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 2M - FINANCIAL REPORTS AND AUDIT

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History

Chapter 2M inserted by No 61 of 1998, Sch 1 (effective 1 July 1998).

PART 2M.6 - EXEMPTIONS AND MODIFICATIONS

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Part 2M.6 inserted by No 61 of 1998, Sch 1 (effective 1 July 1998).

SECTION 340   ASIC'S POWER TO MAKE SPECIFIC EXEMPTION ORDERS  

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Heading amended by No 54 of 1998, Sch 5, Pt 2 (effective 1 July 1998).

340(1)  (Application in relation to a company)  

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On an application made in accordance with subsection (3) in relation to a company, registered scheme or disclosing entity, ASIC may make an order in writing relieving any of the following from all or specified requirements of Parts 2M.2, 2M.3 and 2M.4:

(a)  the directors

(b)  the company, scheme or entity

(c)  the auditor.

Note:

For the criteria for making orders under this section, see section 342.

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S 340(1) amended by 156 of 1999, Sch 6 (effective 1 January 2000).

340(2)  (Order)  

The order may:

(a)  be expressed to be subject to conditions; and

(b)  be indefinite or limited to a specified period.

340(3)  (Application)  

The application must be:

(a)  authorised by a resolution of the directors; and

(b)  in writing and signed by a director; and

(c)  lodged with ASIC.

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340(4)  (Written notice)  

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ASIC must give the applicant written notice of the making, revocation or suspension of the order.

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History

S 340 amended by No 54 of 1998, Sch 5, Pt 2 (effective 1 July 1998).

S 340 substituted by No 61 of 1998, Sch 1 (effective 1 July 1998).

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