this section, the provisions of this Chapter include:

(a) regulations made for the purposes of this Chapter; and

(b) definitions in this Act or the regulations as they apply to references in:

(i) this Chapter; or

(ii) regulations made for the purposes of this Chapter; and

(c) the old Division 12 of Part 11.2 transitionals.