THE CORPORATIONS LAW

CHAPTER 6 - TAKEOVERS

PART 6.10 - REVIEW AND INTERVENTION

Division 2 - The Corporations and Securities Panel

Subdivision B - Unacceptable circumstances

SECTION 657EA   INTERNAL PANEL REVIEWS  

657EA(1)  [Persons who can apply]  

The following may apply under this section for review by the Panel of a decision of the Panel made on an application under section 657C:

(a)  a party to the proceedings in which the decision was made; or

(b)  ASIC.

For these purposes, decision has the same meaning as in the Administrative Appeals Tribunal Act 1975.

657EA(2)  [President's consent]  

If the decision is not:

(a)  a decision to make a declaration under section 657A; or

(b)  a decision to make an order under section 657D or 657E;

the person may apply for review only with the consent of the President of the Panel.

657EA(3)  [Time limits]  

The regulations may provide for the time limits within which an application may be made for review of a decision.

Note:

Regulations made under the Australian Securities and Investments Commission Act 1989 deal with the constitution of the Panel for the purposes of conducting a review under this section and the procedures to be followed in conducting the review.

657EA(4)  [Panel's powers]  

After conducting a review under this section, the Panel may:

(a)  vary the decision reviewed; or

(b)  set aside the decision reviewed; or

(c)  set aside the decision reviewed and substitute a new decision.

In conducting the review, the Panel has the same power to make a declaration under section 657A, or an order under section 657D or 657E, as it has when it is considering an application under section 657C.