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 6C - INFORMATION ABOUT OWNERSHIP OF LISTED COMPANIES AND MANAGED INVESTMENT SCHEMES

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PART 6C.3 - ASIC POWERS

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SECTION 673 ASIC'S POWER TO EXEMPT AND MODIFY

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673(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.

673(2) [Relevant purposes]

In deciding whether to give the exemption or declaration, ASIC must consider the purposes of this Chapter set out in section 602.

673(3) [Content of exemption or declaration]

The exemption or declaration may:

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

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

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

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

673(4) [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.

673(5) [Publication in the Gazette]

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

673(6) [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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