Corporations Act 2001
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Hide history noteWhere the Board decides to exercise any of its powers under section 1292 in relation to a person, or decides that it is required to make an order under subsection 1292(7) in relation to a person, the Board must, within 14 days after the decision: (a) give to the person a notice in writing setting out the decision and the reasons for it; and (b) lodge a copy of the notice referred to in paragraph (a); and (c) cause to be published in the Gazette a notice in writing setting out the decision.
[ CCH Note: S 1296(1) will be amended by No 69 of 2020, s 3, Sch 1 [ 1248] and [1249], by inserting " with ASIC and the Registrar " after " paragraph (a) " in para (b) and " The lodgement with the Registrar must meet any requirements of the data standards. " at the end, (effective 1 July 2026 or a day or days to be fixed by Proclamation).]
1296(1A)
If: (a) the Board decides to exercise the power, or makes the order, on the basis of particular conduct engaged in by the person; and (b) the person engaged in that conduct in the course of participating in the conduct of an audit on behalf of an audit firm or audit company;
the notice under paragraph (1)(c) may identify the audit firm or audit company.
1296(1B)
If the Board: (a) decides to exercise any of its powers under section 1292 in relation to a person; or (b) decides that it is required to make an order under subsection 1292(7) in relation to a person;
then, in addition to meeting the requirements of subsection (1), the Board may take such steps as it considers reasonable and appropriate to publicise:
(c) the decision; and (d) the reasons for the decision.Without limiting this, the Board may make the decision and reasons available on the internet.
1296(1C)
If: (a) the Board decides to exercise the power under section 1292 , or makes the order under subsection 1292(7) , on the basis of particular conduct engaged in by the person; and (b) the person engaged in that conduct in the course of participating in the conduct of an audit on behalf of an audit firm or audit company;
a publication under subsection (1B) may identify the audit firm or audit company.
1296(2)
Where the Board decides to refuse to exercise its powers under section 1292 in relation to a person, or decides that it is not required to make an order under subsection 1292(7) in relation to a person, the Board must, within 14 days after the decision: (a) give to the person a notice in writing setting out the decision and the reasons for it; and (b) lodge a copy of the notice referred to in paragraph (a).
1296(3)
The validity of a decision of the Board is not affected by failure of the Board to comply with subsection (1) or (2), as the case requires, in relation to the decision.
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