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 7 - SECURITIES

PART 7.3 - PARTICIPANTS IN THE SECURITIES INDUSTRY

Division 5 - Excluding persons from the securities industry

SECTION 827 POWER TO SUSPEND LICENCE INSTEAD OF REVOKING IT

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827(1) [Suspension or prohibition of acts]

Subject to section 837, where:

(a) section 824, 825 or 825A empowers the Commission to revoke a licence otherwise than because the licensee has asked for the revocation; or

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(b) the Commission is empowered by virtue of paragraph 826(1)(c), (d), (f), (g), (h), (j) or (k) to revoke a licence;

the Commission may, if it considers it desirable to do so, instead:

(c) by written order, suspend the licence for a specified period; or

(d) by written order, prohibit the licensee, either permanently or for a specified period, from doing specified acts, being acts that section 780 or 781 would prohibit the licensee from doing if he, she or it did not hold the licence.

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827(2) [Commission may revoke suspension]

The Commission may at any time, by written order, vary or revoke an order in force under this section.

827(3) [Effect of suspension]

For the purposes of sections 780, 781, 806 and 807, a licensee shall be deemed not to hold the licence at any time during a period for which the licence is suspended.

827(4) [When acts prohibited]

Where an order in force under this section prohibits the licensee as mentioned in paragraph (1)(d):

(a) the licensee shall not contravene the order; and

(b) in relation to the doing by a person, as a representative of the licensee, of an act specified in the order, sections 806 and 807 apply, or apply during the period specified in the order, as the case requires, as if the licensee did not hold the licence.

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