THE CORPORATIONS LAW

CCH Note: Part 13 of the Corporations Act 1989, inserted by sec 6 of No 110 of 1990, Sch 1 (effective 1 January 1991), begins as follows:

PART 13 - THE CORPORATIONS LAW
THE CORPORATIONS LAW 82
The Corporations Law is as follows:...

CHAPTER 8 - THE FUTURES INDUSTRY

PART 8.3 - PARTICIPANTS IN THE FUTURES INDUSTRY

Division 1 - Futures brokers and futures advisers

SECTION 1153 LICENSEE TO NOTIFY BREACH OF LICENCE CONDITION

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1153(1) [Notice of contravention of condition]

Within one business day after the happening of an event constituting a contravention of a condition of a licence held by a corporation, the licensee shall give to:

(a) the Commission; and

(b) each futures organisation of which the licensee is a member;

a written notice setting out particulars of the event.

1153(2) [Defence]

It is a defence to a prosecution for failing to give a particular notice to a person as required by this section if it is proved that:

(a) when the requirement arose, the defendant was unaware of the event that gave rise to the requirement; and

(b) the defendant:

(i) did not become aware of the event before the date of the information; or

(ii) did become so aware before that date but gave the notice to that person as soon as reasonably practicable after becoming so aware.

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