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 2L - DEBENTURES

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PART 2L.7 - ASIC POWERS

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SECTION 260MA ASIC'S POWER TO EXEMPT AND MODIFY

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260MA(1) (Power to exempt and modify)

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.

260MA(2) [Extent of exemption or declaration]

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.

260MA(3) [Conditions on exemption]

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.

260MA(4) [Publication in the Gazette ]

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

260MA(5) [Definition of provisions]

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 Law or the regulations as they apply to references in:

(i) this Chapter; or

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

(c) Division 12 of Part 11.2.

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